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UK Insurance 2018 State of Cyber Resilience Infographic

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Are insurers becoming cyber secure? Accenture’s study shows they are—but with room for improvement. Our UK infographic lists the five steps an insurance firm can take to boost cybersecurity.

Learn more and download the full report: https://accntu.re/2OX27pG

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UK Insurance 2018 State of Cyber Resilience Infographic

  1. 1. FIRMS ARE CONFIDENT, BUT ARE THEY OVERCONFIDENT? Strengths and… 86% are confident they can manage the financial risk of a cybersecurity event require more than one week to detect a security breach 80% Challenges 74% 34% 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 77%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” 77%Of respondents are confident about restoring normal activity after a breach ACT NOW Use intelligence and data to be proactive Threat hunting More need to invest in breakthrough technologies to beat new threats3 83% Of respondents said advanced technologies are essential to a secure future ACT NOW Employ advanced technologies Automate defences 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 17% 5 Of CIOs have budget authorisation, a significant drop from last year ACT NOW Adapt the CISO role Business leadership 49%Of CISOs report direct to the CEO or the board 2018STATEOF CYBERRESILIENCE UK Insurance More damaging security breaches accelerate the need for cyber resilience2 68%Of breach attempts are detected by the internal security team 80%Of respondents expect their investment in cybersecurity to increase in the next three years ACT NOW Pressure-test your resilience Coached incident simulation 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 2/10 26% 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 Of their organisation is not protected by their cybersecurity program, respondents confirm About the research Find out more www.accenture.com/FSstateofcyberUK Contact us © Copyright 2018 Accenture 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.

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