There is always a new type of cyber attack for businesses to worry about as hackers continue to work on new threats to maximize their reach. Security predictions for 2017 show a very dynamic technological landscape which poses major risks especially for the insurance industry. The cloud is particularly important in this business where volumes of data is stored and easily accessible by authorized users wherever they may be. Here are 4 security predictions for 2017 that players in the insurance industry should take note of:
1. Machine Learning will cause serious threats
All industries continue to embrace new forms of AI and Machine Learning but this needs to be approached cautiously. Insurance businesses must also invest in solutions that can collect and analyze data from attack sensors and endpoints across the organization.
2. Cars will be taken hostage
There is an impending possibility of an automobile hack on the bigger scale. As more cars get connected capabilities, hackers will soon find a way of obtaining the location of self-driven vehicles to hijack them. Unauthorized surveillance, cars being held for ransom and other threats focused on automobiles will be on the rise in 2017. While it is the duty of manufacturers to choose the best software for their cars, insurance firms must take safety measures to prevent these attacks that would cause people to lose their cars and seek compensation. If not careful, some insurance companies could go under trying to compensate clients who have lost their vehicles to malicious attackers.
Experts predict that more than 7.5 million cars will be connected with an insurance company by December 2017. To be on the safe side, some firms are bundling their risk services and covers as a way of influencing behaviors and avoid risks. This is a viable way for them to sustain their businesses in the wake of complex attacks.
3. Ransomware attacks will target the Cloud
More and more businesses are inclining to the Cloud for data storage and other services. This has caught the attention of hackers who know it is a great place for them to steal information to use as leverage against businesses. Experts predict that before the end of 2017, Cloud attacks could translate to millions of dollars in losses for the insurance sector. All insurance businesses must take extra caution by employing in-house techniques to protect their data on the Cloud, which is not protected by the ordinary security measures.
4. There will be more DDoS attacks
In October 2016, there was an infamous Dyn attack that brought to light some serious facts. There are countless unsecured IoT devices in the office, which poses great possibility of attacks. If your business embraces the IoT, you need to upgrade security and patch any loopholes as attacks are only going to increase.
As an insurance provider, you might have to time to study the security predictions in order to protect yourself. However, the need to stay informed cannot be overlooked and insurance businesses need security experts to help them get a grip on security matters concerning the industry.