Insurance Europe has published its response to a consultation by the Financial Stability Board (FSB) on its report on effective practices for cyber incident response and recovery, which aims to provide a toolkit to assist financial institutions before, during and after a cyber incident.
Insurance Europe highlighted that managing ICT security risks is a priority for the European insurance industry, which already follows several sets of rules regarding its cyber incident response and recovery capabilities.
Insurance Europe also stressed the importance that any guidelines are composed of general provisions and are principle and risk based. They should allow for individual company-level strategy-planning and decision-making and avoid imposing disproportionately burdensome obligations on smaller organisations.