Organizations often must deploy strict security measures in order to lower the cost or qualify for cyber liability insurance, especially in terms of multi-factor authentication (MFA) and phishing prevention. However, insurance companies themselves face considerable scrutiny when it comes to their own cybersecurity practices and vulnerabilities.
The modernization of the insurance industry created opportunities to broaden coverage delivery and increase margins through improved data operations, and the pandemic accelerated this digital transformation. In 2021, insurtech funding grew 21%, reaching an all-time high of $15.4 billion. However, this greater leveraging of digital tools and data operations has opened up significant security challenges for insurance firms. ...read more!
