Are insurers becoming cyber secure? Accenture’s study shows they are—but with room for improvement. Our Australia infographic lists the five steps an insurance firm can take to boost cybersecurity. Learn more and download the full report: https://accntu.re/2CSgaaK

1. FIRMS ARE CONFIDENT, BUT ARE THEY OVERCONFIDENT?
Strengths and…
80%
are confident they
can manage the
financial risk of a
cybersecurity event
require more than
one week to detect
a security breach
68%
Challenges
75%
50%
Of respondents believe
that, when security is
breached, it is not
possible for their firm to
appear strong, prepared
and competent
are confident they
can minimise
disruption from a
cybersecurity event
Confidence remains high but a proactive approach is needed4
70%Of respondents said cyber attacks
were still “a bit of a black box;
we do not know how or when they
will affect our organisation”
78%Of respondents are confident
about restoring normal activity
after a breach
ACT
NOW
Use intelligence and
data to be proactive
Threat hunting
Find out more
More need to invest in breakthrough technologies to beat new threats3
75%
Of respondents said advanced
technologies are essential to a
secure future
ACT
NOW
Employ advanced
technologies
Automate defences
Find out more
4/10Of respondents are investing
in machine learning/AI and
automation technologies
BUT ONLY
Active CEO and Board engagement places more demands on the CISO
10%
5
Of CIOs have budget authorisation,
a significant drop from last year
ACT
NOW
Adapt the CISO role
Business leadership
Find out more
48%Of CISOs report direct to the
CEO or the board
2018STATEOF
CYBERRESILIENCE
Australia
Insurance
More damaging security breaches accelerate the need for cyber resilience2
53%Of breach attempts are detected
by the internal security team
88%Of respondents expect their
investment in cybersecurity to
increase in the next three years
ACT
NOW
Pressure-test
your resilience
Coached incident
simulation
Find out more
FIVEWAYSTOBECOMECYBERRESILIENT
While executives are making good progress, more work is needed. As attacks multiply and
advanced technologies are employed to create greater disruption, the urgency to build cyber
resilience against new threats grows.
Despite progress, the basics need attention
4/10 40%
1
Of respondents don’t apply the
same security standards to their
partners as their own business
ACT
NOW
Be brilliant at the basics
Harden and protect
core assets
Find out more
Of their organisation is not protected
by their cybersecurity program,
respondents confirm
About the research
Following on from earlier research in 2017, we surveyed 4,600 sole or key decision makers for
cybersecurity representing companies with annual revenues of US$1B from more than 19 industries
and 15 countries. In all, 411 insurance industry executives surveyed as part of this study.
Find out more
www.accenture.com/FSstateofcyberAU
Contact us
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