Insurance Europe has published its response to a consultation conducted by the International Association of Insurance Supervisors (IAIS) on its issues paper on operational resilience.
Insurance Europe generally welcomes the IAIS’ intention to promote good practices in operational resilience and agrees with the need for greater convergence in cyber governance and resilience.
It is important to avoid imposing new requirements in jurisdictions where the IAIS’ objectives have already been met, such as in the EU with the Digital Operational Resilience Act.
Digital operational regulations should be principle- and risk-based, as well as proportionate, in order to be flexible enough to stay in line with technological developments. They should also consider the size, business and risk profiles of financial entities.