Take the next step in resilience
Although insurance leaders are more likely to have advanced risk and compliance programs, they are concerned about third-party cyber risks and cite talent shortages as obstacles to controls. Grant Thornton's Cyber & Risk Survey reveals where insurance leaders can strengthen resilience through improved oversight, analytics-driven detection and a workforce equipped to respond to emerging threats.
of insurance leaders say they have “advanced” or “leading” risk/compliance
say third-party risk is a top cyber challenge, vs. 61% across all industries
What’s in the report?
- Advancing risk management: Despite insurance companies’ strong risk and compliance, there’s still room for improvement. Insurance leaders share where they could advance their risk and compliance management program maturity.
- Mitigating third-party risk: Strengthening third-party oversight can boost resilience in an industry with increased outsourcing. Our report shows how third parties impact insurers’ ability to respond to fraud events.
- Enabling a skilled workforce: Talent and skills shortages are a challenge across insurance firm risk management programs. We asked leaders about talent impacts on risk management integration, controls effectiveness and internal audit performance.
- Investing in threat detection: Stronger analytics and monitoring would help insurance leaders bolster their fraud response. Insurers provided insight on other factors that would most improve their ability to prevent emerging threats.
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