Modern Insurance Magazine Issue 65
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INSURTECH<br />
UConn<br />
School of Business<br />
QLaurissa, it was so great to see you on the<br />
conference circuit this spring! I see that the<br />
University of Connecticut School of Business<br />
is launching its own Cyber Security Connect<br />
Conference. What was the inspiration behind this<br />
initiative? What sort of takeaways can the audience<br />
expect?<br />
A<br />
It’s always great to see you as well, Megan! The<br />
inspiration behind our Cyber Defense Connect<br />
conference, launched on April 16th, stems from<br />
the escalating importance of cyber risk and security<br />
across various business sectors. These issues aren’t<br />
just confined to IT experts; they affect everyone.<br />
Our aim is to equip both cyber and non-cyber<br />
professionals with essential knowledge on identifying<br />
risks, protecting themselves and their businesses,<br />
and effectively responding to cyber threats.<br />
At Cyber Defense Connect, attendees engaged in<br />
an interactive cyber-attack simulation, followed by<br />
a comprehensive review covering the Readiness,<br />
Resiliency, Response and Recovery aspects of cyber<br />
defense. We were honored to host some of the<br />
leading experts in the field, who generously shared<br />
their insights and expertise.<br />
QHow is cybersecurity becoming a focus for the<br />
students at UConn - not just now, but also once<br />
they are out in the workforce?<br />
A<br />
Cyber is everyone’s business. Just look at the<br />
headlines for the week, and no doubt you will<br />
see a news story about a widescale breach.<br />
With that in mind, we’ve integrated cyber awareness<br />
across the curriculum for our UConn School of<br />
Business STEM programs. We’re actively fostering<br />
partnerships, such as the recent Memorandum of<br />
Understanding (MOU) between our MS FinTech<br />
program and UConn’s Computer Science department.<br />
This collaboration provides cybersecurity electives<br />
for FinTech students, ensuring our students are wellequipped<br />
for the cybersecurity challenges they’ll<br />
face in the workforce. As we know, it is also one of<br />
the main emerging risks, and relates directly to our<br />
newly revamped MS in Financial & Enterprise Risk<br />
Management program curriculum.<br />
QWhat are some emerging cybersecurity trends that<br />
we should be aware of, and prepared for?<br />
A<br />
At UConn, the biggest one we hear about<br />
relates to the convergence of AI, particularly<br />
Gen AI and Cyber. As you are well aware, that<br />
evolution is a dynamic one, and we are paying close<br />
attention to ensuring that our curriculum and<br />
out-of-classroom experiential opportunities are as<br />
up to date as possible.<br />
In addition, we have started to partner with some<br />
industry experts in Quantum Computing. While I feel<br />
we are a few years away from everyday applications<br />
of QC, it’s clear that its capabilities will introduce a<br />
whole additional level of complexity and need for<br />
awareness as it relates to Cyber.<br />
QWhat are some of the most pressing cybersecurity<br />
issues facing the insurance industry in particular?<br />
How often should insurance companies conduct<br />
security assessments and vulnerability testing?<br />
A<br />
There are really two issues, but one is more of<br />
an opportunity than an issue. The first is the<br />
threat of attack itself. Just like every other<br />
enterprise, insurance companies have the threat of<br />
cyber-attacks, ranging from direct system breaches<br />
to attacks on IoT devices utilized for risk mitigation.<br />
These threats demand proactive defense measures.<br />
Secondly, the emergence of new players in the cyber<br />
insurance market presents both challenges and<br />
opportunities. Those entrants, in order to mitigate<br />
risk for all, will need to continue to invest in Cyber<br />
Defense. That approach will provide benefits for<br />
everyone.<br />
To mitigate these risks effectively, insurance<br />
companies should conduct regular security<br />
assessments and vulnerability testing. The frequency<br />
of these assessments should align with industry<br />
standards and evolving cyber threats, ensuring timely<br />
detection and mitigation of vulnerabilities.<br />
74 | MODERN INSURANCE