Ransomware threat as high for insurers as it is for their clients
Access controls and unified systems will protect insurance firms managing vast quantities of sensitive data.
The frequency and sophistication of ransomware attacks is a concern for organisations globally, with Marsh revealing that 17% of cyber claims it receives are related to ransomware.
However, while it’s crucial that insurers continue to serve this market, they must also invest internally to ensure that their cybersecurity protocols are watertight, providing the required level of protection amid a heightened threat landscape.
Additionally, stipulations of the Digital Operational Resilience Act (DORA) are increasing the scrutiny on financial services firms that operate in any capacity in the EU, demanding proactive measures to ensure compliance.
According to Yohan Lobo, senior industry solutions manager at M-Files, insurers can respond to the growing threat of bad actors by bolstering the security and privacy of their documents and data.
Yohan said: “Insurance firms globally are under mounting pressure from both regulators and hackers to implement an impenetrable cybersecurity strategy that keeps customer data safe. As financial service providers who handle masses of personal and financial information, they are prime targets for attacks.
“Ensuring that access controls are automated and only authorised personnel can view confidential information will reduce the likelihood of a breach. Utilising technology to apply restrictions reduces the risk of manual error, with built-in audit trails providing visibility regarding who has accessed certain files and any historical changes they have made.
“To comply with DORA’s rigorous incident reporting guidelines, firms should introduce measures to join up disparate systems and allow staff to access any information they need from one single source. Reports of any incidents must be submitted within strict timelines to avoid penalties, underscoring the need for efficient access to resources across repositories.
Yohan concluded: “Complacency will only result in backlash, in the form of either a cybersecurity breach or a penalty from the EU for non-compliance. Implementing measures to increase resilience will protect an organisation’s reputation and prevent any negative impacts on customers.