In fact, all supervisory authorities in the EU are explicitly prohibited by European law from doing so. However, we do have a role from both a conduct and prudential perspective in considering how this data is used, in both the interests of the firm and its shareholders, and its customers.
IT risk As the digital transformation continues in the insurance industry, information technology risks increase, both in terms of probability and impact. The insurance industry holds particularly sensitive personal data and there is a history of cyber attacks against insurance firms.