Insurance Supervisor Body Warns Of Growing Cyber-Risks

By Najiyya Budaly (November 30, 2021, 3:59 PM GMT) -- A group representing insurance regulators warned on Tuesday that possible cyberattacks present a systemic risk to the sector, as workers in the industry continue to work from home during the COVID-19 pandemic.

The International Association of Insurance Supervisors said that cyber-risks are increasing in the market, driven by remote working, digitalization and the rise of new technologies. Cyberattacks at companies may also drive up the cost of underwriting policies.

The group, made up of insurance supervisors and regulators from more than 200 jurisdictions, said that watchdogs are increasingly including tests on the ability of the sector to protect itself and its...

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