https://www.insurerbrain.com/w/index.php?action=history&feed=atom&title=Definition%3AICT_risk_management 2026-05-02T12:39:57Z Revision history for this page on the wiki MediaWiki 1.43.8 https://www.insurerbrain.com/w/index.php?title=Definition:ICT_risk_management&diff=11111&oldid=prev 2026-03-11T17:23:41Z

<p>Bot: Creating new article from JSON</p> <p><b>New page</b></p><div>🖧 &#039;&#039;&#039;ICT risk management&#039;&#039;&#039; is the discipline of identifying, assessing, and mitigating risks arising from information and communication technology systems — a domain of critical importance to insurers, which depend on complex digital infrastructure to process [[Definition:Policy administration | policies]], adjudicate [[Definition:Claim | claims]], and safeguard vast stores of sensitive personal data. Regulations such as the European Union&#039;s Digital Operational Resilience Act ([[Definition:Digital Operational Resilience Act (DORA) | DORA]]) have elevated ICT risk management from an internal IT concern to a board-level [[Definition:Regulatory compliance | compliance]] obligation for [[Definition:Insurance carrier | insurance carriers]], [[Definition:Reinsurer | reinsurers]], and [[Definition:Insurance intermediary | intermediaries]] alike.<br /> <br /> 🔧 In practice, ICT risk management within an insurance organization encompasses several interconnected workstreams: cataloging all technology assets and third-party service providers, conducting regular [[Definition:Vulnerability assessment | vulnerability assessments]] and penetration tests, establishing [[Definition:Incident response plan | incident response plans]], and ensuring [[Definition:Business continuity planning | business continuity]] in the event of system outages or [[Definition:Cyberattack | cyberattacks]]. Insurers must also monitor concentration risk when multiple carriers rely on the same cloud providers or [[Definition:Core system | core system]] vendors — a single outage at a dominant platform could cascade across the market. Under DORA and similar frameworks, companies are required to maintain detailed registers of ICT third-party contracts, report major incidents to [[Definition:Insurance regulator | regulators]] within strict timelines, and periodically test their resilience through advanced threat-led exercises.<br /> <br /> 📌 Neglecting ICT risk management can be devastating. A ransomware attack that locks a carrier out of its [[Definition:Claims management system | claims system]] delays payments to policyholders, erodes trust, and may attract [[Definition:Regulatory action | regulatory sanctions]]. Beyond defending their own operations, insurers writing [[Definition:Cyber insurance | cyber insurance]] must deeply understand ICT risk management principles to accurately [[Definition:Underwriting | underwrite]] their clients&#039; exposures — making the discipline doubly relevant. As the industry&#039;s reliance on [[Definition:Cloud computing | cloud infrastructure]], [[Definition:Application programming interface (API) | APIs]], and [[Definition:Artificial intelligence | AI]]-driven decisioning grows, robust ICT risk management becomes inseparable from an insurer&#039;s long-term viability.<br /> <br /> &#039;&#039;&#039;Related concepts:&#039;&#039;&#039;<br /> {{Div col|colwidth=20em}}<br /> * [[Definition:Digital Operational Resilience Act (DORA)]]<br /> * [[Definition:Cyber risk]]<br /> * [[Definition:Business continuity planning]]<br /> * [[Definition:Third-party risk management]]<br /> * [[Definition:Operational risk]]<br /> * [[Definition:Cyber insurance]]<br /> {{Div col end}}</div>

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