14.3. Activities and objectives in 2024
Based on external and internal developments, activities in 2024 focused on the following:
- Capital market environment
- Sustainability (ESG)
- Cyber risk, Digital Operational Resilience Act
- (DORA) and AI Act
- Business continuity management (BCM) risks
Capital market environment
Inflation has no longer represented a primary risk for UNIQA since 2024 year-end, as the economic impact has been largely offset by targeted measures. These measures have helped to mitigate the effects of inflation on the business model and ensure stable profitability. Nevertheless, macroeconomic factors such as interest rates and credit spreads remain relevant influencing factors that need to be observed.
Sustainability (ESG)
UNIQA has successfully created a solid basis for managing sustainability risks in recent years and implemented further key measures in 2024. These included identifying and addressing sustainability risks at an early stage, adapting strategies to new regulations on a continuous basis and developing and analysing climate scenarios in order to prepare for climate-related risks more effectively. A complete materiality analysis was also carried out. Limit monitoring was further developed through increased automation of data analysis, which enabled a more comprehensive assessment of sustainability risks and a responsible investment policy.
Cyber risk, Digital Operational Resilience Act (DORA) and AI Act
UNIQA is facing increasing cyber threats due to its growing dependence on digital technologies, with threats that include phishing attacks, ransomware and social engineering, which constitute a risk to customer data and sensitive information in particular. In order to minimise these risks, UNIQA has developed a comprehensive cyber security strategy based on measures such as regular reviews of the IT infrastructure, the implementation of a Security Operations Center and efforts to raise employee awareness of these issues. The introduction of the DORA is also intended to strengthen resilience in the financial sector through stricter cyber security standards. Furthermore, UNIQA has actively encouraged the use of AI and generative AI to leverage productivity improvements and innovative applications in line with regulatory requirements, while covering all three lines of defence through raising awareness, ensuring training initiatives and providing clear guidelines.
Business continuity management (BCM) risks
UNIQA also implemented scenario-based crisis management training in 2024 aimed at strengthening resilience, with the work of the crisis management team put into real-life practice and with potentials for improvement identified and subsequently integrated into crisis management plans. In addition, the second line of defence regularly reviewed compliance with security governance and assessed key controls in various business units.