London: The Prudential Regulation Authority (PRA), the Bank of England’s watchdog, has warned of “gaps” and “limitations” in cyber modelling and response in a letter to major insurers.
The PRA investigated 54 insurance firms alongside 21 syndicates at Lloyds insurance requesting an assessment of their ability to prevent, react, and respond to major crises including cyber-attacks to prepare for periods of “high volatility and uncertainty.”
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