Other parts of this series:
In the first part of this series, we covered the latest news on the cyber breaches that major health insurers are facing and how this should be a wakeup call for the rest of the industry to reboot cyber resiliency efforts.
Forrester Research agrees and predicts that the 2015 breach of Anthem that affected as many as 80 million patients will become commonplace in the future.
That is one of five predictions in its “Predictions 2017: Cybersecurity Risks Intensify,” which includes warnings about a cyber-crisis in the U.S. administration happening before the spring, the talent gap in cybersecurity, a Fortune 1000 company failing because of a cyber-breach, and a major Internet of Things devices security crisis.
So, how can insurers define cybersecurity success? There are some essential questions for insurance leaders to consider:
- Are you confident that you have identified all priority insurance data assets and their location?
- Are you able to defend your insurance company from a motivated adversary?
- Do you have the tools and techniques to react and respond to a cyber attack?
- Do you know what the adversary is after?
- How often does your insurance organization “practice” its plan to get better at responses?
- How do these attacks target your insurance company?
- Do you have the right alignment, structure, team members and other resources to execute your mission?
According to Accenture’s High Performance Security Report 2016, “on average, an organization will face 106 targeted cyber attacks each year.” What’s more, the study found that one in three targeted attacks result in a security breach. That means two to three effective cyber attacks per month.
Protecting your insurance company requires an end-to-end approach that considers threats across the spectrum of the industry-specific value chain and the company’s ecosystem, identifying and minimizing business exposure and focusing on protecting priority assets. Defining cybersecurity success clearly can help insurance organizations overcome limited perceptions and deal effectively with the high-impact cyber threats they face in the digital age.
To learn more, register to download the report: Building Confidence: Facing the Cybersecurity Conundrum.