As we navigate the challenges posed by COVID-19 and the need to halt the spread of this pandemic, most of the insurance industry is settling into a routine of working from home. This transition to remote working imposes new imperatives like preparedness for enabling effective communication and collaboration, ensuring high productivity and employee well-being, and managing increasing security risks.

Based on our study, we have seen a 600% increase in phishing campaigns since the end of February 2020; the number of scams has soared from only 137 in January to 9119 in March 2020. Cybercriminals, exploiting our need to stay informed, are using COVID-19-themed phishing e-mails to lure individuals to click malicious links that download Remote Administration Tools (RATs) on their devices. There is also an increase in malicious COVID-19-related mobile apps that give attackers access to smartphone data or encrypt devices for ransom.

Cyber-attackers are taking advantage of the fact that many work-from-home employees have not applied the same security on their networks as in a corporate environment; or that enterprises haven’t deployed the right technologies or corporate security policies to ensure all corporate owned or corporate-managed devices have the same security protections, regardless of whether they’re connected to an enterprise network or an open home WiFi network.

Key considerations for insurers while managing security of remote workforce

• Remote workers’ reduced access to enterprise information and resources can hinder key business activities
• Unsecure modes of communication and work environments can threaten enterprise security and cause data breaches
• Lack of modern collaboration tools can hamper the ability of co-dependent teams to effectively engage within and among teams
• Key personnel working remotely need be tracked for efficiency, productivity and quality of work
• Use of personal devices for work increases endpoint exposure and additional attack surfaces for cyber intrusions and possible business interruptions through malware/ransomware/phishing attacks
• Limited awareness of cyber security risk among a large section of remote workers makes it imperative to educate them on new ways of working remotely while enforcing necessary security measures

Insurers need to make prompt decisions to not only safeguard critical business functions and operations or meet the immediate business continuity requirements, but also to adapt to the post COVID-19 environment. As per an IBM study, the average cost of a data breach for insurance organizations amounts to about $5.86 Million. Cyber protection to the workforce linked to the Insurer’s ecosystem is critical, as threats to them is a threat to the organization and its reputation.

For workforce, the solution complements existing security software, giving individuals practical ways to manage their online safety. Our individual Cyber Security Score and personalized action plans help people to better understand their cyber security risks and in turn, protect their entire digital footprint.

For organizations/employers, the solution gives transparent insight into the potential areas of risk within the business. It also empowers their workforce to take action and learn cyber hygiene practices that will help to protect the business from within, reducing the overall risk of cyberattacks. Insurance has a vast ecosystem of internal and external workforce, which could bring diverse cyber security risk to the organization based on their work profile, flexibility to operate remotely, usage of various applications within and outside the organization. Wipro CyberProtect offers aligned solutions to the diverse requirements (See Figure 2).