Cybercrime and Insurance Conference

We are back with our 5th Annual Cybercrime and Insurance Conference to be held on 17 September 2019 at Emperors Palace Convention Centre. With the 4th Industrial Revolution and the increased use of artificial intelligence the cyber security challenge continues to grow. The digitalisation of industries in the build-up to the fourth industrial revolution is a minefield of opportunities and risks. It is in how various industries, and more specifically the insurance industry is dealing with the cybercrime. Collective effort is therefore required in the different industries to increase cybercrime awareness. The industry needs to join forces to combat cyber risk and cybercrime in an increasingly digital world.

Cybercrime and fraud are still major concerns within the short-term insurance sector. This makes data sharing between insurance companies, brokers, and relevant stakeholders mandatory to curb and manage cyber risk and allay consumer fears. Cybersecurity challenges continue to grow, and financial institutions– especially those in the midst of digital transformation efforts – are being highly targeted by cybercriminals. At the same time, they are suffering the same challenges of other organisations, including figuring out how to inspect and secure the growing volume of encrypted traffic, battling the persistence of botnets, and addressing new malware trends such as cryptojacking.

Combating syndicates needs partnerships with insurance companies. Data collection for insurance incidents is more difficult than data collection for life insurance. As industries firmly collaborate and intentionally share information, everyone is at risk with data and connectivity forming the cornerstones of this type of risk. Policies can be developed and redeveloped to cover both individuals and businesses from cyber risk. A policy that ring-fences the specific risks around cyber is therefore required. The country therefore requires clear policy statements on cybercrime, signalling intent in dealing with it and being clear on how the country will respond to suspected network intrusions.

To successfully address today’s challenges, the security teams of insurance organisations need to rethink their strategy, from automating their security hygiene measures to replacing isolated security devices with an integrated security fabric architecture that can seamlessly span the growing attack surface. Call for greater collaboration and information sharing within the industry is therefore of paramount importance if the digital space is to be optimally utilised.

This conference aims to bring together players in the industry to deliberate on ways in which organisations can be prepared for these security breaches. Calls for partnerships and collaboration, education in this sphere are also going to be on discussion at the conference.