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Market Segment

Insurance

Think. Differently.

Knowledge is protection

Insurance companies are increasingly the victims of cyber attacks. An expert said any digitized business can be targeted in a cyberattack and insurance companies are no exception. For many years, cybercriminals have focused their attacks on banks, credit unions and investment firms. But given the vast amount of information available to insurance companies, it was only a matter of time before hackers went after traditional insurance companies.

One of the most notable breaches to hit the industry came to light when it was made public that Chubb, one of the world’s largest insurance companies, was affected by a ransomware attack. The New Jersey-based insurance company had fallen victim to the Maze ransomware, a particularly complex strain that is known to spread like wildfire across a network and is difficult to root out.

Cyber crime is not a fair game

Overview & Areas of Concern

Incompatibility is a factor that may make some companies unwilling to work with certain other businesses. They may decide they don’t want to associate with organizations that don’t comply with the latest security measures that put everyone at risk. In turn, non-compliant business loses revenue and vital partnerships. Trade secrets, industry best practices, and proprietary information are all examples of valuable intellectual property and can be devastating if leaked.

Identify Risks – Once you know the importance of cybersecurity, you can ask yourself other questions about improving your current system. How do you identify risk factors that may affect your business? How do certain organizational structures and systems, such as the Internet of Things (IoT), make you more or less vulnerable to cyber attacks? One of the first steps is to identify confidential, high-level information in your business. Trade secrets, industry best practices, and proprietary information are all examples of valuable intellectual property and can be devastating if leaked. Knowing where this information is stored, both digitally and physically, is equally important for ensuring security. Some manufacturers may place more emphasis on protecting digital locations than physical ones, but both require constant monitoring.

failure is not an option

Recently, it was reported a scam aimed at employees of a large, anonymous insurance company, where bad actors impersonated Instagram support staff and sent emails with malware payloads to break into the insurance company’s systems. Insurers need to establish a formal risk assessment and a robust cyber risk program that includes elements such as defense in depth, zero trust architectures, data security, identity, multi-factor, authentication, security operations and risk management governance. Theft is the latest example of online scammers viewing institutions in and around state government as productive targets. Cyberattacks may have driven more than a billion dollars in unemployment checks for people laid off during the coronavirus pandemic in Illinois alone. Last year, threat actors seeking a greater attack surface to launch hacking campaigns were also watching the rapid digitization of the industry accelerated by the COVID-19 pandemic.

Cyber Security to Consider

Free Cyber Review
Compromise Assessment and Vulnerability Scan
Virtual Chief Information Security Officer
SOC Compliance.

Practice Areas

Security Monitoring/Security Operation Center (SOC) Virtual CISO (vCISO)
Security Assessment
Security Compliance Support (Audit Preparation)
CMMC Assistance
SOC 2 Type 1 & Type 2 Assistance
Digital Forensics
Security Controls Preparation (NIST / CMMC)
Security Architecture Design/Support
Security Awareness Training
Vulnerability Management
Security Policy creation

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the key to success

Practice Areas

Unfortunately, there is no one-size-fits-all solution. Instead, each insurer has to find a solution tailored to their needs.

In addition to adding more layers of protection, advocates must also consider the context of the business to which these layers are applied. For example, measures to improve business-to-consumer (B2C) security will differ significantly from their business-to-business counterparts

Concerns of Ransomware attack
84%
Unauthorized access to infrastructure
85%
Operational disruptions
87%
Client data and sensitive information
92%

Common is the need to have rigorous research and risk management long before a threat emerges. There is no 100 percent guarantee in cybersecurity, but having a holistic way to monitor industry threats and using data to find those threats will give insurers a better chance at reducing their risk.

Our goal is to help people in the best way possible. This is a basic principle in every case and cause for success. contact us today for a free consultation. 

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