Threats

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

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