{"id":693,"date":"2021-11-18T09:53:04","date_gmt":"2021-11-18T09:53:04","guid":{"rendered":"https:\/\/threatcop.ai\/blog\/?p=693"},"modified":"2025-01-22T15:35:38","modified_gmt":"2025-01-22T10:05:38","slug":"cybersecurity-for-insurance-companies","status":"publish","type":"post","link":"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/","title":{"rendered":"Cybersecurity&#8217;s Significance for Insurance Companies"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Over the last few years, numerous insurance companies have adopted various digital channels to introduce new products, expand their portfolios, and strengthen customer relationships. While this has significantly helped the insurance companies grow and diversify, it has also exposed them to a myriad of cyber risks.<\/span><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #414141;color:#414141\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #414141;color:#414141\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#Cyber_Risks_Threatening_Insurance_Companies\" >Cyber Risks Threatening Insurance Companies<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#1_Social_Engineering\" >#1 Social Engineering<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#2_Ransomware\" >#2 Ransomware<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#3_Third-party_Risks\" >#3 Third-party Risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#Book_a_Free_Demo_Call_with_Our_People_Security_Expert\" >Book a Free Demo Call with Our People Security Expert<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#Enter_your_details\" >Enter your details<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#4_Patch_Management\" >#4 Patch Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#5_Cloud_Vulnerabilities\" >#5 Cloud Vulnerabilities<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#Major_Cyber_Attacks_on_Insurance_Companies\" >Major Cyber Attacks on Insurance Companies&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#1_Anthem_Healthcare\" >#1 Anthem Healthcare<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#2_CNA_Financial_Corp\" >#2 CNA Financial Corp<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#3_French_Insurer_AXA_SA\" >#3 French Insurer AXA S.A.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#4_Tokio_Marine_Insurance_Singapore\" >#4 Tokio Marine Insurance Singapore<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#5_Arthur_J_Gallagher_Co\" >#5 Arthur J. Gallagher &amp; Co.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/#Holistic_Cyber_Risk_Management_in_Insurance_Sector\" >Holistic Cyber Risk Management in Insurance Sector<\/a><\/li><\/ul><\/nav><\/div>\n\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The troves of sensitive data stored by insurance companies have made them quite a lucrative target in the eyes of cybercriminals.<\/span><b> Personally Identifiable Information (PII) of millions of individuals across the world has been compromised by data breaches in the insurance sector<\/b><span style=\"font-weight: 400;\">. So, let\u2019s start off this blog with some of the major cyber risks plaguing insurance companies worldwide.&nbsp;<\/span><\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cyber_Risks_Threatening_Insurance_Companies\"><\/span><span style=\"color: #000000;\"><b>Cyber Risks Threatening Insurance Companies<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Every day, new cyber threats are being discovered, each more sophisticated and harder to detect than the last. Insurance companies are being hit by cyber attacks left and right. And the only way to protect yours is by staying one step ahead of these threats. To do that, it is essential to know what exactly you are in for. So, here are some of the major cyber risks haunting insurance companies around the globe.&nbsp;<\/span><\/p>\n\n<style type=\"text\/css\">\n      @media print, screen and (max-width: 63.99875em){\n      .tnp-submit\n      width: 48%;\n      }\n      .wp-block-tnp-minimal{\n      padding: 20px;\n      }\n      .blog_para\n      margin-top: 4px !important;\n      line-height: 25px !important;\n      font-size: 15px !important;\n      }\n\n      }\n      .blog_para{\n      font-family: jost,sans-serif;\n      margin-top: 14px;\n      margin-bottom: 30px;\n      color: #fff;\n      font-size: 15px !important;\n      color: black !important;\n\n      }\n\n      .wp-block-tnp-minimal{\n      padding:20px;\n      border: 1px solid grey;\n      }\n\n      .tnp-submit a{\n        background: #1d58c7!important;\n    border-radius: 5px!important;\n    text-transform: inherit!important;\n    padding: 8px 25px!important;\n    font-weight: 600!important;\n    color: #fff!important;\n    width: 30%!important;\n    border: none;\n      }\n\n      .blog_get{\n      font-size: 24px !important;\n      font-weight: 700;\n      padding-bottom: 0px;\n    font-family: 'Poppins' !important;\n      margin-bottom: 0px;\n      margin-top: 0px;\n      margin-bottom: 0px !important;\n      color: white;\n          line-height: 30px;\n          color: white;\n      }\n      .row{\n             display: flex;\n    flex-wrap: wrap;\n    flex-direction: row;\n    padding: 25px 