5 Key Cybersecurity Considerations for Insurance Companies

The connected nature of business environments has increased the severity and frequency of cyberattacks in the insurance sector. Insurance companies face a greater threat than most industries because they deal with sensitive and valuable data stemming from numerous avenues. This has resulted in several high-profile cyberattacks on insurance providers over the past few years.


Risk Management Process For Insurance Companies

Insurance companies know how to protect their clients’ homes, cars, and businesses— but protecting the personal information of those customers is a bit harder to assure. While the insurance industry focuses on risk-based analyses for its own underwriting programs, firms also need to apply those same risk management processes to securing customer information.

Cyber Insurance: Insuring the Intangible

Whichever way you look at it, the talk around cyber has been gathering steam. Plenty of commentators on the insurance market have predicted that 2021 will be the year that cyber insurance comes into its own. Cyber risks are constantly shifting and personal and commercial insurance is fast becoming a must-have. However, it’s hard to draw the line between the two as remote working becomes more common so insurers are finding it difficult to write cyber in a general sense. Demand won’t drop off though. Nor will the threats.

The Changing Dynamics of Cyber Insurance

Almost exactly a year ago, cybersecurity professionals were locked in a heated debate about insurance. While some were keen to point out that the future of the industry would need to include some form of insurance market, others argued that cyber insurance would never be worth the premiums, especially given the inherently volatile nature of cybersecurity. The pandemic has changed all of that.


Data Protection Compliance for the Insurance Industry

Insurance companies are desirable targets for cyber attackers because they work with sensitive data. To ensure the safety of customers’ personal information, insurance companies have to follow strict data protection requirements. These requirements oblige companies to implement the best cybersecurity practices or face considerable fines for non-compliance. In this article, we discuss data protection compliance for insurance companies and how to safeguard customer data.