Insurance Watchdogs Urged To Bridge Cyberattack Data Gap
Law360, London (March 19, 2020, 4:51 PM GMT) -- Insurance regulators should make it a priority to collect and publish data on the economic costs of cyberattacks, in order to help insurers better understand their exposures and prevent major shocks to the market, a global standards body for the industry warned.
The International Association of Insurance Supervisors said Wednesday there was a “paucity” of historic information over cyberattacks, which meant insurers may not have priced correctly against potential losses.
The body, which represents national and regional insurance regulators across the world, said its members should gather data on attacks and also encourage insurers to share data among themselves.
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