0px 25px 36px;\n    align-items: center;\n\n      }\n\n.colLeft{\n         flex-basis:50%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n    color: white;\n}\n    \n .colRight{\n       flex-basis: 45%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n }\n\n.tnp-subscription-minimal{\n    float: right;\n}\n<\/style>\n<div style=\"max-width: 741px; margin: 0 auto; background-image: url('https:\/\/awareness.threatcop.ai\/marketing\/linkedinlowerbanner.webp'); background-repeat: no-repeat; background-size: cover; background-position: center; \">\n<div class=\"row\">\n<div class=\"colLeft\">\n<p class=\"blog_get\" style=\"font-family: 'Poppins' !important; color: white !important\">Subscribe to Our Newsletter On Linkedin<\/p>\n<p class=\"blog_para\" style=\"font-size: 16px;font-family: 'Poppins' !important; color: white !important; margin-top: 10px; margin-bottom: 28px;line-height: 25px;\">Sign up to Stay Tuned with the Latest Cyber Security News and Updates<\/p>\n\n<div>\n<div class=\"tnp\" style=\"margin-bottom: 10px;\">\n            <form action=\"https:\/\/threatcop.com\/newsletter-thank-you\" method=\"get\" target=\"_blank\">\n<div class=\"tnp-submit\">\n                  <a class=\"libutton\" href=\"https:\/\/www.linkedin.com\/build-relation\/newsletter-follow?entityUrn=7062043746430783488\" target=\"_blank\" rel=\"noopener\">Subscribe<\/a><\/div>\n<\/form><\/div>\n<\/div>\n<\/div>\n<div class=\"colRight\">\n<div>\n<div class=\"tnp tnp-subscription-minimal \">\n            <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/marketing\/newsletter-icon.webp\" class=\"img-fluid\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Social_Engineering\"><\/span><span style=\"color: #000000;\"><b>#1 Social Engineering<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>In <\/b><\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/www.kratikal.com\/blog\/5-dangerous-social-engineering-attacks\/\"><b>social engineering attacks<\/b><\/a><\/span><span style=\"color: #000000;\"><b>,<\/b> <b>cybercriminals typically use manipulative approaches and trickery to lure employees into accidentally triggering data breaches and cyber attacks<\/b><span style=\"font-weight: 400;\">. This cyber risk is particularly difficult to mitigate as it cannot be managed by technical controls, no matter how sophisticated or expensive. Many insurance companies have suffered massive social engineering attacks over the years.&nbsp;<\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Ransomware\"><\/span><span style=\"color: #000000;\"><b>#2 Ransomware<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>Cybercriminals launch ransomware attacks to hold a company\u2019s data and computer systems hostage for a ransom<\/b><span style=\"font-weight: 400;\">. In newer attacks, attackers even threaten to leak the victim company\u2019s data to pressurize it into surrendering to the ransom demands. With the high level of sensitivity associated with their data, insurance companies are a specially attractive target for ransomware attacks. As a wide range of deadly <\/span><\/span><span style=\"color: #183994;\"><strong><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/ransomware-groups\/\">ransomware gangs<\/a><\/strong><\/span><span style=\"font-weight: 400; color: #000000;\"> keeps cropping up every day, ransomware has become one of the gravest cyber risks to insurance companies globally.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Third-party_Risks\"><\/span><span style=\"color: #000000;\"><b>#3 Third-party Risks<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Every company these days uses third-party services. However, when they forget to take proper precautions, the results can be devastating. According to a report by Ponemon Institute, <\/span><b>51% of businesses have suffered a <\/b><\/span><span style=\"color: #183994;\"><b>data breach caused by a third party<\/b><\/span><span style=\"font-weight: 400; color: #000000;\">. While third-party vendors, suppliers, and partners are very important parts of everyday business operations, they also expose insurance companies to massive cyber risks.\u00a0<\/span><\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n\n<head>\n    <meta charset=\"UTF-8\">\n    <meta http-equiv=\"X-UA-Compatible\" content=\"IE=edge\">\n    <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n    <title>Document<\/title>\n<\/head>\n\n<style>\n    .interestedBtn {\n        width: 80% !important;\n        box-sizing: border-box !important;\n        display: inline-block !important;\n        padding: 11px !important;\n        border: 1px !important;\n        border-color: #ddd !important;\n        margin-top: 10px !important;\n        background-color: #183e8b !important;\n        background-image: none !important;\n        text-shadow: none !important;\n        color: #fff !important;\n        font-size: 14px !important;\n        line-height: 20px !important;\n        border-radius: 5px !important;\n        margin: 0 !important;\n        cursor: pointer !important;\n        box-shadow: 0px 4.66px 22.99px 0px rgba(0, 0, 0, 0.10);;\n    }\n\n\n        .formSec .formSecTwo{\n            padding-top: 15px !important;\n            margin-bottom: 