Insurance leaders can work together to create a secure digital economy

The digital economy is vital to the future innovation of businesses across all sectors, including insurance. In Accenture’s recent report, Reinventing the Internet to Secure the Digital Economy, 100% of insurers noted that they depend on the Internet in the running of their businesses, and 92% said that a secure digital economy was vital for their organisation’s growth.

Companies in all sectors need to actively secure the digital economy they are so dependent on. Targeted action begins with CEOs, who now have a new imperative to restore digital trust. CEOs stand at a critical inflection point, and are armed with the decision-making powers to influence their business’s security online. However, to witness true impact, companies cannot work in silos. Three out of four insurance CEOs recognise that cybersecurity challenges require an organised group effort.

Insurers must work together to prioritise a trustworthy digital economy

All CEOs have an understanding of how the security of the digital economy impacts their business, and the infrastructure required to ward off cybersecurity threats. However, if leaders work together to define good governance for the digital economy, businesses, consumers and governments all benefit. Insurance CEOs must collaborate with their peers, governments and regulators to shape and steer the governance necessary to create and maintain a robust, trust-based foundation for the digital economy.

In conclusion, securing the digital economy may seem like a large challenge to address, with goalposts that shift as quickly as businesses innovate. However, if insurers work together to define good governance, it is possible to shift the digital landscape to one that is secure and catalyses business growth. In my next post, I will examine how to address digital security within a business’s infrastructure.

For more information on securing the digital economy, read the report here. If you would like to discuss how to apply good digital governance in your business, get in touch.

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