Cybersecurity risks for the insurance sectors

The insurance sector faces massive pressure to embrace digitalization and innovation. Customers increasingly demand 24/7/365 services anywhere on their preferred device, which increases the risk of cyberattacks. The insurance sector is a natural target for cyber-attacks because of the large amount of personal data they store about policyholders. This data enables them to provide more personalized services and products to customers, making them more willing to share sensitive personal data. In contrast to other industries, where data breaches often affect only financial data, in the insurance sector, it typically means loss of protected personal sensitive information about individual customers.

The impact of a cyberattack on an insurance company is often multifaceted. In addition to monetary loss companies will often face:

  • Reputation damage that is often long-lasting and costly to reverse
  • Disruption of service and loss of sales revenue to downtime
  • Loss of customers who might choose to deflect to a competitor post a cyberattack
  • Fines from regulatory bodies for failing to prevent the attack and keep customer data safe,
    as well as potential lawsuits from customers

Cybersecurity measures for insurance companies

In a rapidly interconnected and digitalized online marketplace cyberattacks are inevitable. Seeing as it is eutopic to think that a company can completely escape every threat, it is much better to be constantly vigilant and prepared for such attacks by:

  • Centralizing data storage to streamline security and protection measures
  • Providing role-based access management based on predefined user profiles to
    simplify onboarding and set up of new accounts
  • Encrypting data during both storage as well as transmission
  • Keeping firewall and anti-malware protection up to date
  • Setting up multi-step authentication for access to data

What Cryptomathic has to offer

Cryptomathic is a leader in cryptographic technology and provides organizations in the insurance sector with reliable and high-quality solutions to meet all their data security needs and compliance needs. Our adaptive solutions in the field of mobile app security, key management, qualified electronic signing, and crypto-agility give you maximum usability without compromising on data protection, letting you focus on what matters: growing your business. 

Cryptomathic’s solutions are aimed at addressing requirements for:

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