June 10, 2014
Burrows on How Cybercrime Impacts Insurance Considerations
“Cybercrime is a worry,” said Mathew J. Burrows, director of the Strategic Foresight Initiative of the Atlantic Council. “You’re looking at cyber organized crime groups and assessing their capabilities to do enormous damage–these are anonymous groups that don’t have a name or affiliation.”
Social media and new technology continue to alter the insurance marketplace.
“Tech adoption impacts every aspect of a customer’s lifestyle. With social media, there’s a great risk to a company’s broader image, including how you respond to claims and services interactions, and customer reviews and ratings,” Kavanaugh said. But there’s also plus side. “Technology provides a great opportunity for companies to be more creative, and help clients not just protect against loss, but prevent it.”
“Information is where wealth is being created, but it’s also a risk to wealth and its value,” Verney added.
Privacy risk is another consideration. Assessing the risk of sharing information is a huge task, according to Burrows. “There’s a lot more privacy concerns, particularly for bio information such as DNA sequencing,” he said.