Modern Insurance Magazine Issue 65

INSURTECH
Innovation to Outpace Cyber Threat
in our Interconnected Landscape
In a data-dependent, heavily-regulated sector,
failure to take proactive, preventive steps
against cybercrime is flirting with disaster. The
importance of a robust and secure technology
infrastructure that protects data across every
link within your supply chain is more vital than
ever.
Tech innovation to enable the safeguarding of exposure to
cybercrime is evolving at pace for insurance businesses.
Smart firms are paying attention to this developing
cybersecurity landscape and the products available, while
adopting a systemic and cultural approach to proactively
safeguard their organisational exposure to cybercrime.
The statistics are frightening. Ramsac reports cybercrime
costs hitting £27 billion annually, with figures projected
to soar to £8 trillion by 2025. With 72.2% of organisations
globally experiencing ransomware attacks in 2023, and only
8% recovering all data post-payment, the stakes are high.
Innovation holds hope
There are plenty of new technologies, both current and
on the horizon, to assist insurance businesses in their fight
against cyber threat. Technologies focused on ensuring
that innovation outpaces cyber threat and develops cyber
resilience include:
• Artificial Intelligence and Machine Learning, which
leads the way in threat detection by analysing data for
suspicious patterns.
• Zero Trust Architecture, which demands strict identity
checks, marking a significant advancement in combating
threats.
These developments highlight a proactive stance in digital
asset security, critical in today’s interconnected landscape.
Systemic and cultural resilience
From a standards perspective, adherence to ISO 27001
is a critical component of a cyber security strategy. This
global standard can serve as a cornerstone, guiding the
establishment of a comprehensive information security
management system (ISMS). While embracing innovative
technologies is crucial, pairing them with a structured
framework like ISO 27001 ensures systematic management
and protection of sensitive data against emerging threats. It’s
more than mere compliance; it’s also about creating a resilient
and proactive defence mechanism.
But as with most things in business, the greatest threat is not
so much the technology but the people themselves. Humans
nearly always prove to be the most fallible link in the chain.
Whether it’s regular training sessions, simulated phishing
exercises or incentivised secure behaviour, there are lots of
proven ways to reduce that risk.
However, the most effective way remains a robust and
uncompromising security program that encrypts hard drives,
blocks outside connections and monitors everything. If it
doesn’t feel like overkill, you’re probably not pushing hard
enough.
A unified approach
As we navigate through an era where data is both currency
and liability, it’s clear that the responsibility to safeguard
such precious assets cannot be understated. The alarming
statistics and the relentless surge of cyber threats serve
as a clarion call for a unified, rigorous approach to cyber
resilience. Now is the time to act.
• Blockchain - its tamper-proof technology upholds data
integrity and secure transactions.
• Quantum Cryptography, which is set to overhaul data
security and offer immunity to traditional hacks.
• Edge Computing Security, which tackles the challenges
at the network’s edge and remains vital for the Internet
of Things (IoT).
• Security Automation, Orchestration, and Extended
Detection and Response (XDR), which enhances threat
responses and ensures wide-ranging organisational
protection.
Ed Halsey,
VP Marketing, Genasys
MODERN INSURANCE | 85