Why Are Insurance Companies the Target of Cyber Attacks?

Insurance companies are among the companies most vulnerable to cyber-attacks. These companies must realize the value of their data to attackers to protect themselves from potential breaches.

Insurance companies possess vast amounts of personal, financial, and health information that, if breached, can have severe consequences. Such negligence can result in financial losses and reputational damage.

The Security Industry – A Target of Attackers

Cyber attackers seek information, and they find a wealth of it in insurance companies. When targeting these companies, attackers can access contact information, financial data, personal information such as addresses and dates of birth, and even some medical information. Attackers also try to deceive employees into disclosing information and passwords, which has become even easier with the rise of remote work.

What Are the Main Damages Caused by These Attacks?

Reputation damage is a significant consequence of cyber-attacks. In a Security Magazine survey, 80% of clients said that they would not use the services of a business that had compromised their data, and 85% said they would share their negative experience with others. Negative publicity can result in significant customer losses and financial damage.

Legal penalties
are another consequence of cyber-attacks. Regulations protect customer rights and data, and institutions face heavy penalties if these regulations are violated. Recovering from this damage can be challenging and consequential.

How Can PBC Help You Secure Your Company?

Given the sensitivity of the security industry, companies must prioritize data security. Implementing the latest security practices and educating employees about cyber risks and threats is essential. UKITES by PBC can help ensure that your security is at the highest level. For more information, contact UKITES by PBC at info@ukites.co.uk