Cybersecurity threats are among the most important risks facing the insurance industry. Common cyber threats affecting insurance providers include both external attacks such as phishing or malware infections and insider threats caused by human error or malicious employees. Attacks on insurance firms can result in significant damages such as fines, legal fees, or lawsuits, as well as in the loss of customer trust. Since the insurance business revolves around trust, a major breach can seriously impact an insurer’s brand and market value.
Find out more about internal data security threats.