How to Avoid Ransomware Attacks in the Insurance Industry

Ransomware breaches pose significant risks to insurance providers, impacting their finances and reputations. With the rise in sophisticated attacks, providers must take proactive measures to prevent data breaches. This requires elevating the conversation from IT departments to C-suite executives, emphasizing asset protection and risk management. Identifying system vulnerabilities from unpatched software or password attacks is essential, but it’s equally important to recognize that phishing emails are a primary delivery method for ransomware.

Modern phishing emails are far more advanced than the crude scams of the past. They now leverage artificial intelligence and vast amounts of personal data, creating emails that appear highly personalized and credible. A penetration test at a financial organization revealed that 4% of employees fall for these phishing attempts, underscoring the need for robust preventative measures.

Hackers obtain personal information from over 250 data brokers, who collect and sell data from various sources, including public records, social media, and even COVID-era restaurant apps. This data enables hackers to craft convincing phishing emails that can easily deceive employees.

To protect against ransomware, insurance companies must invest in employee education and tools that monitor and remove personal information online. Providing corporate accounts for these services can help prevent personal data from being used in phishing attacks. Additionally, implementing VPNs and VoIP numbers can replace authentic information with untraceable data, further reducing the risk.

By focusing on prevention and reducing access to personal data, insurance providers can avoid the severe consequences of ransomware attacks. This proactive approach is not only cost-effective but also enhances the organization’s resilience against cyber threats.