Accenture’s report finds insurance firms could do more to prevent security breaches and strengthen cyber resilience. Read our report to see how Accenture can help your insurance firm become a cybersecurity leader: https://accntu.re/31i8ic3

1. The state of cyber resilience in insurance
Are insurers staying ahead of
their growing cybersecurity risks?
CYBERSECURITY
ATAPREMIUM
THIRD ANNUAL STATE OF CYBER RESILIENCE

2. The Accenture CyberResilience
survey isaglobalstudy thatexplores
thestate ofcyberresilience across a
broad rangeofindustries and
countries.
The survey was conducted across 24 industries
and 16 countries. 4,644 security executives
were surveyed in all, including 457 banking and
capital markets executives and 402 insurance
executives.
Insurance
executives
402
About the Study
Source: Third Annual State of Cyber Resilience, Accenture, March 2020.
Banking and
Capital Markets
executives457

3. The good news for surveyed insurance firms.
Successful
breaches are down.
42%
Successful breaches
dropped by 42 percent,
from 52 breaches on
average in 2018 to 30
breaches now.
Other positive
indicators:
of insurance
firms can detect
a security breach
within 24 hours,
up from 9% from
last survey.
32% 72%
of insurers
can remediate a
breach in 30 days
or less, up from
33% from last
survey.
Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.

4. But surveyed insurance firms are not recovering
quickly enough from successful breaches and are
exposing more customer data.
They are lagging in areas such as:
Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.
56%
Low detection rates:
83 percent of breaches
among cross-industry
cyber resilience leaders
are found by security
teams, but only 56 percent
of insurers’ breaches.
6%
Long-lasting breach impacts:
Among cross-industry leaders,
45 percent say all breaches
had a business impact of less
than 24 hours. Only 6 percent
of insurance companies
could say the same.
44%
High levels of customer
data exposed: 44 percent
of insurers had more than
500,000 records exposed
in the last year, compared
with only 15 percent of
cross-industry leaders.

5. Investment in innovation is growing but surveyed
insurance firms worry they won’t be able to keep pace.
Rising
protection
costs
Constant
battle to stay
ahead
60%of insurance firms report
that costs for cybersecurity
protection have grown over
the past two years.
72%of insurers indicate that
staying ahead of attackers
is a constant battle and the
cost is ultimately
unsustainable.
Higher
advanced
tech spend
89%of insurers spend more than
one-fifth of their cybersecurity
budget on advanced
technologies, up from 68
percent three years ago.
Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.

6. Indirect attacks are a growing concern.
Ecosystem not
fully protected
There are
hidden threats
40%of security breaches at surveyed
insurance firms are indirect attacks
that target weak links in the supply
chain or ecosystem.
55%On average, cybersecurity programs
actively protect only about 55 percent of
an insurer’s organization, compared to
cross-industry leaders where 80 percent is
actively protected.
Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.

7. A group of leading insurers surveyed are doing
things differently and better.
Accenture’s statistical analysis reveals that the performance of
insurance cybersecurity leaders exceeds their peers in four areas
in particular.
Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.
Characteristics Leaders (8%) Non-Leaders (83%)
Stop more attacks 3% of breaches are successful 14% of breaches are successful
Find breaches faster 88% detect breaches in less than one day 26% detect breaches in less than one day
Fix breaches faster 97% fix breaches in 15 days or less 37% fix breaches in 15 days or less
Reduce breach impact 53% of breaches have no impact 24% of breaches have no impact

8. Cybersecurity leaders choose the right
technologies.
Our cyber resilience survey found that two technologies in
particular are especially important to insurance leaders:
Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.
Security Orchestration
Automation and
Response (SOAR)
Artificial Intelligence (AI):
Machine learning, natural
language processing

9. Follow the leaders mastering cybersecurity
execution.
What makes surveyed leaders effective at cybersecurity?
Source: Cybersecurity at a Premium – Are insurers staying ahead of their growing cybersecurity risks, Accenture July 2020.
Prioritize
speed –
stop,
identify and
fix breaches
Scale
more –
investment
in
technology
Train
more – in
security-
related
areas
Collaborate
more –
internal
and
external

10. Or contact:
10
Download the
StateofCyber
Resiliencein
Insurance.
www.accenture.com/FSstateofcyber
Chris Thompson
Senior Managing Director –
Accenture Security, Global
Security & Resilience Lead –
Financial Services
https://www.linkedin.com/in/chri
stopher-thompson-92528832/
David Fitch
Managing Director – Accenture
Security, North America Insurance
Lead
https://www.linkedin.com/in/david-
fitch-6212452
Andrea Agnosti
Managing Director – Accenture
Security, Europe Financial Services
Lead
https://www.linkedin.com/in/agosti

11. Copyright © 2020 Accenture. All rights reserved.
Cybersecurityatapremium:Areinsurersstayingaheadof
theirgrowingcybersecurityrisks?
About Accenture
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purposes only and does not take into account the
reader’s specific circumstances, and may not reflect the
most current developments. Accenture disclaims, to the
fullest extent permitted by applicable law, any and all
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