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Becoming Cyber Resilient: A Seven-Step Guide for Insurers

March 9, 2015 by Scott Corzine

To effectively address cybersecurity issues and the myriad regulatory requirements taking shape, insurers should consider taking several steps.

Executive Summary

FTI Consulting Managing Director Scott Corzine sets forth seven recommendations for insurers to consider as financial regulators at the federal and state levels step up their games in examining carriers' cyber risk preparedness and as the carriers themselves seek greater resilience in the event of a cyber attack. This article is part of a three-part series. Part 1, "Regulatory and Market Imperatives Place Cybersecurity High on Carrier Agendas," provides some background about regulations taking shape to respond to cybersecurity issues in the insurance industry. In Part 3, Corzine drills down on one of his seven recommendations, explaining the basics of "Preparing a Cyber Incident Response Plan."
Executive Summary FTI Consulting Managing Director Scott Corzine sets forth seven recommendations for insurers to consider as financial regulators at the federal and state levels step up their games in examining carriers’ cyber risk preparedness and as the carriers themselves seek greater resilience in the event of a cyber attack.

This article is part of a three-part series. Part 1, “Regulatory and Market Imperatives Place Cybersecurity High on Carrier Agendas,” provides some background about regulations taking shape to respond to cybersecurity issues in the insurance industry. In Part 3, Corzine drills down on one of his seven recommendations, explaining the basics of “Preparing a Cyber Incident Response Plan.”

The seven steps set forth below are designed to move the organization forward toward a more robust and mature cybersecurity capability.

1. View cybersecurity as an organizational issue, not simply as a technical issue.