Always-on technology and data-driven operations mean cybersecurity must be proactive and strategic, not reactive and defensive. That’s true for both insurers and potential cybersecurity policyholders.
Four questions to ask yourself about cybersecurity
Market development 1: The number of records stolen in the 10 largest cyber attacks in 2016 rose 124% from 2015.
Ask yourself: How can proactive threat monitoring be used to strengthen cybersecurity capabilities? How can response plans be enhanced?
Market development 2: Cyber insurance premiums are increasing, but at different paces, with large retail and health care players seeing the highest increases.
Ask yourself: How can insurers partner with companies to strengthen cybersecurity practices, in addition to protecting against increased risk?
Market development 3: Cyber insurance growth is constrained by lack of reinsurance options due to challenges in risk measuring, modeling and pricing.
Ask yourself: How can scenario-modeling capabilities be enhanced with new data and analytical tools?
Market development 4: Some leading players are looking to leverage blockchain technology to mitigate risks and manage cyber liability exposure.
Ask yourself: Which emerging technologies have the greatest potential for cybersecurity applications?
Trust and information security: engaging the entire organization
The digital world abounds with opportunities for innovation and value creation. Unfortunately, in the rush to capitalize on these opportunities, many organizations overlook or underestimate risks and fail to take necessary precautions. The flip side of the digital world offers great potential for exploitation by criminals and others wanting to cause trouble.
Our information security survey reveals several key findings around cybersecurity:
- 16% of respondents believe their cybersecurity approach is fully meeting their needs
- 59% have discovered “significant” incidents within their organization
- 75% did not think it was “very likely” they would be able to detect a sophisticated attack
- Among the top 10 cyberattacks, the number of records stolen more than doubled from 2015 to 2016 (261 million to 586 million)
We can help insurers create stronger protection for key data, reduce brand and reputational risk, and achieve more efficient regulatory compliance. Customers gain increased confidence and peace of mind that their data is safe.