In the last of a three part series looking at “Cybersecurity and the Insider Threat”, ACORD host Johnell Johnson welcomes Erik Matson, a Director with BLACKOPS Partners Corporation and Head of BLACKOPS Insurance Industry Group. Here, he focuses on how insider threats can impact the insurance industry.

The insurance industry is facing a number of factors related to cyber risk, according to Mr. Matson, including rogue actors, potential hackers, an uninformed audience as it relates to technology usage, and the growing “insider threat.” For insurers who underwrite risk, Mr. Matson points out that part of the risk could be related to individuals (employees) in the company.”

Mr. Matson believes the insurance industry needs raise the bar in terms on standards. Carriers need to understand the “populace” of the company and how well they have been vetted…what information do they have access to, and why.   Insurers should also understanding the vendors for their insured…what access they have to company property and systems, and if they’ve been properly screened and trained. It is important for insurers to work with their insureds to develop an appropriate framework for this screening process.

Companies also need to draw a line of demarcation regarding the social media sites employees can visit while on the job, and what technology they can use. It is important to know the systems and websites employees and vendors need to access and establish the proper safeguards.

According to Mr. Matson, the key takeaways for the insurance industry are the enforcement of standards for looking at insider threat, the ways we utilize data, how we allow suppliers – and their suppliers – access to data…It’s not a matter of if, but a matter of when someone wants to get into your environment.”

For more on cyber risk and cyber security, visit the On Demand Library.  And for more on the technologies shaping the insurance industry, visit the ACORD website.

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