Get Into The Cyber Resilience.

There are two types of companies: those that have suffered a cyber-attack and those that do not know that they have suffered it.

Creating, owning or managing data instantly puts you at risk for malware and ransomware attacks. It’s important to pay attention to anomalies that tend to appear at early stages, showing as a result of poor data protection making a website vulnerable to cyber-attacks. Small businesses have started to take advantage of the benefits of using Big-Data to get to know the personal preferences of their customers and get better customer response.

Making consumer data every day more available, businesses all around the world have been targeted for malicious attacks, with an increase of 235% year by year. 2018 also suffered an increase in these attacks directly towards well-known e-commerce sites compromising thousands of customer’s sensitive information. Taking a look at your company through a perspective from risk assessment to evaluate what should be protected could avoid a bigger loss. As technology keeps evolving everyone can become a target to any cyber incident but being resilient means you anticipated the nature of the attack, and are prepared to respond and mitigate the damage.

As a security insurance agent, being part of a cyber resilience, it can also mean specializing inside the cybersecurity field, becoming a consultant and addressing the problem in which companies always seem to be involved as they attempt to protect every asset instead of understanding strategic business threats and creating actual assets to make it more difficult to attack, minimizing impact and potential loss when disaster occurs. To continue delivering the intended capacity to maintain a good oversight, it is required to count with the right tools and resources, as well as an expert team to formulate better responses for when it comes down to it be better prepared.

Every company must react quickly and decisively to manage a prompt recovery.  Relying for support on a Chief Information Security Officer (CISO) whose role is to effectuate a risk-based security culture inside the company aligned with the organization’s business objectives, can reduce overall cybersecurity risk and offer effective measurements. Even without a CISO, a company can still implement different measurements for cybersecurity issues. It could also be through a cybersecurity consultant to provide valuable information on how to ensure cybersecurity in your organization. They will analyze an organization’s equipment, network and software weaknesses and from that build and generate security solutions applying the necessary needs through regular reporting of incidents as impacts can also go unnoticed, and the longer the period the greater impact and losses it will have.

To design and implement powerful strategies, we must understand our company’s vulnerabilities as this will provide threat factors making us more aware of an intrusion. Learning more and investing in better digital security would help anticipate each attack.  Through routine maintenance tasks, we could identify potential threats and analyze patterns of attack in applications, services, hardware, knowing where and why you’re vulnerable. 

The evaluation of data veracity, sources, security controls, and interactions make us aware of visible management, and let us deliver insights on risk mitigation and predict the susceptibility to cyber-attacks to elaborate counter-attack measures.

It’s also necessary to implement a human firewall as a defense strategy for breaches.  According to a 2017 study by Ponemon Institute, on State of cybersecurity on Small and Medium-Sized Business, it found out that 54% of respondents who had a data breach during the last 12 months said that negligent employees were the main cause of data breaches, meaning that a big percentage of breaches are due to employee error. It’s important to take the right measurements to keep employees included and committed to stronger measurements through the correct security policies, like limiting the number of access to sensitive data to monitor to ensure the information is used only for necessary purposes. 

As technology keeps evolving there are still going to be vulnerabilities and threat actors so it’s required the involvement of a data breach response plan implemented throughout all departments because cybersecurity affects an entire organization, leaving direct and indirect consequences behind.

The use of Big data like a response measurement has recently increased as a strategy to regain advantage from hackers. It promises a solid solution to identify cyber-attack trends while monitoring and automating workflows. Large amounts of data are stored and examine by analysists to detect irregularities within a network and with the help of machine learning, it can discover breaches in real-time and build individual defense responses. According to a study made by Verizon on 2019 Data Breach Investigations, every business is susceptible to data breaches, big data analytics solutions supported with artificial intelligence and machine learning can secure the company’s data adding value to a company by preparing them for any invasion.

The importance of each organization’s security risk management is creating smart approaches and powerful recovery strategies, instead of leaving the backdoor open to become easy targets.

The National Cyber Security Centre from New Zealand government identified on their 2017-2018 analysis, four areas of good practice where organizations can focus their efforts for the greatest effect. These areas where:

1.      Governance: Promoting cybersecurity at a senior leadership level to protect an organization’s most important digital assets.

2.      Investment: Investing in cybersecurity to minimize risk and maximize returns.

3.      Readiness: Preparing the organization to detect, respond, and recover from a cybersecurity incident. 

4.      Supply Chain: Maintaining oversight and awareness of the cybersecurity risks in an organization’s supply chain.

Implementing the right technology could also protect the client’s sensitive information. Confide on tools that use strong privacy settings can make a difference, for Insurance agent’s Sentry can be a good option, with the most secure information management program, and unique access from the application itself. It also has a Wildcard SSL certificate, so that the exchange of information between the client and the server takes place through an encrypted and secure communication channel.

 Also, Sentry creates a weekly backup, with on-site retention for two weeks, so you don’t have to worry about any privacy invasion and continue offering clients a safe space to save their data. 

We know that not all organizations are the same, so every cybersecurity approach might vary one from another as smaller organizations might not have sufficient resources to rely on tougher or automated techniques. Each of them can focus their strategies on these four areas stated previously to reinforce their digital security.

Cyber resilience is an ongoing process, where you have to stay proactive and keep yourself informed as new threats will continue appearing, implementing a protocol within the industry will lead to best practices and better governance. Industries must invest in cybersecurity and stay vigilant to minimize risk and maximize returns. Lessening possible attacks with the help of technology equipped personal and building a human firewall where employees are committed and on constant alert for suspicious activity is your best course of action.

Millennials are changing the insurance industry model. Are you one of them?

