In a recent report by Deloitte, it was stated that “cyber-attacks in the insurance sector are growing exponentially as insurance companies migrate toward digital channels in an effort to create tighter customer relationships, offer new products and expand their share of customers’ financial portfolios.”
“The insurance industry has become an enticing target for cybercrime. With its huge store of personally identifiable information (PII) about policyholders, it is estimated that data breaches at insurance companies over the last few years have exposed the personal information of over 100 million people,” says Simon Campbell-Young, CEO at MyCyberCare.
So how do cyber criminals attack insurance companies? “Firstly, they use various types of malware, such as ransomware. Ransomware blocks a company’s access to its systems and data until a ransom is paid. Trojan horse malware such as Emotet and Trickbot, which were originally designed to break into banking systems, are also becoming a growing threat to insurance companies,” Campbell-Young points out.
Phishing attacks are also often used to gain unauthorised access to an insurance company’s information. Another, less obvious way, is the inadvertent disclosure of sensitive information by insurance companies.
“All of these factors can be off-putting to individuals or businesses who are required to liaise with their insurers via a digital platform. While insurance companies should be held accountable for ensuring the security of their own platform, it is wise for you to protect yourself as well as your family and business with appropriate cybersecurity software,” says Campbell-Young.
MyCyberCare has compiled a number of cybersecurity packages that are suited to individual budgetary and risk-aversion profiles. These packages provide:
• Protection against cybercrime.
• Detection of malicious threat actors.
• Monitoring of the Dark Web for fraudulent usage of your personal, family or business digital assets.
• Cyber bullying prevention in terms of IT, legal and psychological assistance.
• Cover against online loss of funds.
“Although the risks and priorities may vary from one individual or business to another, there is a common denominator in cybersecurity – you need to acknowledge your current vulnerability and then gain control over how you adopt the software necessary to mitigate this risk,” says Campbell-Young.
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