From: Insurance Business
The International Association of Insurance Supervisors (IAIS), a body composed of insurance market regulators in various countries, has said insurers are at risk of loss of confidential data, disruption of operations and reputational damage as a result of cyber-attacks.
IAIS said the insurance industry is especially vulnerable, as companies collect, process, and store substantial volumes of data, including personally identifiable information. Insurers are also connected to various financial institutions through investment, capital raising, and debt issuance activities.
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