Millennials are changing the way we interact within the world. According to Nielsen, a global measurement and data analytics company; Millennials are now one of the largest generations in the U.S alongside baby boomers. There are an estimated 77 million of them around the age of 23 to 38 as in 2019, and they’re changing the way business should be made, either as a consumer or as a vendor. 

One thing that characterizes this generation is their power of influence, as they have proven to shape the spending behaviors of the baby boomers and Generation X as well, according to a study from FutureCast. Each generation has its identifying characteristics, but what distinguishes a Millennial from the rest? Technology use and how quickly they can master it is what defines them. According to Gibson (2009), this main difference between generations is more visible inside the workplace. Millennials now represent 35% of the U.S labor force, making them at the same time, one big group of consumers.

It’s important to keep in mind their different lifestyles in contrast to other generations, like the fact that 92% of Millennials own a smartphone in comparison to Generation X (85%) or Baby boomers (67%). Making them one of the most active groups in the mobile industry. But contrary to the belief, as Nielsen (2014) points out.

“Millennials aren’t just using technology to connect with friends. Their comfort level with digital has them engaging online in ways other generations are just warming up to…”

A clear example of this is the use of the internet as a tool to acquire insurance policies online instead of with an agent, making it twice as likely compared to other generations to interact with insurance companies exclusively online.

With that said, this generation requires not only a different marketing communication strategy but also a new model of business. Social media has been a big influence and game-changer when talking about product discovery and purchasing decisions. It is estimated that 55% of the people who have bought something online was after social media discovery, according to a study made by Kleiner Perkins on Internet Trends of 2018.

This means that carriers are obligated to have a strong online presence, not only through user-friendly websites but also through social media sites and ads to deliver a better experience for millennials to get a quote, ask questions, file a claim or look forward to acquiring a new policy. The influence this generation has with the media, communication channels and digital technologies throughout different industries including insurance has made a huge impact on how companies interact with consumers. Agents need to focus on both social media and technology developments to approach more efficiently prospective clients. 

It’s not only important for companies to modify their marketing strategies to sell, but to create awareness and engagement with their customers, alongside an efficient sales enablement. This type of generation wants different attributes than what older generations wanted, they don’t want to feel like one of the masses, they want personalized experiences and customized products. In addition to ethical production and good customer experience.

Products are expected to meet the high standards that companies promise in exchange for their retention, and loyalty as consumers. 61% of Millennials would change brands due to a bad experience, and in a globalized world with a lot of options in the market why wouldn’t they? As they point out customer experience as the number one brand differentiator, leaving price and product behind.

Customer service plays an important role as this is often the face of the brand. It’s also the closest human interaction a company will have with its public, so it’s crucial to offer a human quality encounter in this digital world, where expectations are continually growing simultaneously as technology evolves, creating personalized and value-driven interactions. Brands need to recognize them and their needs at the moment of solving a problem.

On Microsoft’s 2018 Global Customer Service Report, advice that:

“Smart alignment and application of digital tools like video chat and AI-enabled virtual agents as part of your omnichannel approach will help you achieve a level of support that’s sure to delight.”

Generation Xers and baby boomers’ executives should learn to have a different perspective toward Millennial’s practices and try to understand their needs so they can successfully target their products and services. It’s critical to stay up to date with Millennial’s trends so they can influence other generations on their consumption and social media usage. Industries should contemplate targeting this generation due to its massive size, becoming more a necessity rather than an optional decision.

For the insurance industry this seems to be a challenge when it comes to engagement with their customers, Millennials seem to be the least satisfied generation with the online experience, according to a research by Gallup (2014):

“Unfortunately for insurance companies, millennials are least satisfied with any generation with the online experience, and this could be one of the reasons for this tech-driven age group’s low engagement overall with their primary insurer.”

This means that insurance company leaders need to bet more on different tools and strategies to improve interactions with their customers to create build stronger relationships. InsurTech is a new way to apply high-tech into the traditional insurance model, exploring different avenues to attract and retain potential clients through customized alternatives that fit their different agendas and lifestyles allowing products to be priced more competitively. Creating customized policies, offering cybersecurity insurance or using system management to help you keep track of your clients are different ways InsurTech is being applied nowadays.

Getting effective system management can help significantly in the way you interact with this generation, and even improve your relationship with other users. Sentry insurance agency management provides the latest tools to assist you in being organized and helps you optimize your time with different features to facilitate your daily tasks, making the work easier while offering cutting edge technology. Fulfilling your customers’ expectations, through an innovative platform.

Did you know each year Millennials have higher expectations of customer service? Working on creating better engagement has proven to show that customers tend to be less sensitive about pricing when looking for a primary insurance carrier. They’re also likely to spend more on a variety of different products and recommend them to others, creating longer retention with the company.

It is also important to attract Generation Y to the insurance field, to continue building new paths in which insurance business will be conducted, providing ways to understand how different formative experiences have shaped today’s points of view of the world.

Surprisingly, the insurance industry seems to be one of the jobs that comply with this generation’s expectations, 87% of millennials working in this field would recommend a career in insurance to their friends, and not only that but 72% of them indicated to be planning on working in insurance as long as possible, being work-life-balance the number one benefit of being part of the industry. The same study points out that three-quarters of millennials working in insurance had been doing so for more than three years.

The millennial generation has a lot of benefits to offer to one of the oldest financial businesses ranging from the latest technology mindsets to enthusiastic work values. Organizations should provide development opportunities to millennial employees while also providing them with the right skills training to contribute to their professional growth. 

As Michael Dimock, the president of Pew Research center says:

 “We’ll keep in mind that generations are a lens through which to understand societal change, rather than a label with which to oversimplify differences between groups.” (Dimock, M 2018)

Millennials are now entering adulthood, and in a few years, they will impact with full force in the marketplace so we better start addressing their unique needs by providing a better service and creating content that will provide value and resonate with each of them.