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8/6/20241 min read

worm's-eye view photography of concrete building
worm's-eye view photography of concrete building

Cyber-attacks in the insurance sector are growing exponentially as insurance companies migrate toward digital channels in an effort to create tighter customer relationships, offer new products and expand their share of customers’ financial portfolios. This shift is driving increased investment in traditional core IT systems (e.g., policy and claims systems) as well as in highly integrated enabling platforms such as agency portals, online policy applications and web- and mobile-based apps for filing claims. Although these digital investments provide new strategic capabilities, they also introduce new cyber-risks and attack vectors to organizations that are relatively inexperienced at dealing with the challenges of an omni-channel environment. What’s more, the challenges are likely to become more complex as insurers embrace big data and advanced analytics that require collecting and handling vast amounts of consumer information. As insurers find new and innovative ways to analyze data, they must also find ways to secure the data from cyber-attacks.