Cybersecurity is paramount to preserving the financial integrity and consumer trust of insurance companies and the businesses and personal finances of policyholders. The 2024 Cybersecurity Benchmarking Survey by ACA Aponix and the National Society of Compliance Professionals (NSCP) asked compliance professionals what they perceive to be the top threats this year and found email phishing and ransomware top the list, as expected, but a growing threat to watch for is deepfakes.
Businesses must ensure they have strong cybersecurity measures in place and implement best practices to avoid financial damages and losing consumers' trust. While large corporations are more apt to integrate cybersecurity into everyday interactions, smaller mom-and-pop businesses are not immune to cyberattacks and must also be prepared. One of the first steps in strengthening cybersecurity is using multi-factor authentication (MFA).
"The simple feature is MFA is in place as well as utilized," says Dara Gibson, senior manager at Optiv. "Use that authenticator to make sure that you are validating who you are as you're signing in."
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