The Prudential Regulation Authority (PRA), part of the Bank of England, asked 17 general insurers and 21 Lloyd’s of London syndicates to assess their solvency against a set of cyber losses.
“The regulator assessed industry responses to three underwriting ‘cyber scenarios’ – a cloud outage, data exfiltration and systemic ransomware.”The Bank of England’s Prudential Regulation Authority (PRA) stress-tested a cross-section of the sector – comprising 17 general insurers and 21 Lloyd’s of London syndicates – by asking them to assess their solvency against a set of cyber losses.
The regulator assessed industry responses to three underwriting ‘cyber scenarios’ – a cloud outage, data exfiltration and systemic ransomware. It found several shortcomings, indicating the still-nascent nature of the market.”
Bank of England warns greater cross-industry consensus is needed
Source: Regulator Stress Test Highlights Cyber Insurance Concerns