DIGITAL TRANSFORMATION
scalable , flexible , resilient and low-latency IT infrastructure .”
White believes cloud services will provide essential services to insurtechs managing vast volumes of data . “ Colocation can be an attractive solution , providing the extra capacity required while also enabling insuretechs to benefit from fast , secure and direct connections to cloud service providers .”
Insurtech data in a connected ecosystem The benefits of better connectivity are numerous . Nevertheless , some industry experts have raised questions related to security , citing increased vulnerability to breaches as the cyber footprint increases . In a recent report , Brad Gow – global cyber product leader at Sompo International – points out that as 5G mobile technology grows , networks will switch to more distributed and software-defined digital routing . This results in more nodes communicating with each other .
Gow says : “ It really opens up the surface area that ’ s vulnerable to cyberattacks . And so , as we approach 5G in the next couple of years , we need to think about network security . The way that networks are secured today is going to need to be completely re-thought in order to incorporate all of this technology and all of this new bandwidth . That ’ s going to really change the game for cyber insurers , and it ’ s going to be a real challenge for the insurance industry as a whole . It has certainly captured my attention , because a lot of this technology will be coming online in the next two or three years .”
The future of insurtech and 5G As more industries adapt to utilise 5G , sectors will diversify and enter new phases ,
54 November 2022