The EU – U.S. Insurance Project convened experts from the European Union and the US Department of the Treasury to discuss cyber security efforts in financial services, and to enhance Transatlantic coordination on these and related issues.
Cyber security is one of the key initiatives for the Project to continue and expand upon the EU – U.S. bilateral exchange of information and knowledge that has been underway since early 2012.
Cyber risk is a growing and evolving challenge for all industries. Insurers collect and manage large stores of personally identifiable information from consumers, claimants and beneficiaries, and are increasingly exposed to cyber-attacks.
Participants in the convening learned of the current initiatives underway in the European Union and the United States, and identified the common priorities of monitoring this emerging risk, protecting critical infrastructure and engaging with insurance sector stakeholders. The Project also strives to achieve the sharing of knowledge sources as to emerging developments and best risk management practices including how authorities on each side address cyber risks and challenges.
Gabriel Bernardino, Chairman of EIOPA said: “It is crucial that the EU-U.S. Insurance Project addresses risks emerging in the world's two largest insurance markets. Cyber risk presents a significant challenge but provides also opportunities for the insurance industry. Supervisors need to be particularly attentive about silent and accumulated exposure in the (re)insurers’ portfolio in view of potential threats to financial stability”.
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