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Insurance regulator to assess insurers' cyber risk readiness

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The European Insurance and Occupational Pensions Authority plans to conduct a stress test to assess 42 large European insurers’ exposure to and the way in which they respond to cyber risks, Out-Law.com reported. The insurers will be required to fill out a standard template setting out how financially prepared they are for various scenarios. The regulator said cyber risk is one of the main emerging risks and the top concern for businesses across the world.

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