Other parts of this series:
It’s difficult to look at cybersecurity without also considering IT and IT trends. Nadine Moore looks at three trends from Accenture Technology Vision 2018 and how they will shape the future of cybersecurity.
Research from Accenture Security estimates that it will take insurers two to three years to master cyber resilience. But what does the future of cyber security look like? To get an idea of that, we need to look at the future of IT.
Earlier this year, Accenture Technology Vision 2018 highlighted the technology trends that will shape the future for insurers. Three of them, in particular, have bearing on cybersecurity.
Data veracity: The importance of trust
Insurers aren’t strangers to using data to make more informed business decisions, and today’s proliferation of data means ample opportunity to fine-tune risk assessment, pricing and marketing decisions. But all those opportunities rely on an insurer having secure, accurate data. And that creates a huge vulnerability.
Inaccurate, manipulated or biased data could lead to corrupted business insights or skewed decisions—not just for the insurer, but for society at large. It’s more important than ever for cybersecurity teams to validate and protect data.
What’s more, in the aftermath of a cyber attack, all recovered data becomes suspect. Insurers need processes to reconcile and validate data, ideally back to immutable systems of record, such as blockchain.
Frictionless business: Built to collaborate at scale
Insurers’ legacy systems aren’t built to collaborate quickly and at scale, so many insurers are re-architecting themselves with technologies like microservices (such as APIs), blockchain and smart contracts. But these technologies only succeed with strong security at their backbone.
Internet of Thinking: Intelligent distributed systems
As smart connected devices continue to proliferate, insurers should be able to use the data from these devices to better understand risk and pricing—as well as prevent risks in the first place. However, these devices are all vulnerable to compromise, so insurers will need new analytics and security controls. By ensuring the integrity of the data stream, insurers can identify and defend against criminals that manipulate data for fraudulent use.
Finally, insurers must make sufficient investments in cyber resilience. Cyber risk is evolving at a rapid rate, and insurers must keep pace with cyber criminals’ tactics and technologies. It’s one thing to be prepared today; it’s another to continually bolster defenses to keep up with advances in cyber crime. And crucially, security cannot be something siloed to a single department or the C-suite: insurers must adopt a “security first” culture that involves everyone.
Register to download the full report, “Insuring the Future: 2018 State of Cyber Resilience for Insurance.”
To learn more:
- Read my previous blog series on the current state of cyber insurance—and what the future might look like.
- Read Werner Rapberger’s blog series on the cyber insurance opportunity.
- Contact me to discuss how Accenture can help you foster cyber resilience.