OCC Issues Bulletin on Cyber Insurance
Summary
The
Note for
The joint statement applies to all institutions supervised by the
Highlights
Although the
* cyber attacks are increasing in volume and sophistication and that traditional general liability coverage insurance policies may not provide effective coverage for potential exposures caused by cyber events
* cyber insurance may help reduce financial losses from a variety of exposures, such as data breaches resulting in the loss of sensitive customer information.
* cyber insurance does not diminish the importance of a sound control environment; rather, cyber insurance may be a component of a broader risk management strategy.
For further information on overall insurance management expectations, institutions can refer to the "Corporate and Risk Governance" booklet of the Comptroller's Handbook, in the section titled "Ensure an Appropriate Insurance Program."
Further Information
Please contact
Deputy Comptroller for Operational Risk
Related Link
* Joint Statement on
Rep. Rogers Issues Statement on Major Disaster Declaration for Eastern Kentucky
Rep. Scalise Issues Statement on Speaker Ryan’s Retirement Announcement
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News