This week, Templar attended a Security Matters meeting organised and held by Lloyds of London. Security Matters is a professional members club for those responsible for and who have an interest in IT security and operational improvement within the London Insurance Market. This particular meeting brought together leading cyber-threat experts including Julian Meyrick, Director, Security Services, IBM and our very own Andrew Fitzmaurice to discuss how to recognise cyber- crime threats and take action to safeguard business. Whilst the focus was primarily on the ever evolving threat, speakers advised on the approach that insurance organisations could take to understand the business risks they are facing, and what each organisation, irrespective of size, could do in order to help combat these risks.
Cyberspace has brought immense benefits to UK Plc but as we move and store more of our information online as a result of the ‘digital and big data explosion’, every new advance also brings with it greater opportunity for Cyber criminals. Andrew Fitzmaurice, spoke on the need for organisations to understand more about the business risk Cyber threats pose. Whilst many organisations seek to address these threats at a technical level, they are not taking enough of a holistic approach to Cyber Security. Recent high profile events have shown that this approach can leave the most sophisticated organisations vulnerable.
Julian Meyrick’s presentation centred primarily on the technical security steps organisations could take to prevent system breaches, his message being ‘the faster a company identifies a problem, and its relevance to the business, the more effectively the company can respond’. Julian also outlined the biggest cyber security threats that businesses face and how each attack operates within a system.
Overall the event was thought provoking and it is clear that Cyber is at the top of the Insurance industry agenda.