On July 2018, SingHealth, the largest network of healthcare institutions in Singapore, had been under a severe cyber-attack and the personal data of around 1.5 million patients, including those of Prime Minister of Singapore, Lee Hsien Loong, was stolen. – Straits Times reports
The insurance industry is one of the richest data-driven business, and the consequences of a data breach extend far beyond the reputational damage that results from negative news headlines.
Insurance companies: An appealing target to hackers
Data is both, asset and liability, and the business of insurance is based on dealing with various uncertainties. In the past couple of years, the insurance industry performed badly in the cyber-battle. Despite having collected all the sensitive information, technology innovations and new business models caught insurers off-guard.
In September 2017, AXA suffered a cybersecurity breach in Singapore, in which the data of 5,400 of its customers were compromised. Such recent attacks highlight the fact that the companies which collect individual personal data are attractive prey for the cybercriminals.
A single security breach could cost more than a company earns in a year, however many organizations still don’t recognise the vitality of investments to combat the potential data security incidents.
Prevention of Data Breach:
Eugene Lee, director of business development at Connectivity Global, while sharing his insights to Insurance Business; on measures to be taken to mitigate cyber risks said:
“Companies which collect individuals’ personal data are an attractive target for cybercriminals and these companies should ensure that necessary steps are taken to mitigate these cyber risks.”
The insurance industry cannot afford to take a reactive approach. The insurance industry is entrusted by the custome