Why Cybersecurity is the Pillar of Insurance Companies

Cybersecurity In The Insurance arena is a big necessity that cannot be overlooked. With a high spike in cyber attacks, organizations need protection against threats.

The insurance business has become a tempting target for cybercriminals due to its large database of personally identifiable information (PII) about policyholders.

How Cybercriminals Attack

Financial and insurance organisations are targeted by cybercriminals using various sorts of malware. They deploy ransomware, for example, which prevents a company from accessing its systems and data until a ransom is paid. Malware like Emotet and Trickbot, which were originally meant to sneak into financial networks, are now posing a rising threat to insurance companies.

Also, phishing attacks are often used to gain unauthorised access to an insurance company’s information.

PHISHING IS A FRAUDULENT ATTEMPT TO TRICK USERS INTO DISCLOSING CONFIDENTIAL INFORMATION, TYPICALLY BY CLICKING A LINK IN AN EMAIL OR BY RESPONDING TO TEXT OR PHONE CALL.

Protecting Against Cyber Threats

Here are some things insurance companies should do to protect their system and data from cyber threats:

Risk Assessment:

Create a comprehensive security plan:

Implement a defence in depth:

Take advantage of security services:

Establish a security culture: Conclusion – Because of the high level of regulation in the insurance industry, cyber security has become increasingly important. Even if you are not subject to regulations, your vendors may be, and their company may be hacked, exposing your information.

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