X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Dig Deeper

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.