Re/insurers must evolve alongside cybersecurity landscape
Saturday, 08 15 2020, Category: Technology, Country: World
There has been an increase in fears around the potential for cyber security incidents during the COVID-19 pandemic, highlighting the need for re/insurers and brokers to evolve alongside the cyber risk landscape, reports Allianz.
The concerns have arisen after many businesses are being required to adopt wide-scale remote working for their employees as a result of government enforced lockdown measures related to the ongoing COVID-19 pandemic.
With many employees working from home and students learning virtually, enterprise virtual private network (VPN) servers have now become a lifeline to companies/schools, and their security and availability will be a major focus going forward.
As noted by Allianz, re/insurance companies aren’t immune from cyberattacks, since cyber criminals are aware that insurers hold enormous amounts of data and personal information on their policy holders which can be very profitable. However, re/insurance and financial businesses will most likely have their own cover against a breach and have surveillance on future potential risks.
The large German insurer stresses that insurers and reinsurers must be able to invest in their own cyber security, since companies that cannot protect themselves cannot expect customers to trust them for protection and advice.
Considering the vast amount of personal, financial and other sensitive information possessed by insurers, it’s important for them to also take appropriate security measures and closely monitor cyber risks.