Ensure policyholder data is safe with you
Insurance groups are a natural target for cyber attacks because they possess substantial amounts of confidential policyholder data.
Cyber attacks in the insurance sector are growing exponentially as insurance companies migrate towards digital channels in an effort to create tighter customer relationships, offer new products, and expand their share of customers’ financial portfolios.
Although these digital investments provide new strategic capabilities, they also introduce new cyber risks and attack vectors to organizations that are relatively inexperienced at dealing with the challenges of a multi-channel environment.
Cyber attacks cost insurers more than just money
The financial sector has been hit particularly hard by attackers in the post-pandemic landscape. In March 2021, a ransomware attack shut down the American insurer CNA after hackers accessed company systems, revealing the names and identification of over 75,0000 people. The attack caused a network disruption, forced the company to shut down website functionality, and resulted in a $40 million payment to the hackers.
In addition to the financial fallout, insurers suffer additional substantial consequences following a cyber incident. Reputational damage for insurers may be significant and potentially irreversible. The main consequences suffered by insurers following cyber incidents include business interruption, significant operational issues, and material cost for remediation, for both policyholders and third parties. These costs include legal fees, regulatory fines, lawsuits, and fraud monitoring costs. Consequences of cyber attacks have a direct negative impact on all policyholders.
Key cyber risks for the insurance sector
According to a 2019 report by the European Insurance and Occupaional Pensions Authority (EIOPA), the most common cyber threats targeting the insurance sector by frequency, cost, and effect are:
• Phishing mail • Malware infection - Ransonware • Data Exfiltration/DDoS (Denial of Service)
• Malware infection - Ramsonware • Phishing mail • DDoS (Denial of Service)
• Business interruption • Material costs for policyholders and third parties • Data destruction/confidentiality breach
How Soteryan helps insurers stay ahead of cyber threats
As the insurance industry goes digital, cyber security must be integral to its new software and processes in order to keep sensitive policy data safe. Merely patching up existing legacy systems leaves organizations vulnerable to attack. Soteryan’s security architecture and design helps insurers develop a robust security position and integrate legacy systems to ensure the greatest protection against evolving threats.
Financial institutions, such as insurance firms, face a greater volume and sophistication of cyber threats than any other industry. Soteryan’s state-of-the-art threat intelligence solution helps insurance professionals better identify risks, prioritize threats, and allocate resources.
Learn how Soteryan's threat intelligence can protect your insurance agency
Financial services are the most targeted businesses by malicious cyber attackers, and staying ahead of threats requires constant vigilance. Soteryan's threat intelligence service helps insurers protect against targeted attacks, cybercrime organizations, data breaches, and many other threat actors.Learn more