CSC Forms Insurance Cybersecurity Advisory Council

CSC /quotes/zigman/222918/quotes/nls/csc CSC +1.96% today announced the establishment of the Insurance Cybersecurity Advisory Council for life insurance and annuity providers and property/casualty insurers to facilitate the development of best practices and technology strategies that effectively mitigate the risk of cyber attacks on the insurance industry. The Council, to comprise business and IT executives representing a cross-section of insurance companies, will also collaborate with CSC to promote awareness and information sharing throughout the industry. The Council's first meeting is slated for January 2012 in Washington, D.C.

Insurers, agents, brokers and consumers are increasingly embracing mobile devices and applications, social networking and cloud computing, all of which provide opportunities for achieving higher levels of business performance through enhanced productivity, collaboration and agility. At the same time, these new technologies can leave insurers vulnerable to cybersecurity 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.

"While insurance companies are benefiting from the digitization of their businesses, they also face new risks such as a potential tarnished reputation, fraud, intellectual property theft, business disruption, increased regulatory scrutiny or persistent threats such as cyberespionage," said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner. "Insurers must assess the maturity of security and enterprise risk management programs and their ability to effectively defend against today's and tomorrow's cyber-risks."

See more at: http://www.marketwatch.com/story/csc-forms-insurance-cybersecurity-advisory-council-2011-12-13