Insurance Industry Investigating Cybersecurity

Virginia-based IT services provider CSC has announced plans to form an Insurance Cybersecurity Advisory Council, the Insurance Journal reports, which will develop best practices and technology strategies to reduce the risk of cybersecurity attacks on the insurance industry.

According to CSC, the group of business and IT executives from within the industry will work to promote information sharing and awareness and serve as a catalyst for technology solutions and best-practices development to address growing cybersecurity concerns.

"The council’s industry leaders will work together to identify the evolving cyber protection needs for insurance, define the most effective ways to combat cyber threats and educate the industry about the need for prevention," said CSC executive Ray August.

According to the news source, the company cited the increasing use of mobile devices and applications by insurance brokers, agents and consumers. Flawed data security among health insurers, for example, could lead to the exposure of sensitive data.

While data security does not directly affect auto insurance and other coverage rates, difficulties can drive up insurance providers' operating costs and have an indirect impact on consumers. Insurers may benefit from the development of new security solutions, which can improve consumer trust and keep costs lower.

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