Insurers’ Cyber Challenge

The public is seemingly inundated with news reports about organization across industries being hacked, and yet most organizations remain unprepared for cyber attacks.

One thing is clear – insurers are in the crosshairs. They possess massive amounts of valuable and sensitive personal data from their customers –financial data, health-related details, credit card numbers, identification data and other information that could be exploited in the event of a cyber attack against an insurer.

Before insurers can offer effective coverage to their own customers, they must ensure that their own cyber security is up to the task. If they are vulnerable, their reputation as an expert in the field of cyber security insurance will be tarnished and they will lose consumer trust. The masses of sensitive and confidential personal data insurers possess could turn them into victims of cyber threats themselves. Worse yet, they could unwittingly surrender confidential customer data, possibly exposing them to massive class action lawsuits. Data breaches in the insurance industry can potentially inflict huge costs on insurers.  

In a world where cyber breaches can be paralyzing, the challenges facing insurers can seem daunting. With so many attacks already having crippled organizations around the world, there is great urgency for insurers to offer the right coverage for their customers and to protect themselves against future cyber attacks.

For more information on the scope of cyber challenges for insurers, additional best practices and how Sapiens can help against hackers, read Sapiens white paper for an in depth look at cyber security: Insurers in the Crosshairs: Winning the War Against Hackers 

Read Sapiens one page spotlight: Best Cyber Practices for Insurers