FOREWORD
THE DATA DILEMMA Recently I interviewed the CTO of one of the world ’ s leading technology companies .
“ I keep telling my daughter to use a VPN to keep her data private . But like most young people , she thinks she knows it all ”
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We chatted about the value of data , and then the conversation inevitably turned to cyber security and privacy concerns . But unlike many CTOs , this one took a bold approach to the question .
Instead of telling me that companies ( and his specifically ) are keeping all data super-secure and that there was nothing to worry about , he said , “ I keep telling my daughter to use a VPN to keep her data private . But like most young people , she thinks she knows it all .”
Why ? Because the amount of data that online portals store on their visitors , which then get passed on to third parties , is endemic .
Corporations are making billions from every wearable worn or keystroke made . And , with the growth of the IoT and 5G , the potential for data gathering is exploding .
But what about the benefits ? Customers are getting better , lower-cost products because of sharper KYC insights . And we all want faster , cheaper , easier to use services . The less effort we make to get the product we want , the more attractive it becomes . That ' s human nature .
The insurance business thrives on data . It is , and always has been , the lifeblood of the industry . Now it has a vast ocean to glean from . But at what point should we be concerned ?
While robust regtech and regulation protect the rights of the consumer , insurance companies are in the clear . And , isn ’ t it our responsibility as individuals to step up and protect our personal data on a daily basis ?
As a huge technology fan and advocate of insurtechs , I have to say , this quandary is ongoing for me – and will continue to be so as 2022 unfolds . Thoughts anyone ?
JOANNA ENGLAND joanna . england @ bizclikmedia . com © 2021 | ALL RIGHTS RESERVED insurtechdigital . com 5