Cybercrime is one of the most significant concerns facing insurance firms, especially since remote workforces became the norm during the COVID-19 epidemic. Explore the current state of insurance cybersecurity and discover if insurance companies are truly immune to cyber threats. Infosec Future’s expert insights help you stay protected.

Before the pandemic, insurance firms’ cybersecurity threats rose and expanded at an astounding rate. Many causes have contributed to this, including the internet of things (IoT). While the Internet of Things offers benefits to insurers, it also reveals security flaws. 

Cyber extortion is one of the significant challenges that insurance firms face these days. Some ransomware attacks require the victims to comply with the attacker’s demands and pay a significant fee to reclaim their system.

Data is used to power products, policies, and pricing because they handle sizeable personal policyholder data. This is why it is so valuable: with data, an insurance firm can provide the consumer with exactly what they require, presumably at the best possible price. More choices and lower costs make consumers so ready to share their data. In contrast to other industries, insurers generally gather a substantial amount of protected personal sensitive information in addition to sensitive financial data.

The insurance business is being pressed on two fronts to adapt and modernise its processes and infrastructure continually. Customers demand services from insurance companies, just as they do from the rest of the financial services business. Smartphone apps are available 24 hours a day, seven days a week, 365 days.

With the increase in technology, businesses are prone to cyber-attacks. Here at infosec future, we consider the voluminous data in use to curate the client’s solutions. We also help insurance companies do vulnerability tests to ensure that software and the company remain safe from intrusions.