30px !important;\n        }\n\n\n    .tnp-email {\n        width: 80% !important;\n        box-sizing: border-box;\n        padding: 8px 10px;\n        display: inline-block;\n        border: 1px solid #ced4da;\n        background: #fff;\n        color: #000 !important;\n        font-size: 13px;\n        line-height: 20px;\n        border-radius: 2px;\n        padding-right: 30px;\n        margin-bottom: 0px;\n    }\n\n    .formSec {\n        border: 1px solid #ced4da;\n        float: left !important;\n        width: 55% !important;\n    }\n\n    .mainBox {\n       \/* border: 1px solid #183e8b;*\/\n         background: white;\n        max-width: 600px !important;\n        margin: 0 auto !important;\n        padding: 20px !important;\n        font-family: Arial, Helvetica, sans-serif !important;\n    }\n\n    .boxDiv {\n        display: flex !important;\n    }\n\n    .boxConsult {\n        float: left !important;\n        width: 45% !important;\n        padding: 10px !important;\n    }\n\n    .formSecTwo {\n        text-align:center !important;\n        width: 100% !important;\n    }\n\n    .formHeading {\n        font-family: Arial, Helvetica, sans-serif;\n        margin-top: 0px;\n        font-weight: 700;\n        line-height: 25px;\n        font-size: 18px !important;\n        \n       margin-bottom: 60px !important;\n       color: #000!important;\n          margin-top: 5px !important;\n    }\n\n    .fieldHeading {\n        margin: 0 !important;\n        font-size: 13px !important;\n        text-align: left !important;\n        margin: 0px 39px 2px 93px !important;\n        font-weight: 500 !important;\n    }\n\n    .image {\n        max-width:90% !important;\n        height: auto !important;\n    }\n\n     .email-icon {\n            position: absolute;\n            right: 50px;\n             top: 20px;\n            transform: translateY(-50%);\n            pointer-events: none; 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\/* Make sure the icon doesn't block clicking on the input *\/\n        }\n       \n        .email-container{\n             position: relative;\n        }\n\n    }\n<\/style>\n\n<body>\n\n    <div class=\"mainBox\" box-sizing:=\"\" border-box;=\"\">\n\n        <div class=\"boxDiv\">\n\n            <div class=\"boxConsult\">\n                <div>\n                    <h3 class=\"formHeading\" style=\" font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Book_a_Free_Demo_Call_with_Our_People_Security_Expert\"><\/span>\n                        Book a Free Demo Call with Our People Security Expert<span class=\"ez-toc-section-end\"><\/span><\/h3>\n                <\/div>\n                <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/form.svg\" class=\"image\">\n            <\/div>\n\n            <div class=\"formSec\">\n                <div class=\" formSecTwo\">\n                    <h4 style=\"margin-top: 0; font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Enter_your_details\"><\/span>Enter your details<span class=\"ez-toc-section-end\"><\/span><\/h4>\n                    <div class=\"tnp tnp-subscription-minimal\">\n                        <form action=\"https:\/\/threatcop.com\/thankyou-blog\" method=\"get\" target=\"_blank\">\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n\n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"FullName\" value=\"\"\n                                    placeholder=\"Full Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon01.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"email\" required=\"\" name=\"email\" value=\"\"\n                                    placeholder=\"Corporate Email Id\">\n                                     <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon02.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"CompanyName\" value=\"\"\n                                    placeholder=\"Company Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon03.svg\" class=\"img-fluid\" \/><\/span>\n\n                            <\/div>\n\n                            <div class=\"email-container\">\n                               \n                                <input class=\"tnp-email\" type=\"number\" required=\"\" name=\"Phone\" value=\"\"\n                                    placeholder=\"Phone No.\"><br>\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon04.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n                            <input type=\"hidden\" name=\"BlogForm\" value=\"BlogForm\"><br>\n                            <input class=\"tnp-submit interestedBtn\" name=\"submit\" type=\"submit\"\n                                value=\"SUBMIT\">\n\n                        <\/form>\n                    <\/div>\n                <\/div>\n            <\/div>\n\n        <\/div>\n    <\/div>\n\n<\/body>\n\n<\/html>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Patch_Management\"><\/span><span style=\"color: #000000;\"><b>#4 Patch Management<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>Cybercriminals often exploit software vulnerabilities to access and steal sensitive information from an organization<\/b><span style=\"font-weight: 400;\">. If an insurance company fails to update its software patches on time, it becomes highly vulnerable to cyber attacks. To protect your company against cyber threats, it is essential to keep all software updated with the latest patches.