Insurance companies are increasingly victims of cyber attacks

Insurance companies are increasingly victims of cyber attacks 81 GettyImages 467429860
Any digitized business can be targeted by a cyberattack, and insurance companies are no exception, one expert said. Pictured: A sheet of freshly printed one-dollar bills is ready for inspection at the Bureau of Engraving and Printing on March 24, 2015, in Washington. (Photo by Mark Wilson/Getty Images)

For many years, cybercriminals have focused their attacks on banks, credit unions, and investment firms. But given the abundance of information held by insurance companies, it was only a matter of time before hackers started going after traditional insurance companies.

In March 2020, one of the most notable breaches to hit the industry came to light, when it was revealed that Chubb, one of the world’s largest insurance companies, had been attacked by ransomware. The New Jersey-based insurance company had fallen victim to the Maze ransomware, a particularly sophisticated variant that is known to spread like wildfire across the network and is difficult to eradicate.

As if foreshadowing this highly publicized incident, Digital Guardian published a report in January 2020 pointing to the growth that was beginning to be seen in cyber intrusions from insurers. (And, ironically, Chubb had published his own cyber awareness report the year before, called Inevitability of cyber attack.)

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