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Insurance

Cybersecurity for Insurance Companies

Myra provides insurance companies with future-proof protection systems for their IT infrastructures, web applications, and APIs. To this end, Myra develops and operates highly efficient defense systems that protect customer data, secure business processes, and significantly increase performance. As a BSI-certified service provider for critical infrastructures, we enable insurers to concentrate on their core business with the certainty of the highest security and compliance standards.

Critical-Infrastructure-Proven Protection Systems for Insurers

✔ DDoS Protection

✔ Web Application & API Protection (WAAP)

✔ Secure CDN

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Finance customer of Myra: DSV IT Service

Two working people in front of laptops and notes

Cybersecurity

The Importance of IT Security for the Insurance Industry

Cyberattacks cause immense costs for affected companies. In extreme cases, inadequate IT security can place an enormous burden on insurance companies and even threaten their very existence. According to a recent Lünendonk study, 84% of the insurers surveyed report an increasing cyber threat situation. The industry has recognized the explosive nature of the issue: 94% of insurers want to focus on expanding cybersecurity and securing their networks, applications, and infrastructures in the coming years.

Effective IT risk management enables insurers to implement strong IT security measures and thus increase their operational resilience. In this way, IT security indirectly contributes to the economic success of an insurance company.

Assess the risk of attack now and find suitable protection solutions

Regulations

Regulatory Challenge: IT Compliance

The insurance industry is faced with complex regulatory requirements for its digital systems and processes. The integrity, availability, authenticity, and confidentiality of data and processes must be continuously guaranteed and verified in accordance with regulatory guidelines.

Central regulations such as VAG, MaGo, VAIT and the DORA Regulation require insurers to secure their IT infrastructure in line with compliance requirements. This demands in-depth specialist knowledge as well as reliable technological solutions and service providers with industry expertise. Insurers must also consider the requirements of the General Data Protection Regulation (GDPR) and the NIS 2 Directive.

Particularly strict requirements apply to insurance companies that are classified as critical infrastructures (KRITIS). KRITIS insurers are subject to stricter regulations for their IT risk management and must regularly document compliance with comprehensive protective measures.

Main Cyber Threats for Insurers
OWASP Top 10
The OWASP Top 10 is a list of the ten most critical security risks for web applications, which is compiled and regularly updated by the Open Web Application Security Project (OWASP) Foundation. They serve as an important document for developers and security experts to find out about the most common and most dangerous security vulnerabilities in web applications.

Learn more about cybersecurity according to OWASP Top 10
Main Cyber Threats for Insurers
DDoS Attack
In a distributed denial of service (DDoS) attack, attackers direct artificial traffic to the IT infrastructures, web applications or online APIs of insurers. As a result, the affected services are slowed down or fail completely. The problems continue until the attacker ends the attack or the affected institution takes appropriate countermeasures.

Learn more about DDoS protection
Main Cyber Threats for Insurers
Credential Stuffing
The systematic misuse of access data through credential stuffing is one of the most frequently used methods of attack by cybercriminals against insurers. Above all, trading the stolen information is a lucrative source of income for attackers.

Learn more about protection against credential stuffing
Main Cyber Threats for Insurers
Cross-Site Scripting (XSS)
In an XSS attack, cybercriminals inject malicious code into web applications by exploiting security vulnerabilities. XSS attacks allow attackers to gain control of a victim's browser, steal sensitive data such as cookies or login information and potentially compromise the entire user account.

Learn more about protection against cross-site scripting
Main Cyber Threats for Insurers
SQL Injection
In an SQL injection attack, cybercriminals specifically exploit security vulnerabilities to inject manipulated commands or malicious code via input masks, for example. The attackers aim to manipulate the underlying database and gain unauthorized access to confidential information.

Discover more about protection against SQL injection
Main Cyber Threats for Insurers
Zero-Day Exploits
Zero-day exploits are security gaps in software or hardware that are still unknown to the manufacturer and for which there are no patches yet. These vulnerabilities are exploited by attackers to compromise systems, often before the affected companies have even found out about the gap. Nevertheless, there are suitable solutions for taking appropriate countermeasures promptly until the necessary updates are available.

Learn more about protection against zero-day exploits
Main Cyber Threats for Insurers
Cross-Site Request Forgery (CSRF)
Attackers trick the user's browser into sending manipulated HTTP requests to a website or web application to trigger unwanted actions. This is done, for example, by sharing manipulated links or by visiting malicious websites, which in turn execute an HTTP request in the context of the existing user session.

Learn more about protection against cross-site request forgery
Main Cyber Threats for Insurers
OWASP Top 10
The OWASP Top 10 is a list of the ten most critical security risks for web applications, which is compiled and regularly updated by the Open Web Application Security Project (OWASP) Foundation. They serve as an important document for developers and security experts to find out about the most common and most dangerous security vulnerabilities in web applications.

Learn more about cybersecurity according to OWASP Top 10
Main Cyber Threats for Insurers
DDoS Attack
In a distributed denial of service (DDoS) attack, attackers direct artificial traffic to the IT infrastructures, web applications or online APIs of insurers. As a result, the affected services are slowed down or fail completely. The problems continue until the attacker ends the attack or the affected institution takes appropriate countermeasures.

Learn more about DDoS protection

Worried about foreign cloud providers and losing control of your data? Learn more about how to stay digitally sovereign with Myra.

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Sanctions

Fines and Liability Risks for Executives

Strict data protection and data security regulations apply to insurance companies. Violations of these regulations can have serious consequences. The General Data Protection Regulation (GDPR) provides for fines of up to 20 million euros if insurers fail to comply with the requirements.

In addition, new regulations such as NIS-2 and DORA have expanded responsibilities. They explicitly require management levels to implement and maintain appropriate security measures. Failures in this area can result in personal liability risks for management bodies.

The possible sanctions are not limited to financial aspects. There may also be consequences under criminal law, which further increases the pressure on companies and their management bodies to act. To minimize risks, insurers are well advised to establish robust security systems and review their effectiveness on an ongoing basis.

Learn more about manager liability risks

Fortify Your Digital Defenses With Myra

4 key areas – 1 outstanding technology

Security

Avoid data theft, system outages, and disrupted communications. Our robust defense system protects your critical processes with unwavering vigilance.

Performance

Experience high-performance delivery of your content, even during traffic peaks. Maintain optimal performance and provide your users with a seamless experience.

Business Continuity

Myra ensures the utmost protection for your business by utilizing direct and geo-redundant connections to your infrastructure, without relying on external factors.

Compliance

Meet the requirements of IT security and data protection teams with ease. Myra is your trusted partner, offering unrivaled expertise in the strictest compliance regimes.

Designed and engineered for highly regulated sectors