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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.

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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.

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Critical-Infrastructure-Proven Protection Systems for Insurers

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DDoS Protection

Myra automatically detects and blocks malicious traffic, keeping your applications available even under heavy DDoS attacks.

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Web Application Firewall

The Myra Web Application Firewall detects and blocks suspicious activity in real time, protecting against known exploits and zero-day vulnerabilities.

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CDN

With a global network of strategically placed servers, Myra delivers your content fast and with low latency.

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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.

Skyscraper
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.

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.

DDoS attacks
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.

Sequence of an attack by means of 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.

Cross-Site Scripting (XSS)
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.

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.

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.

Cross-Site Request Forgery (CSRF)
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.

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.

DDoS attacks
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.

Fortify Your Digital Defenses With Myra

4 key areas – 1 outstanding technology

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Security

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

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Performance

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

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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.

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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

Certified Security from Myra: Compliance Without Compromise

  • ISO 27001 on the basis of IT-Grundschutz (BSI)

  • Payment Card Industry Data Security Standard (PCI DSS)

  • BSI C5 Type 2

  • KRITIS Proof according to § 8a para. 3 BSIG

  • Trusted Cloud Service

  • IDW PS 951 Type 2 (ISAE 3402)

  • VS-NfD

Certificate ISO 27001 BSI certified on the basis of IT-GrundschutzCertificate PCI DSSBSIG KRITIS qualified logoBSI C5 Testat Typ2Zertifikat Trusted CloudIDW WPS 951 Type 2 Certificatebrandeins best IT-security provider 2024 certificate

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