The Bank of England will be conducting surveys to check on the progress British insurance firms have made in implementing cybersecurity enhancements.
The firms were initially surveyed in 2012, and it was found that while firms were beginning to take cyber threats seriously, not enough was being done to protect themselves.
According to the Bank of England, “97% of all participants reported [in 2012] that they discuss technology and cyber resilience during top management meetings. However, only around half of participants reported that they discuss these issues monthly or quarterly. Given the significant increase in cyber-attacks on financial firms since this survey was completed, we would expect that proportion to have increased in the ensuing period.”
The Telegraph has the whole story on the new survey.