Regulators & insurers worried about costs and risks of large scale cyber attacks.
Stress testing and access to relevant data vital
“Although we have not yet seen large insurance losses, recent near misses . . . highlight the large systemic potential of malware in a connected world and should form the basis of robust portfolio stress tests that the PRA has asked firms to complete,” she added. In a recent survey conducted by PwC, only 14 per cent of insurers said they had data readily available that would help them to calculate exposure to “non-affirmative” risks.