Insurance Sector | Humanize Inc.

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Insurance Sector

The insurance industry embraces innovative technologies and stores large amounts of information about its policyholders, which is increasingly susceptible to cyberattacks.

Insurance Sector cybersecurity

$130,000

The average ransom amount in the insurance industry is $130,000. – Cyber Insurance Risk in 2022 report from Black Kite

113

The average number of cyberattacks in the insurance industry per year. – Riskxchange

EVERY 39 SECONDS

A cyber-attack takes place - Cybersecurity Ventures

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Key challenges

The insurance industry is an appealing target for adversaries because: 

  • The fast-changing digital space, systems, and technologies make protecting sensitive data harder.
  • Protecting the privacy of customer data is more challenging The growing concern over the privacy of customer data.
  • COVID-19 placed an added strain on the insurance industry's data systems.
  • InsurTech competition inhibits the efficiency of the insurance industry.
  • Cybersecurity training is lacking. 
  • The cybersecurity software is outdated.
  • The cloud and application security practices are deficient.
  • Confidential data is mismanaged. 
challenges-image Insurance Sector cybersecurity
impact-image Insurance Sector cybersecurity

Top threats and attacks

Due to recent external changes, the intensity of cyberattacks in the insurance industry increased. Despite the risk and robust regulation, the insurance sector still suffers from cyber security weaknesses and frequent attacks. 
 

Below are the top cybersecurity challenges the insurance industry must recognize:

  • Phishing emails 
  • Malware infections
  • Ransomware
  • DDoS attacks
  • Social engineering 

Risk mitigation

Mitigation in the insurance industry starts with revealing areas of threat and moderating and preventing risks in the insurance sector.

Cyber hygiene and cybersecurity regulations can mitigate cyber risk for insurance organizations. 
Learn about the best practices of risk mitigation in our eBook.

Cybersecurity in the Insurance Sector

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