INSURANCE
obtain insights into customer behaviour and risk profiles , thus paving the way for personalised insurance products tailored to meet individual needs and preferences .”
“ Insurers that embrace new technologies and leverage the power of data will indeed see themselves move ahead of those who stick to more traditional solutions , setting a precedent for a customer-centric era .”
Richard Breavington , Partner at RPC adds : “ DORA represents a big step towards the enhancement of insurers ’ and insurtech ’ s digital operational resilience systems and policies , heading towards the implementation of a robust cybersecurity risk management framework .
“ The regulations have served to bring cybersecurity and digital resilience to the forefront of the corporate governance agenda across insurance organisations .”
He adds : “ Insurers and other market players within scope of the regulations have had to pay serious consideration to their broader responsibilities in respect of their ICT third party service providers . Insurance companies are expected to ensure that their ICT third party service providers uphold a robust digital operational resilience system too whilst being ready to provide unconditional assistance to insurers in the event of a cyber incident .”
“ Enhanced testing procedures and a detailed process for detection , classification , reporting and registration of major cyber incidents and significant cyber threats are all required to ensure compliance with DORA .”
82 September 2024