Consumers and businesses pay for insurers to store and protect our most sensitive data – be it related to our health, our finances or our high-value assets.
For a long time, the ability of the insurance industry to protect this data was perhaps seen as a given. But as high-profile, large-scale data breaches hit the headlines more and more regularly, the question of ‘cyber trust’ is becoming a key concern for increasingly discerning citizens.
This was something which came through loud and clear in a recent survey Atos conducted. When asked their thoughts on insurers’ approach to cyber security, almost half of respondents (48%) marked insurance companies at “high risk” of being attacked. A similar number (49%) said that they expect data encryption to be standard practice across the insurance industry. In short, the public is more aware of the risks than ever and that means that it’s becoming a differentiator: 58% say it is a deciding factor when choosing an organisation or service.
In this blog post, Michael Davison, industry principal for financial services at Atos UK and Ireland highlights why insurers must guard their customers' data wisely to maintain their trust.
• The impact of new technology.
• Risk and regulation.
• Building trust.