Watch Out Insurers: You’re In The Crosshairs Of A New Form Of Cyberattack

Insurance companies are in the crosshairs of a new set of cyberattacks, prompting a cyber leader to ring alarm bells for Canadian insurers.

The vulnerability lies in the P&C industry wanting to make life easier for consumers, explained Matt Cullina, Sontiq’s head of global insurance business. Sontiq recently acquired CyberScout.

Many insurers these days are touting themselves as being able to provide an online quote in mere minutes. Hackers are taking advantage of this quicker service to steal consumer information.

Here’s how it works: Hackers input personal information, likely obtained through another data breach, into an insurance company’s quoting platform.

The insurer then uses a third-party vendor to quickly populate the fields of a submission form with other information related to the consumer being impersonated.