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Are You able to rely on your cyber insurance carrier when it comes to incident response?

Are You able to rely on your cyber insurance carrier when it comes to incident response?

Security professionals and leaders are my greatest concern. After a year of disruption caused by pandemics and serious cyberattacks, they are now preparing for their strategies and policies to protect hybrid work. But then they are hit with an overwhelming attack of ransomware. This is a stressful time in a already stressful job. A long-time client and security chief told me recently that he feels like he is just weeks away disaster.

First responders rush to help after natural disasters. Homeowners turn to their insurance companies to help them rebuild after a natural disaster. The process can be difficult, but most homeowners are able rebuild. Incident responders are sent to the scene of a cyberattack in order to track the criminals and contain the damage. Ransomware attacks can cause the process to take longer, require more resources, and may require more decisions. Many of these may not be made by senior executives or security leaders but by the insurance company. Many cyber insurance companies now require participation in all aspects of the incident response, including ransomware negotiations, and payment decisions, in order to ensure that an insurance claim can still be filed.

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This is a natural reaction in an insurance industry that’s still in its infancy. Cyber insurance companies lack the historical loss data and analytics that are available in mature industries like property and casualty. However, they face a rapidly growing demand for coverage. In an effort to reduce the flow of money to hackers who rely on payments and to offset losses, some insurers might even discontinue ransomware coverage in certain industries or geographies. It is essential that this sector of insurance survives. Some of these rules may make it more difficult to obtain coverage or file a claim.

What does this mean for security leaders and their teams in the end? This is the main focus ofResearch Heidi Shey I just started off. Organizations are rehearsing and revising their crisis management and incident response plans as cyberattack anxiety continues to grow. It is crucial to have a thorough understanding of cyber insurance coverage. This research will provide a list of cyber-insurance-related considerations security leaders and executive teams should consider when assessing their readiness to respond to a cyberattack or breach.

Would you be interested in taking part in this research? Interviews are being conducted with security professionals, incident response service providers, cyber insurance carriers, law firms that provide incident and crisis management, as well as lawyers. For more information, please contact Senior Research Associate Melissa Bongarzone

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How COVID-19 pushed Wealth Managers to become more hybrid

The Pandemic Signaled a Shift to Hybrid Sales and Service Models

2020 was a year for reckoning, as face-to–face interactions ceased and the demand for digital engagement soared. Wealth management firms had to accelerate their digital transformations, as well as improve their service, sales, and advisory capabilities. The model approach has evolved to a hybrid customer experience model over the past twelve months. This model offers new sales and service interactions that combine digital and human capabilities in a synchronous manner. We interviewed leading private banks such as Credit Suisse and Julius Bar. Also, we interviewed experienced technology partners, digital platforms such as CREALOGIX, InvestCloud, PwC, and other professional service firms such like PwC to get more inputs and examples. We also collected best practices from around the world.

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New Sales Models Infuse digital Capabilities into Hybrid Client Engagement

Wealth management companies have had to adapt to the rapid adoption of digital buying habits by customers. They need to reengineer sales and onboarding capabilities to incorporate new capabilities such as:

  • Guided video via live videoOnboarding of clients.
  • Onboarding platforms for clients with integrated access to financial advisors.
  • Digital advice algorithms generate personalized investment tips.

 

New Service Models Provide Better Access to Digital or Human Service

Our research has shown that clients in Asia Pacific prefer human to digital advice, and will pay more for it. The banks’ human-led services capacity was strained by the COVID-19-induced surge in client activity. They had to provide augmented capabilities for both clients and staff in an operationally viable and scalable manner by:

  • Using messaging apps, streamline trade communications and instructions.
  • Financial advisors and customers can access real-time aggregated account information.
  • To engage clients better, we create interactive video statements that can be downloaded on-demand.
  • To make investment research more accessible, downsize and customize it.

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