Tech Outsourcing Risky For Finance Firms, Insurer Says

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Law360, London (May 6, 2021, 3:47 PM BST) — Lapses in information security and changes in regulation are among the top five risks that concern financial services companies, an insurer said on Thursday, as it warned of the risks that businesses face when relying on third parties for technology services.

Allianz Global Corporate & Specialty SE said that companies see cyber incidents, the pandemic and business interruption as the top three risks. Changes in legislation and regulation take fourth place, and macroeconomic developments, such the current low interest rate environment, come in fifth in the survey of 900 industry respondents, which was conducted in the fourth quarter of 2020.

The report…

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