Insurance

Should Insurance companies offer Cyber Insurance

Should Insurance companies offer Cyber Insurance

Insurance companies are looking at creating Cyber Insurance products to take to the market. They see this as an opportunity to sell insurance.

But are they really geared up to protect themselves from Cyber attacks?

Insurance companies need to improve their own Cyber resilience so that they are in a position to service their client base during times of adversary.

Views by Farshid Kapadia

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

Impact of DDoS attacks on Banking Industry

Impact of DDoS attacks on Banking Industry

In my recent interactions with various senior level executives of Banks, I realised that one common threat which is bothering the Banking Industry is the distributed denial of service attacks (DDoS) and Banks are struggling to come up with a strategy / solution to check this. It has to be noted that no two DDoS attacks are similar in nature and they can probably last from a few minutes/ hours to several days. The attackers can be individuals, organized groups or any one for that matter.

Subscribe to RSS - Insurance