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As the world becomes increasingly digital, cybersecurity has become a top priority for businesses across industries, including insurance — but are they prepared with the right defenses?
A study from SecurityScorecard analyzed cybersecurity risks in the insurance industry by reviewing all of the possible points where a company could face a cyberattack, as well as records of known breaches, through a survey of 150 top insurance companies worldwide.
Based on their findings, a majority of the insurance industry scored 80 or higher, out of 100, on overall security, meaning these companies maintain strong or good cybersecurity practices and are less likely to be impacted by a breach.
Read more: Cyber risk insurance poised for comeback
Within the industry, insurance carriers scored the highest in overall cybersecurity, with a median security score of 90. Agencies and brokers, as well as insurance-specific software and IT providers tied at the bottom, with a median security score of 85.
The insurance industry is lacking in application security, with 40% of companies scoring lowest in this category, with DNS health ranking second at 29% and network security ranking third at 20%.
Read more about where the insurance industry is vulnerable to cyberattacks.