&nbsp;<\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Cloud_Vulnerabilities\"><\/span><span style=\"color: #000000;\"><b>#5 Cloud Vulnerabilities<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">With the shift to remote work culture, cloud storage has become a daily norm for the majority of the companies out there. While it makes things much more convenient, it also makes your company vulnerable to a plethora of cyber threats including account hijacking and denial of services (DoS) attacks.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Major_Cyber_Attacks_on_Insurance_Companies\"><\/span><span style=\"color: #000000;\"><b>Major Cyber Attacks on Insurance Companies&nbsp;<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Now that we have discussed the major cyber threats to Insurance companies, let\u2019s take a look at some of the renowned victims of these threats. Here is a list of some of the major cyber-attacks that brought well-known insurance companies to their knees.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Anthem_Healthcare\"><\/span><span style=\"color: #000000;\"><b>#1 Anthem Healthcare<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">In 2014, the renowned health insurance plan provider Anthem suffered one of the biggest <\/span><span style=\"color: #183994;\"><strong><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-for-insurance-companies\/\">healthcare data breaches<\/a><\/strong><span style=\"font-weight: 400; color: #000000;\"> in history, <\/span><\/span><span style=\"color: #000000;\"><b>which led to the compromise of the Personally Identifiable Information (PII) of 78.8 million individuals<\/b><span style=\"font-weight: 400;\">. The stolen records included the names, addresses, social security numbers, and birth dates of the affected individuals. In addition to the loss of data and damaged reputation, <\/span><b>Anthem Healthcare also had to pay around $40 million in damages as well as $115 million to settle a class-action lawsuit<\/b><span style=\"font-weight: 400;\">.<\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_CNA_Financial_Corp\"><\/span><span style=\"color: #000000;\"><b>#2 CNA Financial Corp<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>One of the biggest cyber insurance firms in the US, CNA Financial Corp, suffered a ransomware attack on 21st March 2021<\/b><span style=\"font-weight: 400;\">. The cyber attack disrupted the organization\u2019s customer and employee services for three days as CNA was forced to shut down to prevent further compromise. <\/span><b>The cyber attack utilized a new version of the Phoenix CryptoLocker malware, which is a form of ransomware.<\/b><span style=\"font-weight: 400;\"> Counted amongst the most devastating ransomware attacks, <\/span><b>it cost the company a whopping $40 million in ransom<\/b><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/span><\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"897\" height=\"610\" data-id=\"10065\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2023\/10\/Statement-By-CNA.png\" alt=\"\" class=\"wp-image-10065\"\/><\/figure>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_French_Insurer_AXA_SA\"><\/span><span style=\"color: #000000;\"><b>#3 French Insurer AXA S.A.<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">In May 2021, <\/span><b>the French insurance giant AXA was hit by a huge ransomware attack<\/b><span style=\"font-weight: 400;\"> just a few days after it announced that it will not cover damage caused by that class of cyber attack in France. This attack targeted the insurance company\u2019s Asia Assistance division and affected IT operations in Malaysia, Thailand, the Philippines, and Hong Kong. <\/span><b>The Avaddon ransomware group claimed responsibility for this attack on its dark website along with taking credit for stealing 3 terabytes of its data<\/b><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Tokio_Marine_Insurance_Singapore\"><\/span><span style=\"color: #000000;\"><b>#4 Tokio Marine Insurance Singapore<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">In August 2021, a subsidiary of Tokio Marine Group called <\/span><b>Tokio Marine Insurance Singapore was hit by a ransomware attack<\/b><span style=\"font-weight: 400;\">. This attack exclusively affected the organization\u2019s Singapore subsidiary only. No evidence of impact or damage on other group companies was found by the investigators. As soon as the attack was detected, the insurance company immediately isolated the network to prevent any further damage.&nbsp;<\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Arthur_J_Gallagher_Co\"><\/span><span style=\"color: #000000;\"><b>#5 Arthur J. Gallagher &amp; Co.<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Counted amongst the largest insurance brokers in the world, <\/span><b>Arthur J. Gallagher &amp; Co. was targeted by a ransomware attack<\/b><span style=\"font-weight: 400;\"> in September 2020. The attackers managed to gain access to the data contained within certain segments of the insurance company\u2019s network. Highly sensitive personal, health, and financial information was stored on the systems compromised by the attack. Following the attack, the company was forced to shut down all of its systems to limit the damage.