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Tug of War

Can insurers find the funds to satisfy security and compliance demands while competing IT priorities are pulling those resources in other directions? We'll answer that question and forecast how budget

By Michael P. Voelker | Updated on May 31, 2006

Whether it’s your own household finances or a multimillion-dollar IT budget, spending and planning fall into two main categories: must-haves and want-to-haves. Must-haves (otherwise known as nondiscretionary spending) always seem to take up a larger portion of the budget–every time you gas up your car, you can see that firsthand.

Insurers’ must-haves in IT include investments targeted toward meeting security and compliance demands. Although they involve different activities, security and compliance strategies have been converging in recent years under a consolidated risk management framework, particularly as regulations have required protection of customer data and other information security measures.

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