Insurers trying to contain cyber risks face a tricky balancing act between the desire to build an impenetrable digital fortress and demands from staff, intermediaries, and consumers for faster and easier data access.
Cyber risk is one of the biggest opportunities, as well as perhaps the scariest threat, facing insurance companies today. The opportunity is on the sales and risk management side, with all the high-profile data breaches being reported in the media prompting more businesses large and small to seek insurance coverage and loss control advice.
However, this blog is focused on the flip side of the coin — that is, the growing cyber risk confronting data-rich insurance companies. Carriers that don't have their data management houses in order could soon be battling damage claims from irate policyholders if personal information is stolen. In addition, it will be an uphill struggle for insurers that get hacked to restore tarnished reputations and credibility with independent agents, customers, and investors.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
