PRA urges insurers to act on ‘silent cyber’ risks
Watchdog urges underwriters to embrace cross-policy stress-testing to identify exposure to claims from non-specified risks
The UK’s Prudential Regulation Authority (PRA) has urged the insurance industry to ramp up monitoring of its exposure to cyber risk, including greater use of stress-testing exercises to monitor the aggregation of risks across multiple policy offerings.
In a supervisory statement issued this morning (July 5), the PRA sets out guidance on how UK underwriters should identify, quantify and manage their exposure to cyber insurance claims from both affirmative cyber risk – insurance policies that
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