European Insurers Urge 'Less Burdensome' Cyber Guidance

Law360, London (July 23, 2020, 7:02 PM BST) -- Plans by the Financial Stability Board to provide financial companies with help when they face a cyberthreat should not impose undue burdens on smaller businesses, Insurance Europe has warned.

The industry body has submitted its views on how industry can better handle cyber matters as part of its response to an FSB consultation paper, which was published in April.

The FSB, a standard-setting body, is looking to create a toolkit that will provide financial institutions with "effective practices" to recover from a cyber incident.

The IE said in its July 17 response that private insurance undertakings expect support from authorities in...

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