EU Watchdog Mulls Cyberattack Database For Insurers
Law360, London (February 12, 2020, 4:40 PM GMT) -- Europe’s insurance regulator wants to build a database on financial losses from cyberattacks and warned there are growing signs a large-scale hack could shake the global economy.
The European Insurance and Occupational Pensions Authority on Tuesday said it was concerned about the potential impact on insurers of major cyber incidents that could have a “systemic” effect.
An anonymous database would enable insurers to price more realistically, ensuring they have enough money to pay large claims and still remain solvent.
It floated the idea as part of package of measures in its “cyber underwriting strategy” report, published Wednesday.
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