Researchers from Aalborg University Report Recent Findings in Information and Data Security (Coordination of Cybersecurity Risk Management In the Uk Insurance Sector): Information Technology – Information and Data Security

2023 MAR 27 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- New research on Information Technology - Information and Data Security is the subject of a report. According to news reporting out of Aalborg, Denmark, by NewsRx editors, the research stated, “The increasing threat of cyberattacks has resulted in increased efforts by both the U.K. government and regulatory authorities to coordinate efforts to influence cybersecurity risk management practices in the U.K. insurance sector, focusing on cyber risk underwriters. This paper provides an evaluation of these arrangements.”

Financial support for this research came from United Kingdom Clinical Research Collaboration.

Our news journalists obtained a quote from the research from Aalborg University, “It first provides a descriptive overview of the key U.K. regulatory authorities and the evolution of their efforts over the past decade, as well as the scope for broader collaborations with industry and member-based associations and international organisations. It then evaluates the effectiveness of these efforts by providing a multi-method study of the incidence, nature and evolution of cost of data breaches, investment in computer systems and software intangible assets at risk of cyberattack, and a content analysis of annual reports of both U.K. regulators and a sample of U.K. insurers. The findings suggest that while both the total costs of data breaches and the size of investment in computer systems and software intangibles at risk of cyberattack have gradually increased over time, the degree of engagement with cyber as a reporting issue by both cyber insurers and financial regulators has not.”

According to the news editors, the research concluded: “It is concluded that while these efforts have been apparently successful in avoiding a large-scale, systemic cyberattack on the U.K. insurance industry, there are significant gaps and overlaps in the system of cyber regulatory oversight.”

This research has been peer-reviewed.

For more information on this research see: Coordination of Cybersecurity Risk Management In the Uk Insurance Sector. The Geneva Papers on Risk and Insurance - Issues and Practice, 2023. The Geneva Papers on Risk and Insurance - Issues and Practice can be contacted at: Palgrave Macmillan Ltd, Brunel Rd Bldg, Houndmills, Basingstoke RG21 6XS, Hants, England.

Our news journalists report that additional information may be obtained by contacting Paul Klumpes, Aalborg University, Business School, Fiberstraede 2-41, Dk-9200 Aalborg, Denmark.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1057/s41288-023-00287-9. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

(Our reports deliver fact-based news of research and discoveries from around the world.)