When an insurer takes on huge dangers—whether or not it’s overlaying properties, vehicles, or well being care—it typically turns to reinsurers like Munich Re Group to assist take up the price of catastrophic losses brought on by disasters.
As one of many largest reinsurance corporations on this planet, Munich Re Group operates by way of three manufacturers. Munich Re handles the reinsurance aspect of the enterprise, ERGO sells direct insurance coverage to companies and people, and MEAG manages the funding property of each Munich RE and ERGO. Collectively, they type a world powerhouse in danger administration.
Over time, nevertheless, that international scale got here with a problem: the corporate’s cybersecurity providers weren’t retaining tempo with Munich’s measurement and complexity. The enterprise models inside every model had their very own IT and security departments, working on their very own networks. Many of those models had come by way of acquisitions, so that they had been arrange otherwise from the beginning.
This patchwork construction made it tough to handle security successfully throughout the group. Safety groups, although extremely expert, had been dispersed across the globe and dealing in silos with completely different instruments, processes, and maturity ranges.
