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Cybersecurity threats in the insurance industry

The failure to protect policyholder information is costing insurers millions in fines and other costs.

By Tal Vegvizer | Updated on January 29, 2018

“Physician, heal thyself” is an expression that many people use to criticize a lack of standards among groups or organizations that are charged with enforcing those same standards among others. And a paraphrase that applies to the insurance business is “insurer, protect thyself.”

It turns out that for a business that is so conscious — and conscientious — of all things involving risk, the insurance industry neglects its own risk, especially when it comes to data breaches. That neglect has cost companies millions in court settlements and regulatory fines.

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