CyBourn in the Insurance Industry

From our inception, we at CyBourn have specialized in understanding and addressing the unique cybersecurity needs of the insurance industry. Armed with advanced technology, expert advisory services, and deep industry insight, we are positioned to provide tailored solutions that strengthen the cybersecurity posture of insurance companies across the globe.

State of the Industry

The insurance industry is currently confronting an escalating wave of cyberattacks. According to the 2022 Cyber Insurance Risk report by Black Kite, a majority of large insurance carriers are being targeted by cyber criminals. The industry, with its extensive data generation and high cost of downtime, has become an attractive target for these attackers. Furthermore, insurance companies’ general willingness to pay ransoms has amplified the profitability of these attacks, with the largest ransom paid to date by an insurer reaching a staggering $40 million. Another area of vulnerability is phishing, with 82% of insurance companies being susceptible to these types of attacks due to a lack of employee risk awareness. However, many other breaches go unpublicized due to concerns about backlash and potential damage to reputation.

Existing and New Threats

In addition to traditional threats like phishing and malware, insurance companies face more complex Advanced Persistent Threats (APTs) and insider threats. Ransomware attacks are rising sharply in frequency, with 20% of the top 99 insurance carriers demonstrating a high rate of vulnerability to this threat. The frequency of software supply chain attacks has escalated by 300% over the past year. These ransomware and supply chain attacks have emerged as top concerns for the Chief Information Security Officers (CISOs) and their IT security teams among the surveyed insurance companies.

CyBourn’s Comprehensive Approach

At CyBourn, we excel in identifying both external and internal attack surfaces, uncovering security gaps, recommending necessary controls, and proposing specific actions for remediation and improvement.

Continuous risk assessment evaluations form a crucial part of our approach. By regularly diagnosing potential vulnerabilities in your systems and utilizing real-time attack surface monitoring, we provide proactive defenses against potential ransomware and phishing attacks.

Our comprehensive approach enables our clients to develop a roadmap for enhancing their cybersecurity posture, tailor-made to the threats they face. Our dedicated, human-led incident response team operates from our 24/7/365 Security Operations Center, utilizing industry-leading tools for real-time system and network monitoring. We ensure early detection and prompt response to potential cyber threats, significantly mitigating any possible damage.

CyBourn’s Customized Solutions for Insurance Businesses

• Vulnerability Assessments & Security Audits: Our team performs comprehensive assessments to identify potential weak spots in your systems, followed by detailed audits to ensure your security infrastructure is robust.
• Comprehensive 24/7 Managed Detection and Response with EtherLast™: Our proprietary EtherLast™ platform powers 24/7 monitoring, threat detection, and response. Our SOC team employs machine learning, customized automation, and existing tools integration for efficient, cost-effective security.
• Incident Response: Our specialized CSIRT (Computer Security Incident Response Team) delivers a robust, swift, and human-led incident response service. We prioritize active remediation, thorough analysis, and expert guidance, emphasizing human-centric solutions over automated incident handling.
• Security Tool Configuration and Management: We help select and configure security tools and often serve as an extended part of client IT teams managing infrastructure.
• Compliance Advisory: We guide businesses through complex regulatory landscapes to ensure compliance with relevant laws and standards.
• Penetration Testing: Through rigorous testing, we identify vulnerabilities that could be exploited by attackers.
• Proactive Threat Hunting: Our team proactively seeks out and neutralizes threats before they can impact your business.
• Vendor Risk Management: CyBourn offers robust vendor risk management, conducting security assessments, continuous threat monitoring, and swift incident response to safeguard organizations from third-party vulnerabilities.
• Prioritizing Insider Threats and APTs: We target insider threats and Advanced Persistent Threats (APTs) by employing proactive threat hunting, behavioral analysis, and comprehensive staff training, thereby reducing the risk of inadvertent data breaches.

In Summary

In an evolving cyber threat landscape, CyBourn delivers the expertise, technology, and services necessary to secure your insurance company. Together, we can navigate the complex cybersecurity landscape, ensuring your organization remains resilient, protected, and compliant, while safeguarding your clients’ sensitive information.