1 September 2022
GFIA has published a set of general principles for the effective supervision of insurers’ operational resilience.
The Financial Stability Board (FSB), the International Association of Insurance Supervisors (IAIS), and other international organisations are all considering issues around insurers’ own cyber security, and are developing international standards for the supervision of insurers’ operational resilience for use by domestic regulators. They are particularly interested in supervisory issues created by the use of third-party service providers.
GFIA’s principles outline what is required for the effective supervision of insurers’ cyber operational resilience and also highlight examples of where regulatory measures can have negative unintended consequences, particularly with regard to third-party service providers like cloud-based data services.
