Threats in Insurance Sectors

Summary of threats in Insurace sector
Focus Areas:

1. 81% insurers states sophistication of the attack is primary barrier to ensure information security

2. 77% attacks are due to Malware, Phishing & botnets.

3. Compliance failure can leads to large fines or imprisonment with privacy regulations

4. Insurance business revolves around trust, a major breach can have a real impact on an insurer  brand and market value

5. 23% insurers reported that they suffered a loss of ~ $250 K in last 12 months

Targets:

1. 35% insurers reported that they experienced between 1-5 breaches in past 3 years

2. 81% of large business firms suffered a breach in the last year with average cost of breaches to business nearly doubling

3. Banks are getting better at defending against cyber attacks, hence criminals are targeting insurance sector

4. 40% of insurance firms confirm the probability of a "high-impact event" in last 6 months

 

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With banks the target is money. Phish, tranfer to dummy account, use money mules ---- enjoy.
With other sectors the target would primarily by credit card numbers followed by other PII that might help perpetrate identity theft. Since banks are getting better (so all of of think) the crooks have increased focus on retail (credit card info).

With the insurance sector are the attacks really increasing in sophistication or it is relative ignorance on the part of the security groups in this area?