Summary of the white paper
In today’s insurance market, organizations must maintain rigorous security controls. Companies are looking at how the attack surface is protected by technical tools and processes. Yet losses continue to occur.
It’s because something crucial is being left out. Currently, 90% of attacks are caused by human error [research from Sanford University from 2022]. 90% of ransomware attacks come from a phishing email.
As persistent ransomware attacks fuel rising claims and insurance rates, how can policyholders and carriers work to flatten the curve? A key consideration is that organizations must harden the human firewall, and operators must demand it.
“We should expect organizations to strengthen their human defenses the same way we expect them to strengthen their systems,” said Maria Long, assistant vice president, Cyber Underwriter and portfolio manager. risk management for Munich Re Specialty Insurance (MRSI).
Every day, workers are subjected to phishing emails, CEO fraud attempts, spear phishing and wire transfer fraud tricks. If the employee base can be trained and their decision-making skills tested, these attacks can be prevented at the human firewall.
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Munich Re, and its family of companies, has been a risk leader for over 100 years. We are at the forefront of innovation to deliver competitive advantages to our clients every day and disrupt on our own terms to reinvent the world of risk itself.