Ransomware threats to the insurance industry and how to stop them

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The insurance industry regularly faces unique challenges which have only been heightened by the pandemic. Organizations in utilities, healthcare, food, and agriculture sectors have typically been the highest-profile industries for cyber thieves. However, in the past year, we’re now seeing the insurance industry facing extraordinary increases in cyberattacks.

The threat against the insurance industry became clear when a significant ransomware attack recently hit one of the largest insurance companies in the United States, resulting in the loss of client data, including names and Social Security numbers, when it was offloaded to a hacker’s website, and perhaps the largest ransomware payout in history of $40 million dollars.