Cybersecurity and Insurance

A related conversation and potential area of revenue and advisory services that financial services professionals may have traditionally overlooked is the importance of cybersecurity advisory services in a business environment that is increasingly digitized. Cybersecurity policies and training may have, in the past, focused on ensuring that the organization had in place sufficient password controls and safeguard to protect data against unauthorized access to client information and ensuring that anti-virus software was kept up to date. Compounding the issues connected specifically to how AI and blockchain will impact cybersecurity and cyber insurance is the patchwork of regulation that is emerging, with the EU seeking to regulate efforts by both the United States and China to advance these technologies (Regulatory Update: EU to Adopt Comprehensive Regulation of Artificial Intelligence, 2024). While these are still, rather obviously, important for every organization, they now simply represent a good starting point in the conversation rather than the end point in the debate. Stated differently, cybersecurity has moved beyond merely an IT or technical concern and is increasingly a concern for the entire organization at large (McLane, 2018). None of this is news, however; every professional is going to be aware of just how important data integrity and cybersecurity it. Let’s connect this trend and topic area to the same topics we have been discussing throughout this book—blockchain, artificial intelligence, and cybersecurity tools (Fig. 15.1).