PRESS RELEASE London, 12th February2018 – Cyber liabilities, new ways of working and today’s complex technology landscape are creating challenges that CIOs and their Boards are failing to address due to a lack of practical expertise in IT leadership, says Fifth Step CEO Darren Wray.
Over the past quarter century it has become easier and relatively cheaper for businesses to develop resilient IT infrastructures with breakthrough technologies. Most industry leading service providers have taken to cloud solutions, some offering core business IT solutions “as a Service”.
Underwriters, brokers, and reinsurers face a range of cyber threats. No insurance company wants to pay a fraudulent claim, no broker want to be leaking personal data, no reinsurer wants to be paying a reinsurance claim where there is the right information or the cedant is waiting to receive the pay-out – but there are plausible scenarios where hackers might be one step ahead. Imagine a scenario where there is a major “big ticket” claim that is being processes on, an incident like the Costa Concordia, for example.