According to PwC, cybersecurity is becoming the number one concern for a number of insurance companies due to the volume of personal information they have on clients.
The report stated that, “the chief concern is the security of the ever growing volumes of data that insurers hold in cloud-based storage systems. For many, major breaches are inevitable; the question is how much damage they will cause.”
The report went on to note that insurance companies have a huge target on their backs because of “credit card information, medical information, and other underwriting information,” according to PwC. As one risk management professional noted, “it’s not a matter of if but when it will happen.”
Computing has the whole story on the potential dangers insurance companies are facing in the cyber world.