Insurance cybersecurity services

Cyber-related incidents represent a growing threat to the reputation and economic stability of financial institutions. The ubiquity of cyber risk raises many questions about all areas of an insurer’s business and organization. At PwC, we understand the importance of mitigating cyber risks and crafting a comprehensive risk management program to promote cyber resiliency.

On the business side (CEO, CFO, CRO, legal, internal audit, and board members):

  • Is cyber security an integral part of your business model
    and strategy?  Who leads your cyber incident program and is it cross functional?
  • How aware are you of what strategic threats and adversaries are targeting you and why?
  • Are you able to demonstrate compliance to existing legal and regulatory requirements directly related to cyber?
  • Is there an understanding of the cost of recovery vs. the benefit of cyber security investments?
  • How are you assessing your cyber risks associated with your business partners, vendors and third parties?
  • How often are you conducting a full audit of your cyber readiness capabilities from detection to response?
  • Are you contemplating entering the cyber insurance market with products?
  • What are you doing to assess cyber risks of your clients related to insurance risk?

On the technical side (CIO, CISO, CTO:

  • To what extent does the executive team leadership team understand and invest in cybersecurity and appreciate return on their investment?
  • Are you leveraging threat analytics and research to understand attacks and incidents in order to identify systemic issues and root causes? Are these systems integrated into your overall SIEM and compliance systems so your teams know what and how to respond to threats?
  • What is your cyber security framework based on (e.g. NIST CSF, others)?
  • How is cyber resilience managed for new systems, projects and products – what types of testing and validation do you conduct?
  • How often are you conducting a full audit of your cyber readiness capabilities, from detection to response?

PwC helps insurers effectively achieve their strategic cyber objectives by designing capabilities and processes that fit each business’s individual profile and needs.

Publications

Top Insurance Industry Issues in 2016 - The promise & pitfalls of cyber-insurance
Cyber insurance is a potentially huge but still largely untapped opportunity for insurers and reinsurers. However, wariness of cyber risk is widespread.

Insurance 2020 & beyond: Reaping the dividends of cyber resilience
Insurers and reinsurers face growing demand for cyber insurance, but how can they capitalize on this opportunity, whilst managing their risk exposure?

Cybersecurity: Enter insurance regulators
State regulators will begin examining insurers next year.