Skip to main content
Mobile
  • Finance, Accounting & Economics
  • Global Business Management
  • Management, Leadership & Organisation
  • Marketing & Sales
  • Strategy
  • Technology & Operations
HS Talks HS Talks
Subjects  
Search
  • Notifications
    Notifications

    No current notifications.

  • User
    Welcome Guest
    You have Limited Access The Business & Management Collection
    Login
    Get Assistance
    Login
    Forgot your password?
    Login via your organisation
    Login via Organisation
    Get Assistance
Finance, Accounting & Economics
Global Business Management
Management, Leadership & Organisation
Marketing & Sales
Strategy
Technology & Operations
Practice paper

Outsourcing insurance in the time of COVID-19: The cyber risk dilemma

Hala Naseeb and Abdelmoneim Metwally
Journal of Risk Management in Financial Institutions, 15 (2), 155-160 (2022)
https://doi.org/10.69554/JBLV6956

Abstract

With the shift towards teleworking/working from home in recent years and accelerated by the COVID-19 pandemic, insurers are finding themselves relying on outsourcing as a way to cope with changes in business models and requirements. This has augmented the risk of cyberattacks and is ultimately considered a high risk for insurers of any size, not only because it subjects insurers to litigation concerning data breaches, but also because of the harm to the insurer’s reputation when an attack happens, which is further magnified by resultant loss of system use. Clients already have the perception that insurers are too invasive when it comes to personal data (especially in the medical and life insurance fields), so they are blamed for not handling cyber risk meticulously regardless of whether it is the outsourcing provider’s fault. Risk managers in insurance companies need to apply enterprise risk management (ERM) principles and identify cyber risks across the entire process to manage these risks. The paper proposes some potential policy solutions that would help insurers mitigate outsourcing cyber risks. Further research is required in this field, specifically into what strategies insurers are implementing to deal with the risks posed by the outsourcing provider’s cyber risk and which of those strategies have fared better than others thus far.

Keywords: cyber risk; telework; COVID-19; insurance; outsourcing; technology

The full article is available to subscribers to the journal.

Already a subscriber? Login or review other options.

Author's Biography

Hala Naseeb is an insurance practitioner with ten years of experience especially in the life insurance field. She is currently a trainer at the Bahrain Institute of Banking and Finance. Hala holds an Advanced Diploma in Insurance qualification from the Chartered Insurance Institute in the United Kingdom and an Associate at Life Management Institute qualification from the Life Management Office Association in the USA. She is also a graduate from the London School of Economics.

Abdelmoneim Metwally is a risk-based control professional specialist in the Middle East and North African region. Abdelmoneim worked during his early career as an internal auditor. Currently, he is a lecturer in Accounting, Banking and Finance at Bangor University, BIBF Campus, Bahrain, and a lecturer in Accounting, Faculty of Commerce, Assiut University, Egypt. He holds a PhD in Accounting and Finance from the University of Glasgow and is a fellow in the Higher Education Academy, United Kingdom.

Citation

Naseeb, Hala and Metwally, Abdelmoneim (2022, March 1). Outsourcing insurance in the time of COVID-19: The cyber risk dilemma. In the Journal of Risk Management in Financial Institutions, Volume 15, Issue 2. https://doi.org/10.69554/JBLV6956.

Options

  • Download PDF
  • Share this page
    Share This Article
    Messaging
    • Outlook
    • Gmail
    • Yahoo!
    • WhatsApp
    Social
    • Facebook
    • X
    • LinkedIn
    • VKontakte
    Permalink
cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 15 / Issue 2
© Henry Stewart
Publications LLP

The Business & Management Collection

  • ISSN: 2059-7177
  • Contact Us
  • Request Free Trial
  • Recommend to Your Librarian
  • Subscription Information
  • Match Content
  • Share This Collection
  • Embed Options
  • View Quick Start Guide
  • Accessibility

Categories

  • Finance, Accounting & Economics
  • Global Business Management
  • Management, Leadership & Organisation
  • Marketing & Sales
  • Strategy
  • Technology & Operations

Librarian Information

  • General Information
  • MARC Records
  • Discovery Services
  • Onsite & Offsite Access
  • Federated (Shibboleth) Access
  • Usage Statistics
  • Promotional Materials
  • Testimonials

About Us

  • About HSTalks
  • Editors
  • Contact Information
  • About the Journals

HSTalks Home

Follow Us On:

HS Talks
  • Site Requirements
  • Copyright & Permissions
  • Terms
  • Privacy
  • Sitemap
© Copyright Henry Stewart Talks Ltd

Personal Account Required

To use this function, you need to be signed in with a personal account.

If you already have a personal account, please login here.

Otherwise you may sign up now for a personal account.

HS Talks

Cookies and Privacy

We use cookies, and similar tools, to improve the way this site functions, to track browsing patterns and enable marketing. For more information read our cookie policy and privacy policy.

Cookie Settings

How Cookies Are Used

Cookies are of the following types:

  • Essential to make the site function.
  • Used to analyse and improve visitor experience.

For more information see our Cookie Policy.

Some types of cookies can be disabled by you but doing so may adversely affect functionality. Please see below:

(always on)

If you block these cookies or set alerts in your browser parts of the website will not work.

Cookies that provide enhanced functionality and personalisation. If not allowed functionality may be impaired.

Cookies that count and track visits and on website activity enabling us to organise the website to optimise the experience of users. They may be blocked without immediate adverse effect.