Managing the risk of cyber threats and reducing the impact of breaches should be a top priority for UK organisations of all sizes, from small businesses to FTSE 100 corporations.
To help organisations in the insurance industry understand their own cybersecurity risk, Northdoor has partnered with RiskXchange to conduct an in-depth benchmarking exercise. The resulting report provides a transparent view of the UK insurance industry’s current readiness to defend data and systems from cybersecurity threats.
While the overall picture is reasonably positive – with surveyed companies averaging around 760 points out of a possible 900 – there are a number of fairly serious shortcomings that the industry needs to address. For example, only 11.54% of MGAs, 38.8% of brokers and 26.79% of insurers score an A when it comes to Email security. Meanwhile, just 46% of organisations score an A on security issues related to encryption.
To see how your industry peers are faring when it comes to cybersecurity – and to benchmark your own organisation’s performance against them – please read the attached Northdoor and RiskXchange Cyber Risk Assessment of the UK Insurance Industry. The report includes seven key recommendations for improving your scores and securing your business against cyber risk.
Northdoor has 30 years experience in the Insurance industry helping customers, who have ranged from start-up businesses to large corporates, experiencing significant business change. Our consultants have an in-depth understanding of the insurance sector which allows us to deploy our technology capabilities to great effect.
In addition to our key technology capabilities, we also offer a portfolio of business applications which can be tailored and configured to precisely fit our customer’s needs. These applications support Insurance Broking, Insurance Underwriting, and Insurance e-Business. Further details of these offerings can be found at our NdexInsure site
Northdoor won the ‘Best use of IT in Insurance’ category of ‘European IT Excellence Award’. To support Ark Syndicate Management’s start-up in insurance, we set up NdexInsure in 11 weeks allowing Ark to gain FCA approval.
We certainly have a formidable history in the insurance sector and we are continuing to lead the market. Our applications are built in contemporary technologies to industry best practices and can be deployed either on premise or as a cloud based SaaS solution.
Our consultants have a unique combination of technical competency and business understanding across broking and underwriting in the London Insurance Market, General insurance and Life markets.
We are also playing a pivotal role in the world of artificial intelligence with a key focus on cognitive analytics within the London insurance market. Whilst this is revolutionary stuff it’s critical that every business is ready to fall in line with the eminent changes in the EU’s general data protection regulations. Our experts will provide world-class consultancy into how you can ensure you’re GDPR compliant.
We also help the city’s financial market to industrialise their actuarial applications. Our work improves actuarial efficiency, control, visibility and overall performance.
Our reputation in the financial market is perhaps best illustrated by our ACORD ‘Global Reinsurance and Large Commercial Round Trip of Data Accomplishment’ award. This was awarded for the e-endorsement functionality in NdexInsure which allows data to be exchanged in a structured format using standard messaging from industry standards body ACORD.
Our partnership with Northdoor combines their expertise with our flexible and functionally-rich core solutions to deliver help insurance companies conduct their own comprehensive due diligence.Adrian Morgan - Executive Vice President and Head of AdvantageGo at NIIT Technologies
"Northdoor were awarded a European IT Excellence Award for the work they performed for us - we have been very impressed with the business knowledge of their consultants"Nick Bonnar - Director of Underwriting
“For us, Northdoor had all the answers.”Nick Bonnar - Director of Underwriting
"With Northdoor’s help, this project was outstanding - on budget and ahead of schedule. Who could ask for more?"Tom Corcoran - Managing Director
"Thanks to the systems Northdoor has developed for us, we are able to provide IFAs with easy access to flexible web-based services for the first time in the Group Risk market"Eva Schwander - Chief Operations Officer
"I believe that we have an excellent reputation in the market for successfully executing acquisitions and transitions in a timely and seamless manner. Northdoor continues to be a key factor in this"Paul Donovan - Head of IT
"The application Northdoor built has the flexibility to interrogate data in any combination we can think of. Theoretically, there is no limit to what we can get out of the system"David Shipley - Underwriter of Syndicate 2791
"The Northdoor team demonstrated an exceptional level of commitment and diligence during their engagement and have been a crucial factor in the successful adoption of our new underwriting platform"Les Agambar - Solutions Architect
The webinar took place on the 17th June. You can watch the replay on-demand here.