Re/insurers see cyber and technology risks as the biggest threats they face in the next few years, but with technology rapidly advancing will insurers rise to the challenge? Intelligent Insurer reports on the latest Insurance Banana Skins survey.
Whether it’s a data-rich legacy system that won’t talk to your artificial intelligence (AI), or sophisticated cyber criminals targeting that same highly valuable data, the risks associated with the take-up of modern technology and cyber are “the biggest upfront risks” re/insurers face in the next two to three years.
That is the finding of the 2019 Insurance Banana Skins survey published in June by the Centre for the Study of Financial Innovation (CSFI) and PwC. This is only the second time risks surrounding technology and cyber have been flagged as the top two concerns since the survey began in 2007.
“This shouldn’t be a surprise,” says Andrew Hilton, CSFI director, in his preface to the report.
CSFI , PwC, 2019 Insurance Banana Skins survey, Cyber, Technology risk, Artificial Intelligence, Insurance, Reinsurance, Andrew Hilton, Global