16 November 2016 Insurance

Insurers must work together to crack the cyber challenge

Insurers must get better at sharing information and working together if they are to successfully tackle the challenges and opportunities posed by cyber risk.

That was one of the key findings of a panel discussion called Hacking and Cracking Cyber Risk at the Intelligent InsurTECH Europe conference, which took place in London today (November 16, 2016), under Chatham House rules.

The panel of experts, chaired by Matt Cullen, head of strategy at the Association of British Insurers and which included a panel of senior executives from Allianz, Aspen and JLT Specialty, agreed that the challenge is too big for individual companies to solve alone.

They also discussed how the insurance industry can help drive standards of security in the same way as it has in the more physical world, using the way the security of vehicles developed driven by the insurance industry.

One delegate asked the panel to comment on the challenges of privacy that have emerged in recent years. The panellists noted a generational divide in terms of the willingness to share data but noted that some young people also did not understand the consequences of sharing data.

The panellists agreed the culture of sharing information presented both opportunities and challenges for insurers and agreed that a tension would increasingly emerge between social media platforms, individuals and companies keen to access and use that information – or big data.

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