Insurance

Obstacles in front of Insurance Companies

Cyber threat problems are imminent threats and no industry is safe from them. Insurance firms possess all possible types of details of their clients such as personal information, health, economy, and other social information too. All the insurance firms need to be highly protective of their client and their sensitive information in a compliant and trustworthy manner. Oddly, insurance firms deal with such threats regularly.

Insurance companies should recognize the seriousness of this issue and apply best of the best security measures. Every insurance firm should have updated cyber security system which does not allow stealing of any kind of data. KPMG, one of the business auditing companies at an international level, reports that only around 20% of CEOs are confident about their cybersecurity system. 42% of CEOs are aware of the threat and it is their top concern. Rest of the companies either does not consider this as a big problem or they feel that there is no safeguard against cyber-attacks.

Insurance

Most of the insurance companies today have moved their transactions, data storage, and communications on digital platforms. This has increased a great number of chances of cyber-attacks on insurance firms. An insurance company has information about bank accounts, health problems, property details, various assets, family member and even about pets. Banks are vulnerable to money thefts; likewise, insurance firms are vulnerable to data thefts which can ultimately lead to hacking of bank accounts and loss of money. Another major problem is identity theft. Criminal can steal anybody’s identity to forge duplicate documents like license, passports, and any other document. There have been cases when terrorists and extremist groups in the society have used people’s data wrongfully in violent actions. Hence, insurance firms must equip their websites with state of the art facilities.

Slow adopters, big risk

So far there has not been any major case of insurance data theft on the global level. Hence many firms have not taken this issue very seriously. Insurance industry lags behind other industries like the banking industry and financial firms. The banks were under attack at first which has made them stronger and most of the banks are very secure now. Today very rarely criminals get successful in breaching bank security system. Now criminals have started looting other financial firms and soon their focus will be on insurance firms. Insurance firms obtain all of the personal information from the client and store it along with bank account details. There are high chances that a person can lose all his/her money and even get blackmailed by criminals. The insurance industry has started adopting security measures but their rate of working is comparatively slow. Even some of the companies provide insurance against data theft but it is always not about money but security.

The current major cyber-risks to the insurance companies comprise

Infrastructure vulnerabilities

Vulnerabilities and or use of old software versions allow hackers to barge in and potentially provide a great deal of harm to the people. Most of the companies fail to pay attention to minor security details which leaves them open to external attacks.

The solution

IT experts can arrange safety measures like bringing all your data to the platform of cloud. They also upgrade system server, workstations, and laptops with security software. This not only makes your firm secure but also increases the efficiency of operations.

Identity theft

A thievery of files stored on the server due to inadequate protection results in identity theft.

The solution

Instead of using local servers data can be stored in cloud storage facilities. These are safe; password protected, and encrypted units; which are very difficult to hack. There is a multifactor security check which is why it is difficult to steal information from cloud storage units.

Automated threats

Threats, for example, vulnerability scanning, denial of service (DoS), and credential cracking, have the prospective to turn off all systems.

The solution

The application of the proper software, security protocols, and appliances effectively guard systems and information against automated threats. Answers to these problems are not just technology updates but also to aware employees about malicious activities.

Systemic infection from malicious code

Malicious activities can destroy an insurance firm or any other firm very rapidly. Ransomware may exist on the server for a longer time period before it entirely takes hold. Ransomware demands might be very small, but there are no assurances that systems will be completely functional post payment.

The solution

Back-up and cloud storage facilities allow you to regain all of the firm’s data even after malicious attacks. There are certain other features related to cyber security which even block the attacks completely. In addition, a disaster recovery plan (DRP) is there to help insurance firms, which ensures complete restore and minimal interruptions

Lawsuits

Clients can take legal action against the insurance firm if they lose their data. In many cases, a company may be administered by the HIPAA regulation, or the General Data Protection Regulation (GDPR), if the company does business with European Union citizens and it becomes your utmost responsibility to conform.

The solution

To evade this kind of problem, an insurance company is advised to go beyond firewall protection. It is mandatory to protect all of the client data and enforce a proper security policy to do so.

Customize your consulting package from the below offerings

  • Security Operating Centre (SOC) consulting
  • ISO27001 and supply chain certification and training
  • General Data Protection Regulation (GDPR)
  • ICS risk assessment
  • ICS security maturity check
  • Security Operating Centre (SOC) consulting
  • ISO27001 and supply chain certification and training
  • General Data Protection Regulation (GDPR)
  • ICS risk assessment
  • ICS security maturity check

Customer Benefits

  • Improved security systems
  • Expert support
  • Fast detection of vulnerabilities
  • Thorough knowledge of cybersecurity
  • Field-proven best solutions

Book a free consultation with our Expert today!


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