Is Your Insurance Software Making Your Company Vulnerable to Cyber Crime?

Technology. Who could have imagined 30 years ago the kind of explosion in innovation and commerce it would bring? Technology has spawned new industries, completely revolutionized others like the insurance industry, and left many others in the dust.

But while this technological revolution has been a game changer for businesses and consumers, it’s fueled another revolution: cyber-crime. It’s a problem that’s estimated to cost the global economy around $445 billion every year, and the World Economic Forum’s Global Risks 2014 puts cyber-attacks among the top five biggest threats to business worldwide.

Cyber-crime is a “worst nightmare” kind of scenario for businesses who hold the private and sensitive data of hundreds, thousands, even millions of customers.

We’ve all seen the dramatic headlines in recent years of major cyber-attacks on corporate and retail giants, major players in the healthcare industry, and even the IRS and other federal agencies. These attacks have put the private data of tens of millions of U.S. citizens at risk and cost organizations millions to pick up the pieces.

While these attacks on major targets get everyone’s attention, cyber criminals are out there attacking smaller businesses every day, businesses that are generally much less protected than larger companies. The bad guys will always jump on the low hanging fruit.

One of your biggest cyber vulnerabilities? Outdated technology.

The insurance industry is notoriously plagued by legacy systems – components pieced together from various vendors, outdated equipment and software, and lax, if any, cybersecurity measures.

The result? Round-the-clock vulnerability to hackers and cyber thieves through unprotected networks, unpatched devices, and other security holes. And if they gain access and get their hands on your customer data, you could be looking at a liability lawsuit for breach of confidential information, costs to notify clients whose confidential information has been breached, a huge hit to your reputation, and a host of other issues and costs.

Modern risks need modern solutions, and keeping your technology up to date is your first line of defense.

Information Technology is evolving at a blistering pace, offering insurance carriers a growing array of tools to improve how they connect with customers, manage their workflow, take advantage of growth opportunities, and meet customers’ expanding expectations. But those advances in technology are also enabling cyber criminals to ply their trade in constantly evolving and innovative ways.

It’s just one more reason to stay modern, eliminate legacy, and have a system that can seamlessly incorporate advances in anti-virus software, network segmentation, web and email filtering, data encryption, and other security measures, while at the same time offering greater agility, flexibility, mobility, and profitability.

As innovations continue to change the way the game is played, keeping your customers’ data safe is paramount. At Silvervine, we can help you do that. One way is through our managed hosting service that guarantees 99.9% uptime and up-to-date hacker protection and security updates. Learn more about Silvervine’s managed hosting here.