Three quarters of insurance coverage and reinsurance companies have suffered a knowledge breach by means of their CMS previously three years.
That is greater than the 50% common from the complete monetary providers trade, in accordance with CMS supplier Forrit and its report The Content material Administration System in 2023: what entrepreneurs in monetary providers actually suppose.
As well as, the report famous that utilizing multiple CMS, as 81% of the insurance coverage and reinsurance companies surveyed do, may end in extra dangers and information breaches.
Nevertheless, insurance coverage and reinsurance companies are the least seemingly sectors in monetary providers to have a CMS, which simply over a 3rd (37%) of entrepreneurs in insurance coverage and 47% of entrepreneurs in reinsurance citing they don’t use one.
Moreover, greater than a 3rd (36%) of senior insurance coverage entrepreneurs careworn the problem they’ve with a big crew updating their CMS. This elevated to 53% of these from reinsurance who are suffering from the identical problem.
Peter Proud, CEO of Forrit, stated: “Given the extremely delicate nature of the knowledge held by insurance coverage and reinsurance firms in addition to the in depth regulatory necessities utilized to the sector, we all know safety and compliance are paramount.
“Almost all the problems senior entrepreneurs from the insurance coverage and reinsurance sectors recognized in our analysis could possibly be mitigated through the use of a single CMS platform, whatever the organisation’s dimension. However an astonishing 81% of organisations within the insurance coverage and reinsurance sectors that do use a CMS are utilizing a number of platforms, which may solely be contributing to their challenges. Choices like a cloud-based CMS can combine simply with the remainder of your system, utilizing sensible instruments like pre-existing templates to assist entrepreneurs scale back safety threat whereas enhancing compliance.”
