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Three Trends That Will Impact the Future of Cyber Security For Insurance

By Finserv MARKETS - Apr 26,2019
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With each passing year, the incidences of cybercrime are rising progressively. Naturally, the grim statistics would make us wonder- what does the future of cybersecurity look like? To gain some real insight into this predicament, its essential to consider the future of IT. It’s impossible to look at cybersecurity developments without considering IT trends. Earlier this year, IT solutions provider – Accenture, highlighted the technology trends that will shape the future for cyber insurers in their latest research report- Accenture Technology Vision 2018*. According to the Accenture research report, it is estimated that insurers will take at least two to three years to master cyber resilience. In this article, we will be highlighting three technology trends from the Accenture Technology Vision Report that will impact the future of Cybersecurity for Insurance: –

The Importance of Trust – Data Veracity

Insurers often use data to make more informed business decisions, and today’s proliferation of data means ample opportunity for fine-tune pricing, marketing decisions and risk assessment. However, all of these opportunities rely heavily on an insurer having accurate and secure data. This, in turn, creates the scope for vulnerability. Manipulated, biased or inaccurate data could lead to corrupted business insights and skewed decisions- not just for the cyber insurer but also for the society at large. Hence, cyber security teams need to validate and protect data more than ever. Additionally, all recovered data becomes evidence in the aftermath of a cyber-attack.  Hence, cyber insurers must have processes to reconcile and validate data back to immutable systems of record, such as Blockchain.

Frictionless Business – Built to Collaborate at A Large Scale

Most cyber insurer’s legacy systems aren’t built to collaborate swiftly and at a large scale. Consequently, many insurers are re-architecting themselves with technologies like Blockchain, Smart Contracts and Microservices (such as APIs). However, these technologies can only succeed if they are backed by strong security.

Internet of Things – Intelligent Distributed Systems

As smart connected devices continue to flourish, cyber insurance companies are faced with renewed challenges. These days, regular household devices like TVs, refrigerators and ACs are also connected to the internet. Every device connected to the internet is vulnerable to compromise. Hence, insurers will need new analytics and better security controls to prevent the breach of internet-enabled devices.

Clearly, cyber risks are evolving at a rapid pace and you must scale-up your defences to keep pace with cybercriminals’ technologies and tactics. It’s one thing to be prepared today, but to continually bolster defences and keep up with advances in cybercrime is another ball game altogether. However, a Cyber Insurance or Digital Insurance policy with a wide coverage can help you do this with ease. Cyber Insurance Plans available on Finserv MARKETS offer a wide coverage against several cyber security threats such as email spoofing, phishing, malware, Identity theft, data breach and much more. Buy Bajaj Allianz Individual Cyber Safe Insurance at Finserv MARKETS to stay protected against the financial risks of cyber-attacks.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522