By Irv Kantar, as published by Property Casualty 360° on August 3, 2018.
Have you noticed lately how complicated it’s gotten to sign in to your accounts? It’s not enough to have a strong password. You may also need to enter a one-time PIN that is emailed to you or texted to your phone.
You can thank the rise in cyber crime and a host of new cybersecurity rules — from the New York Department of Financial Services Division, European Union, NAIC and federal government — for these new login requirements. As the financial services industry doubles down on these new rules, there are sure to be changes in the way agents and carriers do business. From personal data protection to multi-factor authentication, the industry is spending more time and money on digital and online security.
Cyber crime now costs an estimated $600 billion globally. In fact, the Ponemon Institute reported last year that cyber crime costs went up 23% in just one year and that the average cost to U.S. companies in the financial services sector is more than $17 million. Data breaches rose 27%, and ransomware attacks doubled.
With cyber crime an ever-growing threat, we all must do our part to safeguard our systems against attacks and make sure that our customers’ personal data is protected.
