Get ready to witness a game-changing moment in the world of cybersecurity and passwords! An impressive coalition of over 90 nonprofit organizations, including Consumer Reports and the Better Business Bureau, just dropped a brand-new directive protecting your accounts and devices called “The Common Guidance on Passwords.” This announcement sets the stage for the grand inauguration of “World More Than a Password Day,” which was on November 10, 2023.

As discussed in the previous blog, the insurance sector, like other financial institutions, face various unique cybersecurity challenges. Of primary concern is its responsibility for safeguarding sensitive customer data. This data has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.

Insurance companies, like other financial institutions, face a range of unique cybersecurity challenges and considerations. Responsible for safeguarding treasure troves of sensitive data, the industry has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.

Cyber resilience goes beyond mere security tools or yearly employee training. While both are crucial, a multi-layered cybersecurity approach is essential for the most robust protection. You might be asking “Where is the best place to start?” Or “Is what I am doing enough?” I think we all recognize that cybercrime is on the rise. Recent research indicates that cybercrime is indeed up 300% since 2020.

As customers adopt a digital lifestyle, the financial services required to support their online purchases are growing at an unprecedented pace. To match these challenges IT organizations are frequently turning to the cloud and replacing traditional services. Cloud services are already well-rooted in virtually every aspect of the financial services industry and all signs point to this continuing into the future.

It is no surprise that across the financial services industry a steady increase in cloud adoption has taken place in recent years. This trend is expected to continue and grow as organizations look to replace aging, traditional technology. For financial organizations, these changes taking place impact both business operations and customers. Banking, commerce, transactions — not to mention all of their corresponding data — are part of this transformation.