Regulatory Cybersecurity for Insurance Agents
Penalties: Companies not meeting regulations and suffering from cyber attacks face double impact – damage from attacks and fines for non-compliance. For example, in 2021, insurer Shirbit was fined 11 million shekels for lacking cyber risk management mechanisms.
Regulatory Requirements & Cybersecurity for Insurance Agents and Property & Casualty Companies
The Privacy Protection Law mandates all organizations holding customer data to secure personal information using advanced systems. Every insurance agent must use protective measures; non-compliance is a legal breach even without a cyber attack. Client data protection is crucial.
Cybersecurity For Insurance Agents
In the past decade, we have all become susceptible to cyber attacks. Both the business sector and the private sector are exposed due to their connection to the internet. Therefore, the field of cybersecurity is perhaps the most dynamic and profitable area today. Every organization requires a quality information security system to prevent cyber attacks such as data theft or system breaches that lead to chaos. Large organizations that hold vast amounts of data, whether internally or related to customers and external parties, face tangible risks. The insurance sector, too, is sensitive and exposed. Small insurance agencies, in particular, are vulnerable to cyber attacks. It’s important for every insurance agent to understand what actions they can take in this regard and whether there are laws requiring them to do so.
