FOI: Cyber incidents reported to FCA by brokers seesaw
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has shown swings in the levels of general insurers and intermediaries reporting cyber incidents to the regulator with a general downward trend over the last three years.
The FOI comes at a time when the insurance industry is pushing the importance of cyber insurance and that more education is needed on the risks.
The FCA explained it holds centralised records on major operational incidents reported to it by individual firms under SUP 15.3 and Principle 11, including incidents that are a result of cyber-attacks.
‘Cyber breach incidents’ include all reported cyber incidents and not just those relating to a data breach, the watchdog noted.
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