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Insurers urgently need to beef up their cyber resilience

Global Risk Regulator | Dan barnes | 2 june 2016

PA’s Scott Paton, an insurance expert, is quoted in an article in Global Risk Regulator about the cyber threats that insurers face that other financial services providers may not.

The article addresses the issues faced by insurers’ data being stolen and what this could mean for its customers. 

Scott explains that unsurprisingly, insurers are popular targets for data theft and fraud where criminals can find weaknesses. “In the UK, major life and pension providers have been hit, leading to identity theft and fraud where money from policies has been diverted to the wrong people. It is also a big issue on the non-life side, for data relating to bodily injury as a result of motor accidents,” says Scott.

The article goes on to look at some of the risks insurers are faced with. One of the risks Scott comments on is a weakness in the exposure of insurers to unauthorised access of data. 

A complication that insurance companies have is the number of people involved in data related to claims,” says Scott. “That can be anything from the first notification of loss, which could come into any one of a number of call centres that may not be owned by the company. It can be referred to loss assessors, sent for processing in an outsourced back office, sent to body shops – there are a multitude of people who will touch that data,” he concludes.

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