Big Data Analytics & Cyber Risks, The Face And The Cross Of Digitization

Data Science, also known as Big Data Analytics, is the science that studies data. From vast amounts of information, it extracts them using statistics, mathematics, and computer science to interpret them and facilitate decision-making.

Its use offers advantages to the insurance industry. For example, it provides information on customer habits, allowing you to personalize products, better manage the life cycle of the policy and offer better service, and ultimately, make more accurate risk predictions based on individual behavior patterns. Having more data on behavior patterns also makes fraud detection easier.

It is not surprising that the use of Big Data Analytics allows companies to increase their profitability by up to 20%, according to data managed by Gartner.

To promote its use and train professionals in the sector, Some Insurance Schools has programmed the course ‘Big Data Analytics’, in which students will achieve the fundamental abilities and skills to design and execute use cases with which to find hidden patterns in your company data and predict behaviors that allow you to reduce costs or create business lines to generate income.

Increase In Cyber Risks

We could say that the takeoff of Big Data is one of the positive aspects of digitization. On the opposite side, we find the increase in cyber risks, which was much more highlighted during the current pandemic, with exponential growth in teleworking that has not always been accompanied by sufficient security guarantees.

To face the rise in the actions of cybercriminals, prevention alone is not valid, since absolute security is impossible and mitigation mechanisms such as cyber insurance are essential to reduce the impact of these attacks as soon as they occur. To respond to the current situation in which the demand for cyber insurance and professionals prepared to market.