Insurance business faces a number of operational, reputational, and compliance risks that threaten the functioning of any insurance company. In addition to the conventional risks caused by inadequate professional service or adverse environmental conditions, the digital age forwards IT-related threats like data breaches and other kinds of cybercrime. Given the gamut and complexity of such dangers (especially the high-tech-driven ones), it is impossible to address all the challenges without relying on the state-of-the-art means that the contemporary IT industry has in stock.