The Convergence of Operational Risk and Cyber Security. Property and casualty insurers eager to capitalise on the potential of platform businesses will have to ensure that their risk management can accommodate much closer ties with partners and customers, according to analysts at Accenture. Increased levels of intimacy will expose insurers to far greater levels of business risk. The rise in insurance premiums is a result of an increase in claims for property damage from natural disasters such as earthquakes, hurricanes or floods. Many insurers still manage cyber risk separately from operational risk, but property and casualty insurers need to consolidate risk strategies.
Property and casualty insurers eager to capitalise on the potential of platform businesses will have to ensure that their risk management can accommodate much closer ties with partners and customers, according to analysts at Accenture. Increased levels of intimacy will expose insurers to far greater levels of business risk. The rise in insurance premiums is a result of an increase in claims for property damage from natural disasters such as earthquakes, hurricanes or floods. Many insurers still manage cyber risk separately from operational risk, but property and casualty insurers need to consolidate risk strategies.