Insurers’ Top 5 IT Security Threats (and What to Do About Them)

Companies that endure data-security breaches pay a huge price, and that price is rising. As insurers such as Chubb, Ameritas Life, OneBeacon and Allianz Global Assistance conduct more business online, the tactics and strategies they employ to protect systems, data and users are evolving as well.

August 19, 2014

Chris McMahon

In the United States, the average cost of a data security breach increased to $5.85 million this year from $5.4 million in 2013, according to “2014 Cost of Data Breach Study: Global Analysis,” conducted by the Poneman Institute and sponsored by IBM. While the organization’s bottom line obviously suffers, breaches inevitably lead to diminishing trust and reputational damage, especially for those in the financial services, health care and pharmaceuticals industries, which lead all others in terms of the resulting customer churn and the cost of damages.

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