Digitalisation and the adoption of remote work are not new concepts in any industry. As much as these changes have provided a common ground for growth and innovation, they have also added new risks. One risk that is never far from headlines is that relating to collective cybersecurity.
Whether it’s a market-enforced necessity or the effects of the pandemic at play, the cyber risks the insurance industry is exposed to is only increasing.
Insurance companies are a natural target for cyber attacks. This is mainly because of the substantial amount of confidential policyholder information they possess.
Such information is typically used for criminal purposes like financial gain through identity theft. Beyond the direct financial consequences, cyber risks could also result in severe and long-lasting issues for the insurance groups involved.
In our webinar, we explore how the cyber risk posture in the insurance industry has changed in recent times. We also discuss the most effective ways insurance companies in the UK can assess their cyber risks to strengthen their cyber risk posture.
Understand how the cyber risk posture has changed in the insurance industry
For insurers, cyber risks can impede their ability to conduct business. They can also compromise the protection of commercial and personal data and undermine the confidence in this sector.
All insurers, regardless of organisational size or complexity, gather, hold, and share sensitive data with third parties. The type of data they share include:
- Confidential policyholder information
- Sensitive health-related information
The protection of confidentiality, integrity, and availability of insurer data, therefore, is of fundamental importance.
Insurance companies are also highly regulated. This means they have a legal responsibility to protect all the data they collect and store.
In some cases, you may be governed by HIPAA or the GDPR if you do business with EU citizens. In such instances, you have a responsibility to comply. If you fail to comply, you may be looking at major fines.
This is not considering the losses you may incur with the data breaches and cyber theft you experience.
In our webinar, we explore how the insurance industry’s cyber risk posture has changed over the past year. Our report also provides a cyber maturity benchmark across UK insurance carriers, brokers, and cover-holders.
Explore the latest methods of cyber risk assessment
There’s a digital transformation taking place across insurance companies in the UK. This means that the type of cyber threats these companies face are constant, and constantly changing. Insurance companies must have a system in place to detect cyber risks in real-time.
Data security is of critical importance when performing risk assessments. This comes down to implementing a robust system that can minimise the company’s vulnerabilities.
In our webinar, we explore the types of techniques and tools that can help insurance firms stay alert at all times like cybersecurity ratings.
Sign up for our webinar to understand the cyber risk posture of the insurance industry
At our webinar, we will discuss the changes that have occurred in the cyber threat landscape for insurance companies. We will also explore a cyber maturity benchmark for the industry, including a London Market perspective.
Join us on the 27th of January, 2021, at 11:00 AM GMT, to learn more about the changes in your cyber risk posture and what they mean for your business.
Save your seat today and attend our webinar to receive a free, personal copy of the report and a risk assessment for your organisation.