Safety continues to be a significant concern in terms of know-how and digital ecosystems, particularly now that we're within the post-digital period. Most of the applied sciences that assist create alternatives additionally deliver publicity danger, which is why it's a key pattern in our Know-how Imaginative and prescient 2019 report.
Most insurers already function inside a digital ecosystem. Interconnectedness permits them to ship best-in-class merchandise, providers, and experiences––however to be able to preserve stability and belief, their safety teams should handle inherent dangers. Sadly, solely 26 p.c of insurance coverage executives report that they know if their ecosystem companions are working diligently to be compliant and resilient in regard to safety.
REFRAMING RISK
Collaboration is a elementary part of insurance coverage and helps insurers ship the perfect services out there––however it additionally helps with mitigating danger. One of many first steps insurers can do to reduce danger in a shared ecosystem is to strengthen their understanding of the threats they face. If insurance coverage leaders can't assess the affect of an assault on their very own group, how can they perceive the danger it poses for his or her ecosystem companions—or the dangers they're accepting by partnerships?
Ecosystem companions change continuously, bringing with them new enterprise ambitions, priorities, operational maturity––and new dangers––but assessing safety dangers is a step that's regularly bypassed. In reality, solely 38 p.c of companies report together with the chief info safety officer when contemplating new enterprise alternatives. Nevertheless, 88 p.c of insurance coverage executives agree that to be really resilient, organizations should rethink their method to safety in a means that defends not simply themselves, however their ecosystems.
SHARING RESPONSIBILITY
Placing the duty of safety into the arms of a single group can lead to fast paced danger occasions. To keep away from this, enterprises ought to unfold duty for safety all through their group, giving safety groups the agility to reply to a fast-changing setting. That is particularly essential with the combination of recent applied sciences.
In tandem with their know-how efforts, insurance coverage corporations should evolve their method to governance as their ecosystem-driven enterprise expands. By widening their perspective, leaders will acquire a greater understanding of their actual assault floor, and be higher ready for the threats that may solely develop within the post-digital world.
An instance of this may be seen within the world insurance coverage dealer, Marsh, who introduced a cyber-risk administration method known as the Cyber Catalyst program. In it, Marsh is bringing collectively a number of insurers resembling Allianz, AXIS, AXA XL, Beazley, CFC, Munich Re, Sompo Worldwide, and Zurich North America. In an effort to guarantee the very best degree of safety, Microsoft will act as a technical adviser. Insurers will determine and contemplate options to assist prospects scale back cyber-risks resembling information breach, enterprise interruption, and corruption. It’s a large-scale collaboration that focuses on the person.
All of this results in one other profit that goes past danger avoidance: by differentiating themselves as reliable defenders, insurance coverage corporations grow to be extra engaging companions for different companies, governments, and customers alike.
In my subsequent and last submit on this sequence, I'll check out how know-how helps put together insurers for his or her subsequent huge alternative: providing prospects real-time safety and capturing moments with modern options.
To learn extra in regards to the Accenture Know-how Imaginative and prescient for Insurance coverage 2019, you possibly can obtain it right here. For those who’d wish to study extra about tech, tendencies and insurance coverage, I encourage you to go to the Accenture weblog, the place I've a number of posts exploring every thing from information veracity and the way it’s reshaping insurance coverage, to life insurance coverage and the web of considering.
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