MGA : TPA

According to IBM ’ s latest Threat Intelligence Index , the finance and insurance industries are the second biggest target globally for scammers , accounting for nearly a quarter ( 22.4 %) of all known cyber attacks . Only the manufacturing sector recorded more attacks in 2021 , something which IBM attributes to emerging vulnerabilities such as the weakening of global supply chains . It was the first time in more than five years that finance and insurance was not the most targeted industry , highlighting the persistent threat that exists to insurance carriers and insurtechs .

GRC International Group is a provider of IT governance , risk management and compliance solutions . Its CEO , Alan Calder , tells InsurTech Magazine :

“ Cybercriminals are pros at accessing , exfiltrating and monetising personal databases . They ’ re good at extorting organisations that hold personal data , and then extorting the data subjects to keep the data confidential . Insurers , like all organisations , are being pushed into increasing digitisation and automation and , unless cyber security and privacy issues are considered in detail as part of project planning , organisations tend to leave large holes in what should be secure systems . Cyber criminals find and exploit these gaps . As well as these technical vulnerabilities , cyber criminals regularly ‘ social engineer ’ staff into providing access to systems and data .

“ This all means that insurers have to build privacy by design into their systems , and they have to train and keep their staff continuously aware of the ever-changing social engineering attacks that are being focused on them .”

CAROLINE CARRUTHERS CHIEF EXECUTIVE , CARRUTHERS AND JACKSON

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