Shaun Crawford, Global Insurance Sector Leader at Ernst & Young, spoke to during the 2015 Global Insurance Forum, about challenges the insurance industry faces in managing data while helping its clients manage cyber exposures.

According to Mr. Crawford, the insurance industry has not been very good at managing data and its integrity. Insurance carriers have many data sources and legacy systems.   Carriers have undertaken a lot of work to protect their systems. And while many insurers have upgraded their technology in the past few years, there is still a long way to go. Mr. Crawford also mentioned a study happening at the moment that is assessing how brand is affected by data breaches

Mr. Crawford says the insurance industry is looking at modeling cyber risk to determine how to create insurance products for other industries.   This will involve insurers partnering with other industries and sharing data in order to understand the level of risk and the level of technology put in place to control the risk.

For more of our coverage of the IIS Global Insurance Forum, visit the On Demand Library.

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