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Now why would Google want to get into the insurance business, even if it’s only dipping its toes in? Maybe after 400 years of the insurance industry, Google feels it can bring innovation to the market and this is a place to start.
When one considers that we all live in a digital society, big tech firms like Google see the real opportunity; have the platforms and balance sheets to deliver insurance solutions, that will give the access to lots of data.
When one considers cybersecurity, the cyber industry has struggled to innovate and their clients have struggled to manage the risk. There are few solutions to manage cyber risk; cyber regulation shifts cyber risk Left of Bang, forcing boards to demonstrate their management of cyber risk. Risk that tech companies like Google are well placed to mange through controls inheritance and cloud.
Ted Dziekanowski, when we wrote the Augusta plan 2 years ago (https://lnkd.in/d-wv6ezN), we raised the opportunity cloud brings to cyber risk management. Enabling cyber risk management through control inheritance.
One wonders if cyber insurers should now be concerned? Google ticks all the boxes, it has the technology, balance sheet and innovation.
Brian D. McCarthy George Sawyer Rich Waite, M.Ed.
Veritas GRC
#cybersecurity #cyberriskmanagement
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