Unlocking Risk Capital in Financial Services Industry

The financial services industry continues to undergo transformation due to technological advancements, with AI expected to accelerate the pace and scope of change. This integration has revolutionized the banking sector, enabling financial institutions to offer faster, more efficient and personalized services to customers. AI-powered chatbots, computer programs that mimic human conversations, have emerged as a prominent trend in the banking industry.

Recent years have witnessed several trends in banking driven by technological advances and evolving consumer behavior.

These include digital banking, mobile payments, open banking, blockchain technology and sustainable finance. Financial companies now rely more on digital firms to host crucial IT systems such as cloud-based services, big data, machine learning, AI and other developments. Tokenization and open banking are two areas deserving increased attention.

Incidents such as ransomware attacks, data breaches & IT disruptions have become the most critical topics of discussion in the boardroom.

Attacks have grown significantly as larger companies ramp up their protections.  How can an organization offload such risks from their balance sheet and unlock the risk capital? Purchase of a bespoke cyber insurance program is one of the ways to free up the risk capital.

Get in touch with our experts to evaluate your cyber insurance needs and mitigate evolving cyber threats.

Thomas Cook
Regional Director (Head of Cyber MEA)
E: tom.cook@howdengroup.com

Suchita Hirawat
Divisional Director, Head of Growth and Placement for Financial Lines MEA
E: suchita.hirawat@howdengroup.com