A recent report by SecurityScorecard underscores the high third-party risk exposure in the insurance industry, where 59% of top insurance firms experienced breaches resulting from third-party attack vectors. This rate exceeds the global industry average of 29% and reflects a significant vulnerability within the sector. Additionally, 28% of insurance companies reported breaches—higher than S&P 500 and energy sectors. Over two years, 56% faced compromised credentials, while the last year saw 17% impacted by malware. Notably, insurance carriers represented 27% of the sample but accounted for half of third-party breach incidents.
Research shows that the insurance industry has a significantly high level of third-party risks compared to other industries, highlighting a concerning trend.
59% of the largest insurance companies have experienced breaches through third-party attack vectors, more than double the global average.
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