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Nearly 50% of US Insurers Are Enhancing Security Capabilities Across the Board, Says Novarica

IT security consumes more than 10% of insurer IT budgets and even more management bandwidth, according to a new report, IT Security Update 2019, from research and advisory firm Novarica. The report looks at 2019 plans among US insurers across a wide variety of IT security areas including technical, organizational, and regulatory compliance.

"Insurers are investing more in security as new regulations continue to drive new requirements," said Mitch Wein, Vice President of Research and Consulting and lead author of Novarica's new report. "Hiring a CISO is now not only a requirement, but also a key strategy point for insurers to manage regulations and related audits. Insurers who are implementing security frameworks like NIST and SSE-CMM will benefit when conducting audit calls. In addition, while there are many areas of security to invest in, insurers are looking to invest more in the areas of intrusion detection, application security, device security, and data encryption as new regulations continue to rollout."Among the key findings of the report are:

  • Insurers are enhancing security capabilities across the board. Nearly half of all insurers are enhancing capabilities in intrusion detection, app security, device security, and encryption.
  • Insurers are preparing for new regulations. Insurers are continuing to prepare for and implement programs to adhere to new regulations in both the US and EU.
  • Carriers are appointing CISOs to manage risk. The role of the CISO has expanded due to regulations and a need from carriers to implement effective cybersecurity programs.

Please contact Victoria Spitz at 833-668-2742 Ext. 130 for more information.

 


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