Last year’s global IT outage due to CrowdStrike’s faulty update disrupted hundreds of businesses and essential services across multiple countries, pointedly illustrating a growing threat to organizations worldwide. Cyber threats are rapidly outpacing the ability of traditional insurance and risk management strategies to mitigate them, with two of the world’s largest participants in the insurance carrier and broker market–Zurich and Marsh McLennan–stating that they are worried about the future.
This stark warning highlights an urgent issue: Verizon’s 2025 Data Breach Investigations Report indicates the dependence on third-party service providers increases an organization’s vulnerability to cyberattacks. Sharing sensitive customer data, including personally identifiable information (PII), with third-party vendors exposes organizations to significant risks, from reputational damage to regulatory penalties and operational disruptions.
The Scope of the Challenge
Within the insurance sector, cybersecurity has evolved from a peripheral concern to a core business priority for both insurers and their clients. As claims processing becomes more complex and critical…
