As a sector intrinsically tied to digital technology, cyber insurance is known for its dynamic and evolving nature. In 2019, the cyber insurance industry began to grapple with multiple headwinds including record General Data Protection Regulation (GDPR) fines, the introduction of new privacy regulations and systemic ransomware claims.
In this fast paced digital age, businesses have the capacity to collect a tremendous amount of personal information to support their strategies. Customers expect and trust that financial institutions will keep their personal information safe and use it appropriately. However, reorienting the way an organization considers privacy and embeds privacy-thinking into the business is a significant challenge.
In 2019, Guy Carpenter-affiliate Oliver Wyman published the paper “Data Privacy: Growing Expectations (And Risk) For Financial Institutions,” which included five no-regrets steps that organizations can take to get ahead on data privacy risk management.
The next frontier in this conversation is about operationalizing the privacy risk management program successfully across multiple functions and teams. There are many enablers to a successful…
