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Insurers Fight Against Cyber Threats: Preparing for a Long-lasting War

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6 February 2021

Abstract

The amount and magnitude of cyber attacks has drastically increased over the past few years and accelerated last year with more companies leveraging a working from home model. Insurers are not immune to the cyber threats and need to improve their line of defense.

Robust security is imperative in the more exposed environments of digital services. The challenges are amplified when insurers partner with insurtechs, reach out for data from third party data providers, and make use of the cloud to support their digital initiatives. All must integrate safely with internal data and applications to provide a seamless experience for customers.

Complexity of Digital Services Architecture

This report provides insights on insurers’ recent experience around cyber attacks as well as CIO plans for protecting their internal operations. It details the role of technology and how its evolution has generated new vulnerabilities. We also provide thoughts on how insurers should define and quantify risk scenarios as well as recommendations for defining a proper action plan and organizing internally.