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Insurance

Today, insurance firms are one of the businesses that depend on technology and information systems heavily in their daily processes. The insurance industry has also not been left behind by the
megatrend of Digitisation since in recent years, insurance companies and their numerous stakeholders have invested in digital processes, adopted transformation as well and modernised their systems. Nonetheless, this growing dependence on digitality processes and solutions dubbed insurance does not only enhance the performance of the insurance sector but also enlarges attack surfaces. As a result, insurers’ data become susceptible to cyber attacks.

The insurance sector is especially susceptible to cybersecurity simply because of its size, scope and reliance on large amounts of data. Insurance companies need to secure their data used with third parties because of the heavy reliance on data in the industry covering all possible threats.

Safeguarding the Insurance Industry: Addressing the Growing Cyber Risks.

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How Cybersecurity Impacts Insurance Companies

Insurers, as prominent financial institutions, are highly susceptible to cybercrime for several key reasons.

1. Sensitive Data

The nature of the data insurers handle and serve makes them a prime
target for cyber attackers. It is most attractive as far as confidentiality of insurance data that includes information about policyholders. They enable insurers to customise their policies, products and pricing for each customer.

2. Increasing Attack Surfaces

The insurance business has become more technology-dependent to enable it to offer real-time insurance solutions and personal customer experience. This heightened technological dependency implication is the increased number of attack surfaces, which in turn leads to more chances for vulnerabilities and a higher likelihood of human mistakes.

3. Industry Size

Given the size of the insurance industry, as well as its high-risk position and extensive scope of confidential information under their watchful eye, it makes it a big game for many hackers in search of personal data. For example, the most common type of protection
insurance is life insurance whereby about 47% of UK adults hold some form of the protection policy in 2020. It is for this reason that insurers are attacked by hackers who benefit from the vast customer base and computer-based assets of confidential data.

Ensure Seamless Operations for Your Insurance Business with Our Comprehensive Security Solutions.

We offer a broad spectrum of cybersecurity services to protect your insurance organisation from cyber-crimes. The task of fighting the toughest hackers around the globe is never easy; however, we are confident that our team will safeguard any data or system you possess.

  • Penetration testing
  • Gap analysis
  • Social engineering assessments
  • Security architecture reviews
  • Secure network design and testing
  • Managed Detection and response services.
  • Data Security and Compliance
  • Cloud Security Solution