The insurance sector in the UK is subject to a complex and dynamic regulatory framework, which aims to ensure the protection of policyholders, the stability of the financial system and the promotion of fair and effective competition.
The main sources of regulation in the UK come from legislation, the rules and guidance of the Prudential
The New York Department of Financial Services (NYDFS) announced last week a series of measures it plans to take “to help strengthen cyber hacking defenses at insurers.” Those measures include, among other things: regular, targeted assessments of cyber security preparedness at insurance companies; putting forward enhanced regulations requiring institutions to meet heightened standards for cyber security; and considering the ways in which NYDFS can support and encourage the development of the cyber security insurance market. The NYDFS stated that it plans to initiate these measures in the coming weeks and months.
Continue Reading New York Department of Financial Services Announces New Cyber Security Measures Directed at Strengthening Insurers’ Cyber Defenses