Cybersecurity ReportInsurance Technology Report

Cybersecurity in Insurance - Thematic Research

Cybersecurity is an immense challenge for insurers.

As the insurance industry becomes more digital with the adoption of new technologies such as cloud, big data and analytics and IoT, the more businesses are exposing themselves to cyber attacks.

The pressure is on for companies to overcome the vulnerabilities by enhancing and investing in their cybersecurity.

Insurance providers who are tech-savvy and forward-thinking will adopt this early to ensure they are one step ahead of the competition and maintain their trustworthy and reliable reputation.

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  • What you need to know...
  • 70% of large insurance firms have reported a serious hacking attempt.
  • According to the 2018 Trustwave Global Security Report, the finance and insurance industry suffered the second largest share of cybersecurity incidents in 2017 with 13% of the total investigated compromised locations in 21 countries.
  • Insurers are increasing their use of big data and analytics, and handling vast amounts of information means that innovative ways to analyse it will need to be matched by equally innovative security to prevent cyber-attacks.
  • Insurance companies cannot face business interruption, loss or damage of digital assets along with reputational damage, all of which could be an aftermath of a cyber attack.

The dangers are very real - prepare your business or face termination.

The insurance industry is reliant on substantial IT systems, exposing it to high cyberattack risk. Skilled staff must be onboard and existing staff must be trained in the potential cyber risk exposure.

With cyber insurance coming in leaps and bounds, GlobalData’s Cybersecurity in Insurance report analyzes the industry and its challenges in identifying and preventing the many faces and motives of cyber risks, thereby making cyber insurance policies highly complex.

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