Other parts of this series:
In my previous posts in this series, I talked about the misplaced confidence among insurance security executives when it comes to cyber resilience. 2017 is shaping up to be the year when we have to reboot our cybersecurity approach in the insurance industry. This requires, among other tactics, leading from the top to create the right culture of digital trust.
In order to build a culture of cybersecurity awareness, insurers should view cyber resilience as an organizational mindset, one capable of continually evolving and adapting to counter changing threats.
Accenture’s recent research “State of Cybersecurity and Digital Trust,” found 31 percent of respondents identified a lack of training or staffing budget as the single biggest inhibitor to cybersecurity readiness.
In another global survey of 2,000 security executives from 15 countries and 12 industries (including insurance, banking, capital markets), we found 75 percent of respondents were confident with their security strategies and a similar number said “security “completely embedded in their cultures, with support from high level executives.
While the cybersecurity issue has gained full attention on insurance company agendas, some chief information security officers (CISOs) still feel locked out of the C-suite. To succeed, CISOs need to engage with enterprise leadership on a day-to-day basis to effectively discuss the business issues at the core of cybersecurity. They will also need to build the board’s cyber literacy with the goal of making it a priority equal to business risk assessment.
The rest of the insurance organization is just as paramount to cybersecurity success as the boardroom. Our research revealed that employees were the second best line of defense right behind the security team, when it came to identifying security attacks. Insurance leaders must not forget the importance of training across their organizations and the need to refresh cyber talent across the organization.
Effective cybersecurity requires insurance organizations to achieve greater maturity and improve their ability to protect the business from devastating losses. As their digital security strategies and organizations mature and new solutions emerge, insurers that tie cybersecurity efforts to real business needs will be the ones that thrive despite cyber threats.
To foster a culture of cybersecurity and digital trust, insurers must emphasize an adaptive, evolutionary approach to addressing all aspects of security on an ongoing basis. That has to come from the top.
To learn more, register to download the report: Building Confidence: Facing the Cybersecurity Conundrum.