A recent survey done by PwC shows that, of all the concerns Ireland’s insurance companies currently have, they consider cyber risks to be the most critical.
Cyber risks were ranked more threatening than the impact of low interest rates, regulatory burdens, and natural catastrophes. Padraic Joyce, an insurance partner from PwC Ireland, addresses the industry’s rightful worries, stating the industry is confronted with “the disruptive impact of new technology.” He further emphasizes the necessity of looking forward, saying, “Insurers that can manage emerging as well as familiar risks would be best placed to succeed.”
Over 800 insurance practitioners from 54 countries were questioned for this particular survey, and overall, cyber risks ranked fourth among those companies’ top concerns.