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PRA To Review Insurers' Cyberrisk Plans Amid Payout Fears

Law360, Paris (February 23, 2018, 7:48 AM EST) -- The U.K. Prudential Regulation Authority is to examine whether insurers are securing themselves against risk in cyber underwriting, a senior PRA official told Law360 on Friday, amid concerns that companies may have to make huge payouts after a catastrophic attack.

Alex Ntelekos, senior manager in the PRA’s general insurance division, said the regulator will seek information from insurers at the end of March about how they manage risk when underwriting against online crime. The authority wants to ensure that firms are following instructions it issued in...
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