BAE Systems

The pandemic has driven rising levels of cyber risk and online fraud for insurers. We measured these in a major ‘COVID Crime Index’, in which this piece explores the direct impact on the insurance industry and the essentials of cyber risk mitigation for the sector. 
 

It’s increasingly clear that the best way for insurers to protect themselves and their customers from the escalating risk of security breaches and fraud is to focus strategy on three essential pillars: people, process and technology.

Insurance Insights: The Covid Crime Index ipad tile image

Complimentary report: COVID-19 and insurance fraud - lessons learned from 2020 and beyond

This piece focuses on the impact of the pandemic on the insurance, in terms of fraud and cyber risk. This represents a major opportunity for insurers to differentiate on improved protection and outreach. But what does that look like in practice? The report provides detailed insights on the three essentials of cyber risk mitigation: people, process and technology.

A glimpse inside...

Much of this activity was targeted at insurers themselves, in the form of cyber attacks designed to steal data and/or deploy ransomware.

Among the most common changes in the threat landscape insurers reported in the ‘COVID Crime Index’ were:

 

Increase in ransomware (33 per cent)

Rise in botnet attacks (33 per cent)

Insider threats (33 per cent)

Phishing attacks (31 per cent)

COVID-themed malware (28 per cent) 

 

Many of these were designed to hit the new weakest link in the security chain: home workers who may be more distracted and/or using insecure personal IT equipment. Some 85 per cent of respondents admitted remote working is making their organisation less secure.

Download the insight paper and the full COVID Crime Index report

banking sign up

 

Sign up to get the latest banking industry intelligence

Stay on top of banking fraud and compliance news by signing up to our BAE Systems Banking Insights series. Hear from industry experts sharing their views on hot topics and new technologies within banking. Delivered fresh to your inbox. 
 

 
 
 
Get in touch with our experts today

 

Americas  +1 720 696 9830  | Europe, Middle East  +44 (0)330 1585268 | AsiaPac  +61 290 539 330