In the past two years, over 100 million Americans have had their personally identifiable information compromised in insurance sector data breaches. Cybercriminals know that insurance companies harbor large amounts of personal information on their policyholders, and as such, the bulls eye on the insurance sector continue to grow. Three Protiviti managing directors share their expert opinions on the latest regulatory and cyber-related challenges facing insurance today.
With the advent of smart phones and digital devices, consumers are demanding services that are available anytime, anywhere, 24/7/365. Some insurance firms are seeking to modernize their legacy infrastructure, with many more are relying on outsourcing. In addition to dealing with the onslaught of regulatory change, insurance companies need to be mindful of the cybersecurity risks posed by modernization projects and increased outsourcing.