Cybersecurity & Insurance

  • Sean Stein Smith
Part of the Future of Business and Finance book series (FBF)


A related conversation and potential area of revenue and advisory services that financial services professionals may have traditionally overlooked is the importance of cybersecurity advisory services in a business environment that is increasingly digitized. Cybersecurity policies and training may have, in the past, focused on ensuring that the organization had in place sufficient password controls and safeguard to protect data against unauthorized access to client information and ensuring that anti-virus software was kept up to date. While these are still, rather obviously, still important for every organization, they now simply represent a good starting point in the conversation rather than the end point in the debate. Stated differently, cybersecurity has moved beyond merely an IT or technical concern, and is increasingly a concern for the entire organization at large (McLane 2018). None of this is news, however; every professional is going to be aware of just how important data integrity and cybersecurity it. Let’s connect this trend and topic area to the same topics we have been discussing throughout this book; blockchain, artificial intelligence, and cybersecurity tools (Fig. 15.1).


Cybersecurity Digital risk Risk assessment Insurance Custody Storage Cryptoassets 


  1. Allodi, L., & Massacci, F. (2017). Security events and vulnerability data for cybersecurity risk estimation. Risk Analysis: An International Journal, 37(8), 1606–1627. Scholar
  2. Banham, R. (2017). Cybersecurity: A new engagement opportunity: An AICPA framework enables CPAs with cybersecurity expertise to perform new services for clients. Journal of Accountancy, 224(4), 28–32.Google Scholar
  3. Brazina, P. R., Leauby, B. A., & Sgrillo, C. (2019). Cybersecurity opportunities for CPA firms. Pennsylvania CPA Journal, 1–5.Google Scholar
  4. Goldin, N. S., Kelley, K. H., Lesser, L. E., & Osnato, M. J., Jr. (2018). SEC issues statement and interpretive guidance on cybersecurity disclosures. Corporate Governance Advisor, 26(3), 6–8.Google Scholar
  5. Griggs, G., & Gul, S. (2017). Cybersecurity threats: What retirement plan sponsors and fiduciaries need to know—and do. Journal of Pension Benefits: Issues in Administration, 24(4), 17–21.Google Scholar
  6. He, M., Devine, L., & Zhuang, J. (2018). Perspectives on cybersecurity information sharing among multiple stakeholders using a decision-theoretic approach. Risk Analysis: An International Journal, 38(2), 215–225. Scholar
  7. Lai, K. (2018). Blockchain as AML tool: A work in progress. International Financial Law Review, N.PAG.Google Scholar
  8. McLane, P. (2018). Cybersecurity: Every enterprise is at risk as attacks diversify and adversaries get smarter. Mix, 42(7), 10–48.Google Scholar
  9. Morrison, A., & Kumar, G. (2018). Corporate boards may be more likely than regulators to scrutinize cybersecurity program effectiveness this year. Journal of Health Care Compliance, 20(4), 49–52.Google Scholar
  10. Tashea, J. (2018). What do AI, blockchain and GDPR mean for cybersecurity? ABA Journal, 104(12). N.PAG.Google Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Sean Stein Smith
    • 1
  1. 1.Lehman College, CUNYBronxUSA

Personalised recommendations