Regulatory Alerts2025-03-28
GFSC Guidance Note on Cyber Insurance Underwriting Risk
The Gibraltar Financial Services Commission issued this guidance to establish prudential expectations for insurance and reinsurance firms regarding cyber insurance underwriting risk. The document requires firms to robustly assess and manage both affirmative and non-affirmative cyber exposures by integrating clear risk appetite statements into their strategies and maintaining specialized cyber expertise across all defense lines. Additionally, firms must ensure board oversight of these risks, conduct regular stress tests, and align capital provisions with identified cyber threats to enhance market certainty and resilience.
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