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A recent study released by Wolters Kluwer Financial Services surveying 359 insurance professional from property & casualty and life & health sectors has revealed that 60% of brokers intend to give cyber an “elevated priority” within the next 12 months. Additionally, the survey exposed that 42% of insurers believe regulatory risk will also receive an elevated priority in the coming year.

Kathy Donovan, senior compliance counsel at Wolters Kluwer Financial Services, asserts “maintaining compliance in today’s complex regulatory environment requires a continuous investment in compliance staff and technologies.” Today’s regulatory atmosphere is constantly evolving and requires a high level of diligence to understand and maintain compliance. Donovan goes on to say, “Compliance management, like cyber security, is a cyclical process. Once a cyber-security threat is resolved, another threat emerges.” Insurers need to be ahead of the regulatory ball in order to combat the hydra of cybercrime.

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