Pandemic should prompt insurers to reexamine cybersecurity

Cybersecurity was already a core business challenge at insurance companies and other financial institutions well before the COVID-19 pandemic. (Shutterstock)

Cybsecurity has become even more critical now as the global coronavirus pandemic has exacerbated many of the threats facing insurance carriers and their distributors.

The pandemic has disrupted insurers in terms of both internal operations and customer engagement. For one, as remote work became the rule rather than the exception, the use of potentially unsecured personal devices, videoconferencing platforms, and team collaboration applications skyrocketed. Such emerging exposures may not dissipate as companies recover. Indeed, a recent Deloitte report found that many financial institutions are evaluating permanent remote work for at least part of their staff.