The Central Bank has announced plans to carry out a thematic review focusing on cyber risk across the regulated financial services sector, including (re)insurance companies.
The announcement, made by the Director of Insurance Supervision, Sylvia Cronin, follows the statement last year by the Deputy Governor of the Central Bank, Cyril Roux, that the Central Bank intends to publish an initial paper on cybersecurity risk outlining its thinking and supervisory experience on the issue and setting out its expectations for regulated firms. This paper is expected to be published shortly.
Cybersecurity is set to remain an area of supervisory priority for both the Central Bank and regulators internationally and boards of directors must prioritise it accordingly (see our recent article here). It is important for all regulated financial services firms to firmly focus on managing and addressing cyber risk. It is now front-and-centre on the supervisory agenda for 2016 and firms must ensure they are able to demonstrate to the Central Bank that appropriate steps are being taken to deal with it.