Insurers with outdated digital security are highly vulnerable to potentially devastating cyber-attacks. To fend off the growing ranks of cyber-menaces, insurers need to adopt more holistic approaches to digital security.

In the fast-paced digital economy, insurers don’t only have to keep ahead of business rivals. They also have to outmaneuver growing ranks of cyber-criminals.

Outdated digital security increases the vulnerability of organizations to potentially devastating cyber-attacks. Holistic approaches to cyber-security are now needed to successfully protect valuable digital assets and retain vital customer trust.

Insurers throughout the world, as I mentioned in my previous blog post, are experiencing an alarming number of targeted cyber-attacks – an average of close to three successful attacks every month. Yet 72 percent of the insurance company security executives we recently surveyed have confidence in their organization’s defenses.

Carriers are certainly committing funds to defend themselves, yet a lot of this investment appears to be ineffective.

It’s clear that many insurers need to rethink how they tackle cyber-security. A more comprehensive approach is required. These are some of the key questions insurance executives should consider as they look to reboot their cyber-defenses:

  • Have we identified, located and specifically protected all of our key data assets?
  • Can we defend ourselves from a highly-motivated cyber-adversary?
  • Do we have the correct tools and techniques to react effectively to a targeted cyber-attack?
  • Do we know the objectives of the cyber-adversaries that are targeting our organization?
  • How is our business being affected by cyber-attacks on the organization?
  • How often do we practice the threat-response plans contained in our cyber-security strategy?
  • Have we allocated sufficient resources, and aligned them correctly, to build robust defenses against cyber-attacks?

A searching examination of most organizations’ cyber-security defenses is likely to reveal shortfalls. Measures that insurers can implement to quickly raise their guard include frequent “pressure-testing” of security systems and processes, safeguarding key assets, improving staff training, and raising awareness among executives of the importance of cyber-security to protect the business value of the organization.

In my next blog post I’ll discuss where insurers should direct their cyber-security spending to significantly strengthen their defenses.

Until then, take a look at this link. I think you’ll find it helpful.

Building confidence: Facing the cyber-security conundrum.

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