After several years of devastating data breaches, ransomware attacks and costly business disruptions, I am not at all surprised that a recent Allianz report cited the risk of cyber incidents as the number one concern for global company leaders this year.
According to the 2024 Allianz Risk Barometer survey, which included views from 3,069 respondents at companies of all sizes and across all industries, “data breach is the cyber exposure of most concern … followed by cyber-attacks on critical infrastructure and physical assets and the increase in ransomware attacks.”
The report also notes that 2023 saw a “worrying resurgence in ransomware and extortion losses” and that ransomware activity could cost its victims $265 billion annually by the start of the next decade.
As noted in the report by Rishi Baviskar, global head of Cyber Risk Consulting for Allianz Commercial,preventing cyberattacks is not an easy undertaking. “Protecting an organization againstintrusion is a cat and mouse game, in which the cyber criminals have the advantage,” he said.
He further notes that, “Threat actors are now exploring ways to use artificial intelligence [AI] to automate and accelerate attacks, creating more effective malware and phishing. Combined with the explosion in connected mobile devices and 5G-enabled Internet of Things [IoT], the avenues for cyber-attacks look only likely to increase in future.”
The insurance industry is not immune from these risks. If anything we are a growing target thanks to the amount of sensitive personal data we hold and our increased reliance on technology. So why aren’t we doing more to safeguard our systems?
The industry must come together to enhance our overall cybersecurity and ID Federation’s SignOn Once is the best place to start. SignOn Once is a proven trust framework and process that not only improves insurance agency and carrier security, but also increases operational efficiency. Let’s make 2024 the year we actually get ahead of cybersecurity threats. Contact your carrier about implementing SignOn Once today.
