CSC, a provider of technology-enabled services, announced the establishment of the Insurance Cybersecurity Advisory Council for life insurance and annuity providers and property/casualty insurers to facilitate the development of best practices and technology strategies that effectively mitigate the risk of cyber attacks on the insurance industry.
The Council, to comprise business and IT executives representing a cross-section of insurance companies, will also collaborate with CSC to promote awareness and information sharing throughout the industry. The Council’s first meeting is slated for January 2012 in Washington, D.C.
Insurers, agents, brokers and consumers are increasingly embracing mobile devices and applications, social networking and cloud computing, all of which provide opportunities for achieving higher levels of business performance through enhanced productivity, collaboration and agility. At the same time, these new technologies can leave insurers vulnerable to cybersecurity threats — both from inside and outside of the organization. If not addressed, these threats can have a devastating impact on a carrier’s reputation and ability to operate and generate revenue.
“By forming the insurance industry’s first Cybersecurity Advisory Council, we will be the catalyst for best-practice sharing and development of technology solutions to address this growing concern,” said Ray August, president of CSC’s Financial Services Group. “Shareholder and consumer confidence, along with a requirement to pass increasingly complex audit procedures, rely on a company’s ability to safeguard intellectual property and customer data. The Council’s industry leaders will work together to identify the evolving cyber protection needs for insurance, define the most effective ways to combat cyber threats and educate the industry about the need for prevention.”
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