Fraud risk management: the right structure is urgently needed
Insurance companies have historically experienced and dealt with several types of insurance fraud, ranging from the missale of insurance products to leakage of commissions paid and overbilling. Today, in addition to such scams, insurance companies are facing newer and more innovative scams associated with the ubiquity of digital technologies. One such key risk requiring immediate attention is the cybersecurity risk. Over the past few years, especially since the COVID-19 pandemic, the number of cyberattacks has skyrocketed. According to a Bulletin from the Bank for International Settlements (BIS), the financial sector has been hit by cyberattacks relatively more than most other sectors since the pandemic, with payment firms, insurers and credit unions particularly affected. This surge in attacks comes on the heels of accelerated digitalization in the insurance industry. According to a recent survey of the Indian insurance industry by Deloitte, over 60% of respondents confirmed that they have witnessed a significant increase in fraud cases over the past 2 years. In addition, the top three reasons for the increase in fraud are the spread of digital technologies (70%) and remote work (50%), followed by a weakening of control (30%).
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