Instant Insights / Cybersecurity Insights

Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.


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Protecting personal data. Seventy-one percent of insurers don’t believe they have the resources to detect a sophisticated cyberattack. (Photo: Shutterstock)

As Amazon, Netflix and Uber set the bar for superior digital service, insurance companies are increasingly turning to third-party platforms for FinTech payment and digital tools that transform the policyholder experience, an EY report shows. This raises strong concerns over the security of policyholder data across the continuum of service.

Sixty-four percent of insurers polled by EY say policyholders’ personal, identifiable information is the most valuable information cyberthieves seek, and nearly half have discovered “significant” cybersecurity incidents in their organization. Yet 71% of insurers don’t believe they have the resources to detect a sophisticated cyberattack. Only 11% believe their approach to cybersecurity meets the needs of their organization.

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