Insurance sector amongst the other financial sectors is highly prone to cyber-attacks as they hold a huge amount of personally identifiable data and highly sensitive consumer financial data. Vault's mission-critical services, comprehensive back-office services and global IT infrastructure will help insurers reduce risk costs. The necessity to protect this plethora of sensitive data is increasingly growing due to introduction of notifiable data breach schemes across the globe. In order to establish protection against the potential attacks, the company needs to perform a thorough risk assessment in order to identify the vulnerabilities and gauge the potential threats.
Benefits of cyber security in insurance industry
- Risk assessment
- Tested security plan
- Sound security culture
- Compliance management