Insurers are confident they can protect themselves, yet their breach rates are alarmingly high.
Most insurance executives have great confidence in their organization’s cyber-security. Our global survey, however, reveals an alarmingly high rate of cyber-security breaches among insurers. They received an average of 113 targeted attacks last year—and nearly a third of them breached insurers’ defenses. That’s close to three successful attacks every month.
To build confidence in their cyber-security, once more, insurers need to change their approach to such threats. Traditional definitions of cyber-security have to be revised, frequent pressure-testing introduced, valuable assets protected, training stepped up and business leaders encouraged to promote compliance. Furthermore, investments in cyber-security should be galvanized to build innovative defenses and outmaneuver potential aggressors. Key areas of investment include:
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