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Cybersecurity at a premium: The state of cyber resilience in insurance

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Accenture’s report finds insurance firms could do more to prevent security breaches and strengthen cyber resilience. Read our report to see how Accenture can help your insurance firm become a cybersecurity leader: https://accntu.re/31i8ic3

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Cybersecurity at a premium: The state of cyber resilience in insurance

  1. 1. The state of cyber resilience in insurance Are insurers staying ahead of their growing cybersecurity risks? CYBERSECURITY ATAPREMIUM THIRD ANNUAL STATE OF CYBER RESILIENCE
  2. 2. The Accenture CyberResilience survey isaglobalstudy thatexplores thestate ofcyberresilience across a broad rangeofindustries and countries. The survey was conducted across 24 industries and 16 countries. 4,644 security executives were surveyed in all, including 457 banking and capital markets executives and 402 insurance executives. Insurance executives 402 About the Study Source: Third Annual State of Cyber Resilience, Accenture, March 2020. Banking and Capital Markets executives457
  3. 3. The good news for surveyed insurance firms. Successful breaches are down. 42% Successful breaches dropped by 42 percent, from 52 breaches on average in 2018 to 30 breaches now. Other positive indicators: of insurance firms can detect a security breach within 24 hours, up from 9% from last survey. 32% 72% of insurers can remediate a breach in 30 days or less, up from 33% from last survey. Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.
  4. 4. But surveyed insurance firms are not recovering quickly enough from successful breaches and are exposing more customer data. They are lagging in areas such as: Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020. 56% Low detection rates: 83 percent of breaches among cross-industry cyber resilience leaders are found by security teams, but only 56 percent of insurers’ breaches. 6% Long-lasting breach impacts: Among cross-industry leaders, 45 percent say all breaches had a business impact of less than 24 hours. Only 6 percent of insurance companies could say the same. 44% High levels of customer data exposed: 44 percent of insurers had more than 500,000 records exposed in the last year, compared with only 15 percent of cross-industry leaders.
  5. 5. Investment in innovation is growing but surveyed insurance firms worry they won’t be able to keep pace. Rising protection costs Constant battle to stay ahead 60%of insurance firms report that costs for cybersecurity protection have grown over the past two years. 72%of insurers indicate that staying ahead of attackers is a constant battle and the cost is ultimately unsustainable. Higher advanced tech spend 89%of insurers spend more than one-fifth of their cybersecurity budget on advanced technologies, up from 68 percent three years ago. Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.
  6. 6. Indirect attacks are a growing concern. Ecosystem not fully protected There are hidden threats 40%of security breaches at surveyed insurance firms are indirect attacks that target weak links in the supply chain or ecosystem. 55%On average, cybersecurity programs actively protect only about 55 percent of an insurer’s organization, compared to cross-industry leaders where 80 percent is actively protected. Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.
  7. 7. A group of leading insurers surveyed are doing things differently and better. Accenture’s statistical analysis reveals that the performance of insurance cybersecurity leaders exceeds their peers in four areas in particular. Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020. Characteristics Leaders (8%) Non-Leaders (83%) Stop more attacks 3% of breaches are successful 14% of breaches are successful Find breaches faster 88% detect breaches in less than one day 26% detect breaches in less than one day Fix breaches faster 97% fix breaches in 15 days or less 37% fix breaches in 15 days or less Reduce breach impact 53% of breaches have no impact 24% of breaches have no impact
  8. 8. Cybersecurity leaders choose the right technologies. Our cyber resilience survey found that two technologies in particular are especially important to insurance leaders: Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020. Security Orchestration Automation and Response (SOAR) Artificial Intelligence (AI): Machine learning, natural language processing
  9. 9. Follow the leaders mastering cybersecurity execution. What makes surveyed leaders effective at cybersecurity? Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020. Prioritize speed – stop, identify and fix breaches Scale more – investment in technology Train more – in security- related areas Collaborate more – internal and external
  10. 10. Or contact: 10 Download the StateofCyber Resiliencein Insurance. www.accenture.com/FSstateofcyber Chris Thompson Senior Managing Director – Accenture Security, Global Security & Resilience Lead – Financial Services https://www.linkedin.com/in/chri stopher-thompson-92528832/ David Fitch Managing Director – Accenture Security, North America Insurance Lead https://www.linkedin.com/in/david- fitch-6212452 Andrea Agnosti Managing Director – Accenture Security, Europe Financial Services Lead https://www.linkedin.com/in/agosti
  11. 11. Copyright © 2020 Accenture. All rights reserved. Cybersecurityatapremium:Areinsurersstayingaheadof theirgrowingcybersecurityrisks? About Accenture Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries – powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. With 509,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com Disclaimer This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.

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