Digital connections are enabling insurers to link to and interact with customers, business partners, suppliers and even competitors in more compelling and profitable ways. Yet, the connections can also be a breeding ground for hostile cyber actions and IT failures that may have profound impacts on enterprise performance.
Consider that 59 percent of the insurance executives surveyed by Accenture Strategy said that their organizations experience significant attacks that test the resilience of their IT systems on a daily or weekly basis. That said, are insurers taking the threat seriously enough?
Of the insurance executives we polled, only:
- Five percent proactively run inward-directed attacks and intentional failures to test their systems on a continuous basis.
- 14 percent consistently design resilience parameters into their operating model and technology architectures.
- 52 percent have produced threat models to existing and planned business operations.
- 46 percent have a board-level committee in place focused on business resilience.
Cyber risk is unavoidable and no insurer is fully protected because of the many moving parts beyond anyone’s control. Still, carriers that are serious about protecting their business can take decisive action now to build up their enterprise resilience—in IT and beyond. I will discuss these actions in my next blog.
For more information download the cross-industry report: Business Resilience in the Face of Cyber Risk