Security News > 2022 > April > Insurance industry being ravaged by high rate of cyberattacks

While most people would not think of the insurance sector as a focus for cyberattacks, new findings show that the industry may have a serious security problem.

The recently released Cyber Insurance Risk in 2022 report from Black Kite shows that 82% of the largest insurance carriers are the focus of ransomware attacks from cyber criminals.

The report, which examines rising cyber risk concerns and ransomware susceptibility in the insurance sector, found that 20% of the top 99 insurance carriers have a high rate of vulnerability to ransomware.

"The sheer amount of data generated in the insurance industry makes the effort more worthwhile to cybercriminals," said Jeffrey Wheatman, senior vice president and cyber risk evangelist at Black Kite.

To make matters even worse, the report found that insurance companies are also vulnerable to phishing attacks.

Of the companies analyzed, 82% of insurance companies are susceptible to this type of attack, signaling a need for the industry as a whole to reevaluate its security policies and procedures.

News URL

https://www.techrepublic.com/article/insurance-industry-being-ravaged-by-high-rate-of-cyberattacks/