Three quarters of insurance and reinsurance firms have suffered a data breach through their CMS in the past three years.
This is higher than the 50% average from the entire financial services industry, according to CMS provider Forrit and its report The Content Management System in 2023: what marketers in financial services really think.
In addition, the report noted that using more than one CMS, as 81% of the insurance and reinsurance firms surveyed do, could result in more risks and data breaches.
However, insurance and reinsurance firms are the least likely sectors in financial services to have a CMS, which just over a third (37%) of marketers in insurance and 47% of marketers in reinsurance citing they do not use one.
Furthermore, more than a third (36%) of senior insurance marketers stressed the difficulty they have with a large team updating their CMS. This increased to 53% of those from reinsurance who suffer from the same challenge.
Peter Proud, CEO of Forrit, said: “Given the highly sensitive nature of the information held by insurance and reinsurance companies as well as the extensive regulatory requirements applied to the sector, we know security and compliance are paramount.
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“Nearly all the issues senior marketers from the insurance and reinsurance sectors identified in our research could be mitigated by using a single CMS platform, regardless of the organisation’s size. But an astonishing 81% of organisations in the insurance and reinsurance sectors that do use a CMS are using multiple platforms, which can only be contributing to their challenges. Options like a cloud-based CMS can integrate easily with the rest of your system, using smart tools like pre-existing templates to help marketers reduce security risk while improving compliance.”