Insurance industry increasingly anxious about its own cyber risks
Insurance companies are worried more than ever about cybersecurity, which is rated one of the top three risks the global industry faces for the first time in a recent survey. Insurance Banana Skins 2017, published last week by London-based think tank the Centre for the Study of Financial Innovation, is the sixth biennial survey of its kind, conducted with support from professional services firm PwC. The survey, of 836 insurance practitioners and observers in 52 countries, found growing levels of anxiety in the industry. Globally, the top 10 risks were rated as follows (with the rating from the last survey in 2015 in brackets): Change management (6) Cyber risk (4) Technology (-) Interest rates (3) Investment performance (5) Regulation (1) Macro-economy (2) Competition (-) Human talent (15) Guaranteed products (7) “The three highest risks form a cluster around the theme of technological change and industry response,” reads the survey report. “The top […]
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