As the use of connected networks has become common to do business, insurance (like many other industries) has become vulnerable to cybersecurity threats. As the adoption of sensor-based technologies increase to offer insurance products for connected ecosystems, cyberthreats will only increase exponentially in the coming years.
Goals and Objectives
Ensure that the latest security software and hardware, strong cybersecurity practices, back up and disaster recovery plans, and ongoing staff and partner training are in place to protect the organization from cyberattacks. Access the latest cyberthreat data via informationsharing arrangements with governments, industry bodies, and consortiums. Ensure adequate due diligence and management of all the partners that the organizations engage with.
Advanced analytics, next-gen security, quantum computing
Use Case Summary
With extremely sensitive customer data in hand, insurance organizations must have strong ongoing commitment to manage cyberrisks smartly and effectively, not just to adhere to regulatory requirements, but to also manage customer trust and brand reputation. _ Undertake a holistic, enterprisewide risk management approach to cybersecurity with the right level of attention from the board and executives.