Cybercriminals are intensifying their attacks on the insurance industry. The combination of sensitive customer data, tough regulatory requirements and often understaffed security teams makes the sector a particularly attractive target, says cybersecurity specialist Integrity360, accredited by CREST and recognized by Gardener, which is now warning of increased risks and urging insurance companies to strengthen their defenses.

Insurance companies handle large amounts personal and financial informationThese data is not only valuable for companies business, but also for criminal groups who see opportunities for identity theft, fraud and extortion. At the same time, regulatory requirements from authorities mean that the industry must meet high standards for data security and compliance. A short downtime can therefore have far-reaching consequences – both financially and for the trust of customers and partners.

Incidents happen when preparedness is low

According to Integrity360's ongoing efforts around Incident Response (IR) and Cyber Risk Assessment (CRA) Incident patterns show that attacks often occur when security teams are understaffed. Periods such as weekends, vacations and quarter-ends are identified as particularly vulnerable, as the response time to detect and handle incidents is at risk of being extended.

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Cybercriminals target several different attack routes:

• Theft of sensitive customer and financial information.
• Exploitation of regulatory compliance deficiencies.
• Utilization of interconnected IT systems and partnerships.

– “We want to make the insurance industry aware that it is not enough to just have a plan on paper – it is about knowing that everyone within the organization and partners can execute it effectively under real pressure,” says Christian Schenholm, Sales Director at Integrity360 Sweden.

Major consequences for insurance companies

Unlike many other sectors, the insurance industry is particularly vulnerable to cyberattacks because its operations are based on the availability of reliable dataWhen systems are attacked or become unavailable, organizations not only risk economic losses, but also long-term damage on customer trust and brand.

The most common consequences of incidents are:

• Operational disruptions which affects claims handling and customer service.
• Economic damages through direct costs, fines and legal proceedings.
• Loss of customer confidence which can have long-term effects on the market.

With the increasing digitalization of insurance services, and the fact that the sector is strongly integrated with banks, authorities and healthcare providers, the risk picture is growing further.

Integrity and compliance under pressure

Insurance companies are often dependent on meeting complex and ever-evolving regulatory requirements. The General Data Protection Regulation (GDPR) is just one example of the stringent legislation in force in Europe. Failure to comply with these requirements can lead to high fines and serious legal consequences.

At the same time, the increased amount means sensitive customer data that the risks are increasing because cybercriminals see insurance companies as a particularly profitable target. Attacks are also becoming increasingly sophisticated, with attackers leveraging AI, advanced social engineering and targeted phishing campaigns.

Three free resources from Integrity360

To support insurance companies in building resilience and preparing for incidents, Integrity360 is launching three free resources aimed at security and compliance managers:

1. An informational video which explains the phases of incident response and how an organization should act at each stage.
2. A CRA checklist to identify potential weaknesses in the organization's current protections and processes.
3. An incident preparedness test which quickly provides an overview of the organization's ability to handle real incidents.

The purpose of these tools is to give insurance players a clearer picture of their strengths and weaknesses, thereby increasing the chance of acting quickly and effectively when an attack occurs.

From reactive to proactive defense

An important point that Integrity360 highlights is the need to shift focus from a reactive to a proactive defenseIt is no longer enough to act only after an attack has already occurred. Insurance companies need to:

• Strengthen their security teams with more resources and expertise.
• Implement clear and tested incident plans.
• Collaborate with partners and suppliers to ensure that external systems also maintain the correct level of protection.
• Invest in threat intelligence and AI-powered tools for early detection of new attacks.

A call to action for the entire industry

Integrity360's message is clear: the insurance industry must take cyber threats very seriously. Organizations should not view cybersecurity simply as a cost, but as a critical investment in customer trust and the long-term survival of the business.

With the three new resources, the company wants to make it easier for actors to increase their preparedness and create a culture where safety is prioritized throughout the organization.

– “Insurance companies hold some of society's most sensitive data. Not being prepared for a cyberattack is simply not an option,” concludes Christian Schenholm.