Insurance cybersecurity: Thoughts for what 2021 will bring

Insurance cybersecurity has become an increasingly vital digital resource.  

Over the past few years, the frequency and sophistication of cyber attacks on the insurance industry has dramatically increased. Insurance sector data breaches have resulted in more than one hundred million Americans being exposed, their data leaked and their personal information made vulnerable. 

Growing threats to essential information

Insurance cybersecurity has always been crucial. In the insurance industry, data is king. Every insurance provider utilizes large stores of data—the personal and private information of their policyholders—to determine rates and how various other services are implemented. 

Ensuring that data’s reliable and secure use is paramount to the continued productivity of any provider. The Cyber Division of the FBI reported a four hundred percent increase in the frequency of cyberattacks in comparison to pre-pandemic conditions. That translates to more than 4,000 cyber attacks every day. 

Working outside the office

The pandemic saw the increased use of video conferencing apps, project management software and other technology that makes remote work possible and productive. It was a period that tested many and forced others to adapt to this more expansive digital for the first time. Many insurance cybersecurity teams—if those companies even had them—were not ready to plug all the holes in the metaphorical digital dam. 

As quickly as these changes came, the risk to companies and other organizations within the insurance industry rose exponentially. Digital devices such as virtual private networks saw increased use, testing the limitations of the technology. Many individuals were using portable and personal digital devices which, if not properly secured, are access points easily exploited by hackers and other opportunists.

Expanding your digital capabilities

Many have seen the shift to a remote working environment as a positive, increasing the amount of flexibility employees have, largely boosting productivity overall and helping many achieve a more positive work/life balance. However, all these positives will require companies, large and small, to invest in insurance cybersecurity assets.

In short, more secure digital resources to reduce those data breaches that erode customer confidence make you more competitive within the industry. According to a recent Deloitte financial services survey, more than 60 percent of those surveyed planned to increase their spending on digital services and staffing. 

Working with our recruiters provides access to insurance cybersecurity talent compatible with your company cultures and to a national talent network not limited by geography, increasing the available talent pool during a time of relative scarcity. 

The James Allen Companies will continue to serve our clients by supplying today’s best candidates for traditional positions and for those emerging roles. Insurance cybersecurity is a resource none us can afford to ignore. Work with us to keep your digital transition safe and secure.