Insurance and Security Part 4: Securing Your Company’s Future
In the final installment of our Insurance and Security series, Mark Breading, partner at Strategy Meets Action, and Charlie Hanna, director of Hyland Software’s Domestic Insurance Solutions Group, share their ideas about how insurers can best secure their company's future.
Mark Breading, Partner at Strategy Meets Action
Charlie Hanna, Director of Hyland Software’s Domestic Insurance Solutions Group
Analyst Interview (Part 4): Securing Your Company’s Future
The whole issue of cyberthreats is unfortunately only going to get worse before it gets better because you know, in this increasingly connected world with smart homes and connected vehicles and making everything you can possibly think of – smart. We’re going to have more and more data flowing into insurance companies that they’re going to leverage in one way or another. But they’re just ripe targets for bad actors to steal information and to misuse it.
It’s interesting when you read articles about security in the space, one of the concerns they have is what would a cyber breach be like for an insurance company. It would be so devastating to the insurance because the insurance company has a lot of very personal specific information. We try to address that and provide some best practices with the solutions that we deliver to that space, but I think, to you point, it’s going to continue to be a top of mind thing. I think the criminal element of it, that threat will continue to spike. I think we’re going to have to be very innovative on how we continue to fight it.
And there’s really two sides of this for the insurance. One is what we’ve been speaking about, which is the exposure that insurance companies themselves have and how they need to manage that data and put security systems in place. But the other is that, you know, insurers can provide coverage, remediation for events that occur. The insurance industry needs to be a major player in this whole environment of cyber risk.
You know, in such an old industry, it’s interesting today at how many new products are being developed and created to accommodate what’s going on in a changing world, from the cyber risk to some of the terrorism products are available and it’s not easy for an insurance company to create and deliver these products without the help of technology.
You know, the core ECM systems and the systems that manage content services along with core policy billing claim type systems that manage to structure data, all of those have to be very cyber aware and world-class in terms of their security capabilities. We’ve been talking about coverages that the industry has and there’s so much potential in fact our view is that cyber risk coverage ultimately will need to get embedded in every type of insurance policy whether it’s business insurance or personal line insurances or life insurance products because there’s exposure everywhere.