Cybersecurity survey spotlights insurers' core capabilities

Achieving excellence in cybersecurity is an ongoing journey for insurers. (Photo: iStock)

Money isn’t everything when it comes to bolstering cybersecurity at insurance companies or other financial institutions. Indeed, the most advanced risk managers in the industry aren’t necessarily those who spend the most. Instead, cybersecurity planning, execution, and governance are more likely to be the key differentiators in terms of maturity.

That was one of the main takeaways from Deloitte’s recent analysis of the second annual survey of chief information security officers (CISOs) at insurance companies, banks, investment management firms and other industry players, conducted by the Financial Services Information Sharing and Analysis Center (FS-ISAC), working in conjunction with Deloitte Cyber Risk Services.