Virginia-based IT services provider CSC is forming an advisory board to help tackle cyber security issues in the insurance industry.
It’s called the Insurance Cybersecurity Advisory Council. The company says the group will help facilitate the development of best practices and technology strategies to mitigate the risk of cyber attacks in the insurance industry.
The council will be made up of business and IT executives representing a cross-section of insurance companies. The group will collaborate with CSC to promote awareness and information sharing throughout the industry. The first meeting is scheduled for January 2012 in Washington, D.C.
Ray August, president of CSC’s financial services group, says the group could become a catalyst for best-practice sharing and development of technology solutions to address a growing cyber security concern in the insurance industry.
“The council’s industry leaders will work together to identify the evolving cyber protection needs for insurance, define the most effective ways to combat cyber threats and educate the industry about the need for prevention.”
The company says insurers, agents, brokers and consumers are increasingly embracing mobile devices and applications, social networking and cloud computing. These new technologies can enhance productivity, but they can also leave insurers vulnerable to security threats — both from inside and outside of the organization.
If not addressed, these threats can have a devastating impact on a carrier’s reputation and ability to operate and generate revenue, the company warns.
Based in Falls Church, Va., CSC offers software, IT and business process outsourcing and services to 1,200 banking, insurance and investment firms. It has 97,000 employees and reported revenue of $16.2 billion for the 12 months ended September 2011.
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