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New technologies are essential for innovation, and helpful when invested in wisely

Digital security is paramount to the survival of businesses across the globe, in insurance and beyond. It only takes one cyber attack to have a lasting negative impact on an organisation. Thankfully, CEOs have the opportunity to drive meaningful change today, developing a foundation of trust for tomorrow’s digital economy.

As I have discussed in my previous posts in this series, the actions of CEOs above and below ground in their organisation can have a powerful impact. This can assume the form of joining forces with other CEOs and regulators to define good goverance, or steering the security strategy within their own organisation to safeguard the business ecosystem.

There is one final ingredient to securing a future-facing organisation, and that is the investment in new technologies. Three out of four of the insurance CEOs we spoke to recognised that they are adopting new technologies faster than they can secure them. If CEOs want to secure the future of the digital economy, they need to ensure that the new technologies that drive innovation don’t simultaneously pose a threat.

Security should be embedded in new technologies

As insurers adapt to the digital age, and embrace new technologies, it is critical that security and digital safety are embedded in this technology from the beginning.

A good start is to interrogate and understand the unintended vulnerabilities presented by new technologies. While honest conversations about the technical challenges of Internet infrastructure may be difficult, our research illustrates that business leaders are in a powerful postion to address these issues from the outset. This empowers the tech community to truly commit to strengthening security on devices and networks.

Bringing new technologies on board is the perfect opportunity for CEOs to innovate within their business and enhance business safety. If all insurers, as well as the third parties they interacted with, rolled out technology with a consideration for its possible vulnerabilities, it would have a powerful impact on securing the digital economy.

This post concludes our series on how insurers can secure the digital economy. For more information, you can access the report here.

If you would like to discuss how to embrace and secure new technologies in your business, contact me.