The Bank of England recently sent questionnaires to insurers under the regulatory agency’s authority, requesting information on the companies’ specific plans to mitigate cyber risk, as well as the cyber insurance they write.
The Bank asked such questions as “How is consumer Personally Identifiable Information (PII) classified, how long is this data retained, how is it secured, if encrypted once stored then to what standard is it encrypted?” and what type of vulnerability testing insurers do.
Ayers, Erin. ‘Bank of England probes insurers’ cyber readiness’. ©2015 Advisen Ltd. 28 August 2015.
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