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2. Data breaches affected the insurance brokerage sector



Advising companies on how to protect their data from cyberattacks has been one of the fastest growing business areas for insurance brokers in recent years, but in 2021 some of these companies found that they themselves needed help.

One of the more dirty. side effects of the covid-19 pandemic have been the increase in cybercrime. Experts partly blamed the increase on the huge number of people who quickly moved from a corporate office to a home office – or kitchen table – when locks were implemented. Outside a controlled environment, IT staff could not protect corporate systems as effectively as before the pandemic.

Insurance companies and brokers were among the companies targeted by hackers, and a story about a data breach in April by Marsh & McLennan Cos. Inc.. was the second most read risk management related story on Business Insurance website 2021

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Marsh McLennan said that the intrusion affected a limited set of its data and that it did not interfere with its operations. It offered credit monitoring, identity theft identification, resolution services and up to $ 1 million in identity theft insurance to those affected.

Marsh McLennan was not the only broker affected in 2021. In August, Ryan Specialty Group Holdings Inc. revealed that it had also been the subject. for a cyberattack in April. The wholesaler said that it had taken steps to audit the accounts concerned and that they provide credit monitoring and identity protection services to the victims.

Nr. 3 most read story


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