Insurers are particularly at risk of cyber-attacks due to the volume and value of data they manage. Michael Costonis explains in this Insurance Insight of the Week video.

According to Accenture research, 59 percent of insurers experience attacks that test the resilience of their IT systems on a daily or weekly basis. And as they grow their digital business operations and increase their connected product and service offerings, their risk of cyber-attacks and data breaches increases.

What’s more, insurers manage a high volume of personally identifiable information—including national insurance numbers, medical records, credit histories and driving records—which their customers rightly expect them to keep safe.

Watch this Insurance Insight of the Week video to learn why digital trust is not just important, but critical for insurers.

Security, privacy and ethics must be baked into insurance products from the start

Managing risk and building trust starts with data ethics and security. Insurers’ boards and their risk committees need to implement comprehensive policies, training, incentives and consequences for safeguarding data.

Better security, on its own, won’t be enough to win digital trust; nor will tick-box compliance with privacy regulation. Insurers must manage data and digital ethics as core strategies for mitigating business risk, just as they do with cyber-security. Their reward will be stronger growth in an interconnected platform economy, where empowered customers trust their providers to lead them into the digital future.

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