A report has revealed that 59% of breaches in the top 150 insurance companies worldwide were caused by third-party attacks, highlighting significant vulnerabilities in the sector’s supply chain.
The report, released by the third-party risk platform SecurityScorecard, shows that the reliance of the insurance industry on a complex network of carriers, reinsurers, brokers, claims processors, and IT providers presents considerable cyber risks. It points to the systemic challenges the sector faces in safeguarding sensitive financial and personal information from escalating cyber threats.
Andrew Correll, Senior Director of Cyber Insurability at SecurityScorecard, commented on the findings, stating, “Insurance companies’ reliance on technology to manage daily operations has outpaced their ability to secure it. Cyber risks don’t stop at the first layer of defence — they extend deep into the supply chain, where vulnerabilities are harder to detect and even harder to mitigate. Addressing these risks requires a shift in how the industry prioritises third-party security.”
The report presents several key findings. Notably, 28% of insurance companies reported breaches, a higher…
