Industry leaders in insurance and cybersecurity are urging insurers to enhance their cyber resilience in the face of mounting threats, including ransomware and token theft. According to recent findings, 60% of businesses affected by ransomware have shut down within three years, raising alarms about the growing vulnerability of firms relying on outdated security systems.
At a roundtable event hosted by cybersecurity firm Intersys, experts discussed the rising dangers posed by ransomware and highlighted the increasing prevalence of “quishing,” a type of QR code phishing. This threat has surged dramatically, accounting for just 0.8% of phishing attempts in 2022 but escalating to 12.4% in 2024.
The discussion, which included senior representatives from companies like The Camelot Network, Devonshire Underwriting, and Neo Ventures, emphasized the importance of insurers staying ahead of evolving cybercriminal tactics. While multi-factor authentication (MFA) remains a critical tool for cybersecurity, experts warned that cyber attackers are increasingly bypassing it by stealing access tokens, further complicating defense efforts.
The panel concluded that insurers must adopt more robust cybersecurity frameworks and integrate advanced threat detection strategies to effectively mitigate emerging risks and safeguard against evolving cyber threats.
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