Cyber threats in the insurance industry
The progressive digitization of the insurance market, replacing traditional paper documentation with digital channels of communication with the client, is associated with additional benefits for insurance companies and at the same time, the emergence of new potential threats in cyberspace.
Apart from the security of online transactions, the main concern for consumers is identity theft, which may result in using personal data for criminal purposes (e.g., credit fraud). Since it deals with a large amount of sensitive data, the insurance market is highly exposed to attacks by cybercriminals. There are also ways to gain unauthorized access to the customer's account. Identity theft is favored by the low awareness of customers in the area of threats related to modern technologies and safety rules when using online services.
Insurers are fully aware of the risk of data leakage and the related damage, as evidenced by many of them having cyber insurance in their product portfolio. This awareness makes them analyze their cyber protection requirements in depth.
Solutions for insurance