Bank Of England Tells Insurers To Bolster Defences Against Cyber Attacks

Insurers in Britain should reinforce their defences against cyber attacks disrupting their business, the Bank of England said on Wednesday, as fears of hacking have increased following Russia’s invasion of Ukraine.

“We expect firms to be able to demonstrate their operational ability to withstand and recover from severe but plausible scenarios such as ransomware attacks,” the BoE’s executive director for insurance Charlotte Gerken said in a speech.

Cyber risk continues to haunt all businesses and having a cyber insurance policy does not substitute the need for a robust framework to manage cyber risk, she said.

(Reporting by Carolyn Cohn and Huw Jones)