The insurance industry is one of many sectors embracing technology, and in many ways, it can improve an organization's service. Insurance carriers now offer digital channels such as mobile applications to make accessing and managing coverage easy anytime, day or night! While this digital evolution is exciting, it also comes with a set of cybersecurity risks.
When purchasing insurance, clients are often required to supply personal information such as contact information, family and financial information, and even health-related information. Because your agency handles this important information, it is vital to protect yourself against the threat of cybercriminals. While this may seem daunting, there are many steps you can take to help protect your agency.
The consequences of cyber-attacks are the suspension of business and added costs for the insurance company, policyholders, and third parties. The breached data can be used for criminal purposes, including identity theft, which usually results in the policyholder incurring heavy financial losses. An agency under attack will have to spend a lot of money to fix the breaches in its systems and the damage done to its reputation.
Some security precautions that an agency owner can take to protect their business from cyber criminals include:
AAI requires all its agents to sign a document stating they will comply with security protocols. Contact us to link up with industry experts who will guide you on how to set up your independent agency and start your business on your terms.