CLOUD & CYBER automation , this approach can lead to faster and more informed decision-making and dependable data-driven outcomes – crucial for insurers in today ’ s highly competitive and regulated market .”
How can insurers prevent against cyber threats ? The potential dangers , when insurers don ’ t safeguard the integrity of customers ’ data , is plain to see . As well as the inevitable data loss and reputational damage , companies who fall foul of hackers can then find themselves on the sharp end of the regulatory and legislative whip .
“ A data protection breach can erode consumer trust in your company , leading to a loss of custom or revenue ,” explains Louise Perkins , a Partner at Haseltine Lake Kempner LLP .
Ransomware continues to be the most pervasive threat facing targets like insurers . According to IBM X-Force , of all backdoor attacks , 70 % are failed ransomware attempts .
insurtechdigital . com 107