Insurance industry grapples with rising cyber crime threat, climate change concerns: PwC

In the “Insurance Banana Skins 2023” report, a joint effort by PwC and CSFI, the global insurance industry’s primary concerns have been revealed, with mounting fears over cyber crime and escalating worries regarding climate change.

The insurance industry faces its foremost challenge in the form of cyber crime. This threat encompasses the potential theft of sensitive data, phishing, and ransomware attacks.

Notably, cyber crime has held its top position as the most significant global risk since the 2021 report.

Insurers are navigating an increasingly intricate digital landscape characterised by new technologies, cloud computing, and extended supply chains. This complexity amplifies their vulnerability to cyber threats.

To counter this, the report underscores the urgent need for proactive cyber security measures integrated into both business and IT architecture.

Insurers voice concerns regarding the misuse of artificial intelligence as a potent weapon for breaching security, with a specific focus on state-sponsored cyber crime.

Rising costs associated with mitigating cyber threats are causing unease among insurers. The expansion of the insurance industry’s IT ecosystem,…