Insurers’ cyber risk vulnerabilities
Wednesday, 03 08 2017, Category: Technology, Country: World
Cyber risk is increasingly becoming a worry for insurance companies as the industry accelerates the digitization of the business, according to a Boston Consulting Group (BCG) report.
In addition to growing digitisation, the consultancy noted that more sophisticated hacker techniques and the growing volume of highly confidential customer information that’s available through online systems is adding to the industry’s vulnerabilities.
In conjunction with increasingly strict regulations on data privacy, the insurance sector needs to rethink its cyber risk management model, according to BCG.
Source: Intelligent Insurer