&nbsp;<\/span><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Holistic_Cyber_Risk_Management_in_Insurance_Sector\"><\/span><span style=\"color: #000000;\"><b>Holistic Cyber Risk Management in Insurance Sector<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">As the instances mentioned above clearly indicate, insurance companies are highly vulnerable to various cyber risks. In addition to making the importance of cyber security in insurance companies blatantly obvious, these incidents also show that the security strategy for these companies should be more proactive instead of reactive.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">So, what can you do to protect insurance companies against these cyber risks?<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Well, here are some of the major measures you should definitely include in your cyber risk management strategy for insurance companies.&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\"><b>Conduct Periodic VAPT<\/b><span style=\"font-weight: 400;\">&#8211; Vulnerability Assessment and Penetration Testing (<\/span><\/span><span style=\"font-weight: 400;\"><span style=\"color: #183994;\"><strong>VAPT<\/strong><\/span><\/span><span style=\"font-weight: 400; color: #000000;\">) helps in detecting any weaknesses in your company\u2019s IT infrastructure, enabling you to fix the weaknesses before a malicious actor can exploit them.\u00a0<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><b>Train Your Employees<\/b><span style=\"font-weight: 400;\">&#8211; No matter how expensive, sophisticated, or complex security solutions you implement, your organizations will be vulnerable to cyber attacks as long as your employees don\u2019t have a basic understanding of cyber security. The best way to protect your company against social engineering attacks is to provide them with <\/span><\/span><span style=\"color: #183994;\"><strong><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/benefits-and-purpose-of-security-awareness-training\/\">cyber security awareness training<\/a><\/strong><\/span><span style=\"font-weight: 400; color: #000000;\">. You can use tools like <\/span><span style=\"color: #183994;\"><strong>TSAT<\/strong><\/span><span style=\"font-weight: 400; color: #000000;\"> to make the training sessions effective and engaging.&nbsp;<\/span><\/li>\n<\/ul>\n\n\n<p><iframe loading=\"lazy\" title=\"Why Generate Cyber Security Awareness Among Employees? | ThreatCop |  Kratikal\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/ogDqAa77BAE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\"><b>Ensure Prompt Patch Management<\/b><span style=\"font-weight: 400;\">&#8211; Make sure all your software is kept up-to-date with the latest patches to avoid any exploitable vulnerabilities that may lead to a disastrous cyber attack.&nbsp;<\/span><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><b>Ensure Proper Access Management<\/b><span style=\"font-weight: 400;\">&#8211; Limit a vendor\u2019s access to your data depending on the vendor\u2019s security posture. Make sure your vendors can only access the data they need to get on with their jobs and nothing more.<\/span><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><b>Enforce Strong Password Policy<\/b><span style=\"font-weight: 400;\">: Weak passwords can become a massive vulnerability. Enforce a strong password policy across your organization and make sure your employees use unique, complex passwords for all their accounts.&nbsp;<\/span><\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">With insurance companies coming under fire from all sides, it has become essential to take every preventive measure possible to protect your company. The prospect of massive financial losses, irreparable damage to the company\u2019s reputation, and long draining legal battles are enough to demonstrate the significance of cyber security for insurance companies. So, take the measures mentioned above to make sure your company doesn\u2019t have to suffer the damage only a cyber attack can cause.&nbsp;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the last few years, numerous insurance companies have adopted various digital channels to introduce new products, expand their portfolios, and strengthen customer relationships. While this has significantly helped the insurance companies grow and diversify, it has also exposed them to a myriad of cyber risks. The troves of sensitive data stored by insurance companies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":["post-693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Significance of Cyber Security For Insurance Companies<\/title>\n<meta name=\"description\" content=\"With the rate of cyber crimes rising day after day, cyber security has never been as important for insurance companies as it is today...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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