Leading figures from the insurance and cyber security sectors have issued a unified call for insurers to enhance cyber resilience in response to a rapidly evolving threat landscape.
At a high-level roundtable hosted by cyber security specialists Intersys, industry experts warned that insurers must move beyond reactive measures and adopt proactive risk management strategies to combat emerging cyber threats.
The event brought together senior professionals across cyber security, underwriting, and risk management, including representatives from The Camelot Network, Specialty MGA UK, We Are Just, Neo Ventures, Devonshire Underwriting, and Intersys.
Panelists highlighted several pressing challenges:
Ransomware Attacks – 60% of businesses affected by ransomware shut down within three years.Outdated Systems – GCHQ warns that many insurers still rely on obsolete Windows systems, increasing vulnerability.MFA Limitations – Cyber criminals are bypassing Multi-Factor Authentication (MFA) by stealing access tokens.Quishing (QR Code Phishing) – A rapidly growing attack vector, rising from 0.8% of phishing attempts in 2022 to 12.4% in 2024.Evolving Cyber Criminal Tactics – Attackers continually adapt, demanding insurers stay ahead with advanced security measures.Lack of Industry Collaboration – A fragmented approach to cyber risk leaves insurers vulnerable, underscoring the need for cross-sector cooperation.
Tim King, Business Development Lead at Intersys, emphasised the urgency of proactive security: “Threat actors only need to succeed once, whereas businesses must remain vigilant at all times. The industry must prioritise proactive security measures, as many insurers are still using outdated systems.”
Jake Ives, Head of Security at Intersys, warned that MFA alone is not enough: “Cyber criminals are increasingly sophisticated, stealing access tokens and bypassing security protocols. The insurance sector needs to continuously adapt.”
Douglas Robare, Venture Partner at Neo Ventures, highlighted the rise of QR code phishing: “While we’re used to spotting phishing emails and texts, fake QR codes are now a real threat.”
Aarti Ajay, IT Audit Manager at We Are Just, noted: “The discussion tackled key security challenges and areas of focus for professionals in the sector.”
David Clamp, Founder of The Camelot Network, stressed the importance of practical solutions: “There were valuable insights on both the theory and application of cyber resilience within the London Market.”
Lisa Rowe, Senior Underwriter at Specialty MGA UK, praised the event: “Intersys’ expertise in cyber security made the collaboration enriching, and I valued the opportunity to connect with fellow professionals.”
Robin Muir, Head of Contingent Risks at Devonshire Underwriting, called for embedding cyber security into industry practices: “As the industry becomes increasingly interconnected, insurers must implement robust cyber measures to protect sensitive data and maintain resilience.”
Mark Kirby, Professional Services Director at Intersys, underscored the event’s objective: “Our goal is to bring together IT security experts, risk managers, underwriters, and auditors to foster knowledge-sharing and innovative problem-solving.”
With cyber threats evolving at an unprecedented pace, industry leaders stress that insurers must adopt a more collaborative and proactive approach to cyber risk management. As attacks grow in sophistication, continuous dialogue between insurers and cyber security experts will be crucial in safeguarding the sector’s future.
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