Lessons For Insurers From The Equifax Cyberattack

Insurance carriers should concentrate on improving security governance, data protection and breach response strategies in the wake of the Equifax cyberattack, says Tom Benton, vice president of research & consulting at Novarica. In a September report, Benton notes IT security has steadily become a top priority for insurers, with 11% of company IT budgets in 2017 dedicated to the business function. The same report, however, finds less than 20% of chief information officers view IT security a top three concern, as pressure to modernize operations intensifies for carriers.