Cyber security risks are a big topic in insurance circles, but most of the conversation revolves around creating products to manage cyber risks. Less attention is paid to the risks of cyber breaches inside insurance carriers and others in the industry. The risks are real, of course, because the insurance industry collects a lot of data on its clients — data that hackers and thieves would love to exploit.
Does it surprise you that the vast majority of cyber breaches are caused by employee mistakes or deliberate wrongdoing, and not by external attacks? According to the global company Willis Towers Watson, external attacks account for only 18 percent of cyber breaches. Two-thirds are caused by employee negligence, such as losing laptops or accidentally disclosing information, or by actions of “rogue” employees.
So what can insurance carriers, managing general agents or program administrators do to protect the data entrusted by their customers? Willis Towers Watson suggests companies provide more cyber security awareness training more often; adopt a ‘learn by doing’ training approach; gamify training; appoint employee ‘cyber ambassadors’; ensure the IT department has the right skills; and evaluate corporate culture to make sure it supports cyber awareness.
Be assured that if you choose to deploy a NetRate solution on the Cloud, we have the latest security protocols to ensure your data stays your data. Further, our hosting facilities incorporate the latest standards to ensure the best possible reliability, security and processing capabilities.