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FFIEC addresses potential role of cyberinsurance in FIs' risk mitigation programs

April 11, 2018

Members of the Federal Financial Institutions Examination Council have issued a joint statement regarding matters that financial institutions should consider in determining whether to include cyberinsurance as a component of their risk management program.

Cyberinsurance is not required by the FFIEC, but a press release from the council said that the shifting cyber threat landscape might prompt financial institutions to consider adding it to their risk management programs.

The joint statement notes that cyberattacks are increasing in volume and sophistication and that traditional general liability insurance policies might not provide effective coverage for all potential exposures resulting from such an attack.

Financial institution management should assess the scope of current coverage and consider how cyberinsurance might fit into the institution's overall risk management framework, the release said.

Download the Joint Statement on Cyber Insurance and Its Potential Role in Risk Management Programs.

Find additional information on risk management and cybersecurity risk management on the FFIEC website.