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Cybersecurity in the insurance industry: Main risks of digital transformation

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In general, business activity is a risk management activity. Being an entrepreneur means managing, reducing or minimizing contingencies, seeking to have certainty and generate profitability while achieving good risk management, which after the pandemic have been transformed.

During the confinement, an unprecedented digital transformation was activated, regardless of the sector, companies had to migrate to digital and adapt to the reality that was being experienced. In the case of insurers, and given the high demand due to the need for protection at that critical moment for the whole of society, it was necessary to migrate to platforms and systems that allowed the entire process to be done online, making it necessary to include high security issues for handle sensitive information.

Faced with this need and the rapid response by insurers, a new challenge appeared: security, taking into account that, as technological development increased, hackers and unscrupulous people also appeared who hope to take advantage of the contingency.

Cybersecurity, a latent risk

Experts on this topic agree that cybersecurity is a priority resource within organizations, being an aspect that encompasses the protection of people, information, systems, processes and the business in general.

And it is that the increase in cyber threats has generated the need to have a cybersecurity program for information management, technological risk mitigation and protection against any type of threat, including: data leaks, cyber criminals and cyber attacks. .

Given this, those who know the subject comment that the way of prioritizing and establishing the action plan has changed drastically, both in the model (through containment and intelligence actions), the assets (acting inside and outside the entity) and the classification (act on essential assets threatened by an attack or adversary).

In fact, according to figures from the Police Cybernetic Center, during 2021, in Colombia, cybercrimes amounted to 33,465, which means an increase of 17 % compared to 2020, when there were 28,524 cases. This shows that this is not a minor issue and that it is necessary to reinforce all actions to protect one of the most precious assets of a company: information and data.

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