Insurers Digital Transformation and Expanding Cyber Risk Considerations

Insurance consumers are more digitally connected than ever. Coupled with the enormous amounts of sensitive data insurers hold on customers, data theft risk in 2021 is escalating.

The Covid-19 pandemic has accelerated major shifts in insurance consumer expectations and behaviors. Digital use has skyrocketed. In response, insurance companies have reimagined and rebuilt the value delivery chain to cut costs, retain customers and adapt. Examples include everything from self-service kits and usage-based offerings to work-from-home staffing and the accelerated digitalization of distribution and claims. While some shifts are short-term, others such as digital models are here to stay.

This rapid pace of change in the digital space is making cyber risks challenging for insurers. In the 1H 2020 alone, the FBI and Interpol reported digital crime up 75 percent. The consequences for insurers are significant. Financially, the cost of a data breach is approaching $6 million. Strategically, loss of customer trust due to a data breach could severely impact retention, differentiation and growth plans. As insurers continue to digitalize their operations, make use of Cloud, AI and IOT and utilize more partner technologies, cyberattackers are moving continuously to exploit the point of least resistance.

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