Irish insurers are less prepared to deal with challenges including potential cyberattacks than they were two years ago, research has found.
The London-based Centre for the Study of Financial Innovation’s latest survey found that insurance companies in Ireland are less concerned about the risks facing them despite being in a weaker position to defend themselves.
The top risks identified by respondents were cyberattacks, concerns with the economic performance of the country and technological change.
Paraic Joyce, insurance partner with PwC Ireland, said insurers’ preparedness to deal with threats was concerning. “Cyber-risk is top of the list in Ireland for two years in a row, while macro-economic challenges and change management risks have shot up to the top five. At the same time it is concerning that the survey suggests Irish insurers are less prepared to handle the risks compared to two years ago.”
One respondent to the survey claimed they were being attacked on a daily basis by cybercriminals.
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Pat Moran, head of cyber at PwC Ireland, said he expected the industry to be targeted more as insurers store an increasing amount of personal data.
Mr Joyce added: “Insurers will lose market share and some will become irrelevant if they don’t move with the trends.”