The industry is vulnerable to the growing sophistication of cyber criminals and the
constantly changing nature of the threat. “Activity and technology increases all the
time and security is always one step behind. Insurance companies are a likely
target,” said Timo Ahvonen, chief development officer of Fennia in Finland.
The task is made more difficult by the growing number of attacks, only a fraction of
which need to get through to cause serious disruption. The chief financial officer of
a non-life company in Australia said cyber risk was “a major threat. We repel more
than 20 serious attacks every day. Half of these we suspect are state-sponsored
attacks”.