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6 Ways Cybersecurity Changed in 2017

The insurance industry takes up the battle against cybercrime.

By Elana Ashanti Jefferson, PropertyCasualty360 | Updated on January 02, 2018
It hardly takes a high-tech guru to deduct that 2017 was a year when cybersecurity concerns caused businesses of all sizes to quake over losses both real and anticipated.

“Cybersecurity is as big an issue as there’s ever been in the insurance industry,” said Adam Hamm, managing director of global consultancy at Protiviti, former president of the National Association of Insurance Commissioners (NAIC) and past chairman of that group’s Cybersecurity Task Force. “At least over the last generation, I’ve never seen an issue that’s bigger than cybersecurity, because we’re talking about breach after breach after breach.”

Year-end financial reports support Hamm’s hypothesis. Consider that analysts behind Deloitte’s “2018 Insurance Regulatory Outlook” and “2018 Insurance Outlook” determined that cyber crimes cost financial services businesses more than ever before. Despite extensive efforts to minimize cyber crime, financial services still experienced the highest average annualized cost of cyber crime by industry sector at $18.28 billion. This is 6% higher than second-ranked utilities and energy, and 26% more than aerospace and defense companies, which rank third.

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