We’ve all heard a flight attendant tell passengers to don the emergency air mask first before they try to help others. The same concept holds for cyber insurance companies, some of which have been struck hard by hackers.
“It is imperative that not only we protect with modern technology and innovation needed in this market, but you also protect your own infrastructure, because cyber criminals are looking for crown jewels, and where else would you go if not an insurer itself that is insuring cyber risks,” Jack Kudale, CEO of Cowbell Cyber recently told an industry group, as quoted in Insurance Journal.
The article refers to the major hack of insurer CNA, which reportedly had to pay $40 million to its hackers; see details here. AXA’s Asian division was also hit this year; read more here.
Source: Insurers’ Own Infrastructure Could Be Next Targets of Cyber Criminals