Computer security: what the FMA expects from insurers



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4.7.2018 – In a new guide, the regulator lists its expectations for IT security for insurers and reinsurers. It should serve as a guide to businesses and increase customer confidence in the insurance industry. Follow the Principle of Proportionality

  The New Guide to Computer Security for (Re) Insurers (Cover) "title =" The New Guide to Computer Security for (Re) Insurers (Cover) "height =" 396 " src = "https://www.insurancejournal.at/images/out/normal/fma-leitfaden-it-sicherheit-vu-2018-cover-cpr-fma_280x396.jpg" width = "280" /> [19659003] new guide to computer security <br /> for (re) insurers (coverage) </dd>
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<p>  "Increasing digitization brings, in addition to the many business benefits, new threats and risks for businesses, including companies insurance and reinsurance ([R] VU). "</p>
<p>  This is what the Financial Markets Authority (FMA) writes in the preface to its latest guide, published on Tuesday. </p>
<p>  Also for insurers and reinsurers," who must (moreover) in addition) to rely on the digitization ", the situation of risk has thus greatly worsened, so d </p>
<p>  She is" forced to intensify the computer control because of the situation of increased risk. "</p>
<h2>  No regulation, but "waiting" </h2>
<p>  The risks of system failure or misuse of data could be both According to the FMA, the new directive aims to provide an 'overview of the design, requirements and precautions "in terms of computer security for insurers and reinsurers. </p>
<p>  This is not a regulation, but an" aid to guidance. "Nevertheless, the guide" clarifies the expectations of the FMA in computer security. "</p>
<p>  Appor te "transparent framework conditions for the expansion of digital offerings in the insurance sector." </p>
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The FMA's 11-page general document deals with about seven pages with his ideas on the implementation of computer security. Among other things,

  • concerns the governance of computer security under the responsibility of the governing bodies and by means of an IT strategy aimed at providing "adequate technical and organizational equipment"
  • Computer Risk Management and Security information security management; this may include the establishment of an information security officer
  • computer emergency management, who also ensures the availability of computer systems and services in case of disruption;
  • managing an inventory of all computer systems Identify aging computer systems to ensure fluid computing operations;
  • Management process and detection of their causes

Principle of proportionality

The nature, scope and scope of the implementation of the guide can not be overestimated The AMF stresses the complexity of " risks badociated with the business of the insurance business ".

According to FMA guidelines, "insurance companies can determine for themselves the appropriate methods, systems, and processes in terms of computer security." Helmut Ettl (left), Klaus Kumpfmüller (Image: FMA) "Helmut Ettl (left), member of the FMA Board of Directors (19659025), Klaus Kumpfmüller (Image: FMA)" height = "210" src = "https://www.insurancejournal.at/images/out/normal/ettl-kumpfmueller-2015-cpr-fma_300x210.jpg" width = "300" />

Helmut Ettl (left)
and Klaus Kumpfmüller (photo: FMA)

"Insurance companies provide essential financial services to their clients, which means that the increasing digitization of insurance requires a high level of security systems and services. the data go hand in hand, "said Helmut Ettl and Klaus Kumpfmüller, members of the FMA Executive Board

" With this guide we also want to build customer confidence in digital technologies and data security. "

This r Art The first was launched by the FMA about two months ago, addressed to banks (VersicherungsJournal 11.5.2018) .A third guide to computer security – that of badet management companies and of securities – is expected to come out this summer

Download

The complete FMA guide "Computer Security in Insurance and Reinsurance Companies" can be downloaded in PDF format (279 KB) can be downloaded from the website Web FMA

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