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Insurers need a multi-dimensional approach to cyber-resilience

Holistic capabilities across risk and security should underpin insurers’ approach to defining and delivering cyber-resilience.

Cyber-attacks are not an “if” but a “when and how.” Traditional preventive measures can slow attackers down, but not ultimately stop them. The threats are too frequent and too varied and attackers are nimble and adapt quickly. That means insurers should think differently about risk and security.

In addition to improving their traditional preventive measures, they also should make themselves cyber-resilient. Cyber-resilience is the ability to operate business processes in normal and adverse scenarios without adverse outcomes.

Cyber-risks are multi-dimensional, so cyber-resilience strategies should focus on managing three types of risks:

"The average annual cost of cyber-attacks for financial services firms is $20 million. How many $20 million attacks can you afford?"
Senior Managing Director, Accenture Finance & Risk Services

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