IT Coverage Insurance Companies Can Count On

Insurance cybersecurity is the collection of measures that safeguard customer information, financial data, internal systems, and other sensitive information in the insurance industry from breaches, theft, or unauthorized access.

Cybersecurity is crucial because the industry handles a vast amount of personal and financial information, making every insurance company a tempting target for cybercriminals. With the industry’s rapid digital transformation, insurance companies have adopted technologies that have increased their attack surfaces (possible cyberattack entry points), making all the data they collect vulnerable to theft. A single data breach against an insurance firm can result in significant financial losses, reputation damage, and legal liabilities.

According to Verizon’s Data Breach Investigations Report, the most prevalent types of cyberattacks in the insurance industry are:

• Basic Web Application Attacks. Incidents where attackers use software, data, or commands to exploit vulnerabilities in an insurance company’s internet-facing applications. They are straightforward and follow a “get in, get the data, and get out” pattern.
• Miscellaneous Internal Errors. Incidents where the unintentional actions of employees, clients, or business partners directly compromise a security attribute of an information asset. In the insurance industry, misdelivery (or sending protected data to the wrong recipient) is the most common miscellaneous internal error.
• System Intrusion. Incidents where cybercriminals execute complex attacks that leverage hacking and/or deploying malware to breach or impact organizations. Ransomware is the most commonly used method of system intrusion in the insurance industry.

The most effective way insurance companies can avoid falling victim to cyber threats is by partnering with a managed IT and cybersecurity services provider such as ER Tech Pros. However, the following tools and strategies may give them an idea of what approach to take when addressing the cybersecurity concerns mentioned above:

• Robust web application firewalls that filter and monitor incoming traffic and then identify and block malicious requests can help insurance companies protect themselves from basic web application attacks. Your web applications also need regular security patches and updates.
• Stringent access controls and user privileges help safeguard insurance companies against miscellaneous internal errors. By limiting employee access to only what is necessary for their roles, you restrict sensitive information to authorized users and add a layer of protection to your data. Regular employee training on cybersecurity, data handling, and policy compliance can also reduce the risk of errors. 
• Multi-layered security measures can protect your company against system intrusion. Firewalls, intrusion detection and prevention systems (IDPS), and network monitoring can help identify and respond to intrusion attempts. Frequent system patching, security updates, and vulnerability assessments can also help you spot potential attack surfaces that intruders might exploit.