3 Essential Cybersecurity Strategies for Insurers to Ponder
As technology continues to progress, insurance companies are faced with an ever-growing risk of malicious attacks that could jeopardize the data they retain on their policyholders. It is anticipated this threat will only increase in frequency and intensity over the coming years.
In today’s digital age, the chances of facing a cybersecurity attack are increasingly high. Data shows that the United States faced 46% of the world’s cyberattacks in 2020 alone – a worrying figure more than twice higher than any other nation. It is no longer “if” an organization will be targeted by hackers; it’s when they can expect to encounter such a threat.
As the risk of digital breaches increases every year, companies in high-risk fields must take a proactive approach to security. It isn’t about being more prepared than competitors – it’s about evaluating your resources and determining which ones are worth protecting from attack. This will help you determine your level of susceptibility and what preparation steps need to be taken.
Predicted to become more frequent and intense in the future, cyber-criminals are increasingly targeting insurance companies for their vast caches of personal information. The massive amounts of Personally Identifiable Information (PII) stored by insurers are highly sought-after resources on the dark web, with millions of Americans already affected. To protect their policyholders from nefarious actors, it’s essential that these organizations continually invest in cutting-edge security protocols and practices.
With the cyber threat landscape constantly evolving, 68% of business leaders feel like their cybersecurity risks are rising. As a leader in an insurance firm, it is time to take action and guarantee that you are fully prepared for any impending threats. Here’s how: maximize your team’s efficiency and response times by taking preventative steps to limit all potential risks posed by cybercriminals.
1. Prepare Your Employees with the Essential Skills to Reduce Risk
It is critical to consider all potential vulnerabilities when analyzing security risks. A study revealed that 95% of cyber-attacks are caused by human error, which can happen at any access point during online activity. Therefore, teaching employees the appropriate digital safety techniques should be a top priority to prevent misfortune.
Here are some tips and tricks for keeping your data secure:
- Instill the Responsibility of Device Care — Recent data from Forrester revealed that 15% of corporate intrusions are caused by lost or stolen devices. With remote work on the rise, it is crucial to be proactive and take precautions; any device–personal or professional– can become a gateway into your network. To stay safe, IT teams should consider investing in a device management solution that allows them to manage employee devices remotely and minimize risk exposure. However, this must only serve as an additional security measure—it shouldn’t replace existing solutions.
- Educate Staff to Identify Suspicious Behavior — To maximize the safety of their devices, employees must be trained to recognize any possible signs of suspicious activity. This could include new apps and programs suddenly appearing on their device; a slow-down in performance for no clear reason; added browser extensions or tabs that weren’t there before; as well as loss in mouse/keyboard control. Thus, it is essential for all personnel using company equipment to stay alert and mindful of such occurrences.
- Safeguard Confidentiality at All Times — Make sure to properly communicate the importance of secure processes such as virtual private networks (VPNs), multi-factor authentication, and frequent password changes to all staff. Showcase tangible examples of data breach consequences in order for employees to comprehend that threats can arise anytime, anywhere – placing them and their confidential information at risk too. This will emphasize how imperative careful security management is for everyone.
- Make the Most of Training and Online Courses — To ensure your organization’s safety, frequent “security check-ins” and comprehensive virtual training courses are available from the Federal Trade Commission, Department of Homeland Security, and other reputable sources. These invaluable tools will equip you with everything you need to protect your business from harm.
2. Unlock the power of Artificial Intelligence (AI) and Machine Learning (ML)
As insurance companies become increasingly digitized, the employment of artificial intelligence and machine learning techniques can help mitigate risk. Data aggregation is a powerful tool for combating malware, ransomware, as well as advanced persistent threats (APT). AI & ML allow for exponentially faster data analysis to detect anomalies within datasets. Implementing these technologies further enables continuous monitoring of workflows and rapid response should an attack occur.
When searching for a cybersecurity solution to secure your firm’s data, you must be sure that it follows certain measures. Make access control management, examining data behavior, encryption of large volumes of information, and prevention from potential leaks top priorities in order to ensure the safety of your insurance business.
3. Design a Detailed Action Plan
Having a well-defined plan and protocol can bring peace of mind to all stakeholders – insurance leaders, investors, and customers. This strategy should encompass all possible safety protocols as well as emergency actions. Here are some suggestions for best practices:
- Data Privacy Rules and Regulations: Designed to deliver a comprehensive overview of corporate data processing and guarantee the utmost safety, this guide will ensure your company’s security.
- Retention Policy: This document outlines the specific requirements for where and how long corporate data must be retained, providing a comprehensive overview of storage and archival processes.
- Data Protection Policy: Uncovering the way an organization manages the private data of its employees, customers, vendors, and other external stakeholders is essential.
- Unfortunate Occurrence Reaction Plan: To guarantee a swift, competent, and systematic answer to security issues including ransomware strikes and breaches, appropriate responsibilities and processes must be followed.
Despite the possibility of a cyber threat appearing to be remote, it is essential for insurance firms to optimize their preparedness and security in order to protect against potential attacks. In recent years, countless businesses regardless of size have fallen victim to cyberattacks – an unfortunate trend that continues today. If your company relies on digital systems or employees engage with the online ecosystem, chances are high that you may experience either attempted or successful intrusion attempts.
Can your organization risk an unexpected disaster? If the answer is a resounding no, it’s time to act! Protect what matters most – resources, personnel, and especially customers. Put your plan into motion now so you can be sure of security in any situation.