In my last blog I highlighted a few findings from recent Accenture Strategy research indicating that despite a steady stream of cyber threats, insurers do not seem to be taking the need for business resilience seriously enough. While business resilience may not prevent the inevitable system failure or security breach, it can help minimize the damage.
The same technologies that are driving the digital insurer can enable resilience. Success requires a fundamentally different perspective on risk and technology portfolio management. It means embracing operating models and skills that can build resilience into the organization. It calls for insurers to pay thoughtful attention to taking three key actions:
- Embrace the digital ecosystem. Protection at the expense of connection is not a viable option.
- Manage digitally. Chains of command and business siloes need to make way for a more organic style of parallel project management.
- Institutionalize resilience. Anticipating and reacting to cyber threats is not a one-off activity—it is an ongoing and evolving requirement for any digital business.
Managing risk is a core competency for any insurer looking to take advantage of opportunities for innovation, growth and greater customer connection in the digital realm.
For more information download the cross-industry report: Business Resilience in the Face of Cyber Risk