Insurers at risk of cyber attacks: IAIS

The International Association of Insurance Supervisors has warned that the insurance industry is at risk of cyber attacks and that all insurers must achieve cyber resilience, reports Asia insurance Review.

"Exposure of private data can potentially result in severe and lingering harm for the affected policyholders, as well as reputational damage to insurer sector participants," said IAIS.

"Similarly, malicious cyber attacks against an insurer's critical systems may impede its ability to conduct business," added IAIS.

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