When the insurance company creates its own cybersecurity services arm, IT service providers look at winning deals that involve the use of technology to carry out due diligence and underwriting work. Infosys will get involved at the early stages of exploration.
Cybersecurity has proven to be a serious threat for businesses. Companies around the world have suffered a serious business loss due to cybersecurity. The threat is furthermore severe for companies in the financial sector. It is essential for these companies to have a cybersecurity strategy in place.
More and more organisations are opting for insurance to safeguard their intellectual property and interest. While there are insurance options available, the companies offering insurance are likely to conduct the quality check of the company’s infrastructure. It is a necessity for these organisations to ensure basic hygiene factors before they approach the insurance companies.
Vishal Salvi, the chief information security officer at Infosys said, “For organisations which want cybersecurity insurance before they approach any insurance company, they may want to first upgrade their cybersecurity posture so that they get better terms with the insurance company. So that can generate a lot of work for us.”
Technology companies are signing large contracts with insurance providers. Accenture recently signed a deal with AXA XL to collaborate on cybersecurity services. Infosys has planned to start a cyber defence centre in Indianapolis, which will focus on cybersecurity services in the US.