In the digital age, insurance companies are not only
guardians of financial protection but also stewards of sensitive
customer data. With the advent of the Digital Operational
Resilience Act (DORA), the insurance sector faces
heightened scrutiny concerning its cybersecurity posture and
operational resilience. Central to DORA's objectives is the
imperative for insurance companies to address and mitigate the
risks associated with their Information and Communication
Technology (ICT) third-party dependencies through robust
contractual arrangements.
Insurance companies, like many other businesses, increasingly
rely on third-party ICT service providers for critical functions
such as data management, claims processing, complaints handling and
customer service. While outsourcing these services can enhance
efficiency and innovation, it also introduces a complex web of
risks, including data breaches, service disruptions, and regulatory
non-compliance.
