The insurance sector has been undergoing digital transformation for years. The introduction of innovative technologies, such as artificial intelligence and automation, is intended to improve organizational efficiency and customer satisfaction. However, this digitization also has a dark side—increasing cyber threats. Insurance companies are a tempting target for cybercriminals because they have access to vast amounts of sensitive data. This includes personal information (PII), financial data, and even confidential medical information (PHI and ePHI), which is worth its weight in gold on the black market.
Frequently used attack vectors include social engineering, including phishing, and ransomware. The human factor is one of the weakest links in security systems, and statistics show that 70-90% of data breaches originate from social engineering activities, mainly phishing. These attacks are particularly effective because they manipulate users, bypassing even advanced technical security measures if employees are not properly trained. Furthermore, in 2024, the number of ransomware attacks increased by approximately 25% compared to the previous year, and losses, especially those related to operational downtime, were the largest source of costs in cyber insurance policies.
How does Softinet support the insurance industry?
To effectively counter these threats, insurance companies need a comprehensive approach to cybersecurity. Our solutions cover three key areas:
1. User security and access control
- Phishing Awareness: 94% of cyberattacks start with phishing, and human error accounts for 74% of breaches. Our service offers personalized, simulated attacks and training that teach employees to recognize and report threats. This helps companies save on breach-related costs and meet regulatory requirements.
- Multi-factor authentication (MFA): Implementing MFA adds an extra layer of security beyond passwords, making unauthorized access more difficult even if passwords are stolen.
- Privilege Access Management (PAM): PAM provides strict control over privileged accounts by monitoring all activities, reducing the risk of internal threats and ensuring regulatory compliance.
- Single Sign-On (SSO): SSO simplifies the login process for users while centralizing access control and enhancing security.
2. Network, email, and application security
- Mail Security: Email is the main vector for threats. Our technologies scan messages for phishing using machine learning, which significantly reduces the number of malicious messages and minimizes the risk of successful attacks.
- Data Loss Prevention (DLP): Due to the sensitivity of the data they handle, DLP systems are crucial in the insurance sector. DLP monitors and controls data flow, preventing data leaks. For example, it can block the sending of sensitive data to private email accounts or copying to USB drives.
3. Proactive risk management and business continuity
- SIEM/SOAR, EDR/XDR, NDR: These tools provide comprehensive real-time threat monitoring and detection, as well as incident response automation, which is critical in the face of stringent regulatory reporting requirements.
- Backup / Storage and servers: Ransomware attacks can cause serious business interruptions. We offer backup solutions that minimize downtime after an incident and ensure business continuity.
- SOC service: Our Security Operations Center (SOC) provides continuous monitoring, detection, and response to threats, which is crucial in a dynamic threat landscape.
Download our ebook “Cyber threats in insurance”!
Would you like to learn more about these challenges and solutions? Download our ebook, where we discuss in detail how Softinet’s comprehensive approach can help your organization build lasting resilience against digital threats.