Insuranceciooutlook

The Transport and Insurance Industries Embracing Advanced Security

By Insurance CIO Outlook | Friday, March 22, 2019

From the deployment of the Internet of things devices to chatbots to automate the process of being connected to customers, every sector has witnessed how technology can revamp the existing scenario. Besides the infiltration of operational efficiency, this tendency of digitalization has made several areas vulnerable before cyberattacks.

The insurance sector has to deal with several risk factors while engaging in a new policy, but the conventional ways to detect risk factors through human workforce often became complicated and prone to several errors. On the contrary, AI-driven technology revealed the potential to catalyze this complex process leveraging automated data analytics, but at the same time, due to the inclusion of technology the security of data became vulnerable.

Previously, AXA suffered a major cyber attack when the data of almost 5400 customers were stolen. But, notwithstanding these risk factors, the role of AI cannot be declined in the insurance sector, and in the ensuing days, it will play a more prominent role in optimizing the pricing policy and assessing the risks related to the property insurance. The wildfires of California caused a massive loss for the insurance industry, but now the insurance sector can leverage satellite and drones imagery to make a proper analysis of the risk factors. Therefore, the future of the insurance sector is in hands of digitalization, and to secure the future the deployment of relevant security measures is the need of the hour.

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Several factors like pollution and safety have compelled researchers to spare thoughts to initiate substantial changes to the transport system. Solar cars have become an essential emblem to address the issues related to pollution perfectly. Previously, students from the University of NSW made the world spellbound through the success of their solar-powered car, Violet which traversed 600 km per day to reach Sydney from Perth confirming its position in Guinness World Records. 

Except for these solar-powered cars, the connected cars have turned into an essential trait to metamorphose the conventional transport system. Statista predicts, there will be 64 million connected vehicles by 2019, and this market will generate revenue of 50 billion Euros by 2020. The demand for smart cities can be termed as one of the most crucial reasons for the growing popularity of connected cars, as they offer lane assistance, collision avoidance, and automated calls to the police station in case of an emergency.

However, the deployment of intelligent vehicles demands the deployment of proper security measures; otherwise, the purpose of a safe road may get hampered. In 2018 RSA Conference, Kaspersky Lab demanded to have demonstrated how the hackers can manipulate and control connected cars.  Certainly, the auto hijacking case of Jeep Cherokee which threw the future of smart cars before a big question mark has to be remembered in this respect.

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