Case Study: in the line of fire

Financial Institutions are in the Top 2 Industries for Cyberattacks

Financial services institutions face more pressure than ever to level up their data security strategies against daily escalating cyberthreats. This sector is in the top two cyber hit-list industries, and 60percent of global financial institutions with assets under $5 billion encountered ransomware attacks in 2022 alone.

About the Company

This organisation, a renowned insurance brokerage firm, acts as an intermediary between individuals or businesses seeking insurance coverage and insurance providers, helping clients secure appropriate insurance policies to manage and mitigate risks. They are known as experts in evaluating insurance options, negotiating terms, and providing tailored insurance solutions to meet their clients' needs.

In Brief

An insurance brokerage firm* faced significant challenges, including pervasive malware, regulatory compliance requirements, and cost concerns. To address these issues, they adopted OPSWAT's MetaDefender Core, integrated with OPSWAT Multi scanning with eight antivirus engines, which improved regulatory compliance, reduced IT-related costs and reinforced their position as an industry leader. This case study emphasises just how crucial it is to focus on security, compliance, and efficiency in today's digital world.

_{*Due to the nature of the business, the name of the organisation featured in this story has been kept anonymous in order to protect the integrity of their work.}

Based on a report published by IBM, the global average cost of a data breach reached USD $4.45 million at the end of 2022, reflecting a significant 15% increase over the past three years. In response to these alarming statistics, 51% of organisations are now inclined to enhance their security investments after experiencing a breach. Their focus lies on strengthening incident response planning, providing comprehensive employee training, and reinforcing their threat detection and response capabilities to mitigate future risks.

Why Are Insurance Brokerages Being Targeted?

Insurance brokerages are prime targets for cyber threats related to file upload security due to the wealth of sensitive and valuable information they handle. These businesses routinely manage vast amounts of personal and financial data, including policy holders' personal details, medical records, and financial records, making them a treasure trove for cyber criminals seeking to commit identity theft, fraud, or other malicious activities.

The convenience of digital file transfers in the insurance industry makes it easier for threat actors to exploit vulnerabilities in file upload systems, potentially leading to data breaches and financial losses.

While managing such an extensive network, they encountered several significant challenges:

1.       Pervasive Malware: The number of files received from customers, claimants, agents, and other sources constantly exposed their computer systems to the risk of malware infection.

2.       Time and Cost Concerns: Addressing malware-related issues consumed valuable time and resources, prompting the firm to search for a solution that could streamline this process.

MetaDefender Core was selected by the brokerage firm as the most effective way to detect and prevent viruses, worms, Trojans and other malware from entering their information network. Integrated with Multi scanning technology and eight built-in antivirus engines, MetaDefender is used to thoroughly scan files for malware before those files are accepted by the firm.

MetaDefender Core also incorporates features such as custom post actions, which enabled the brokerage firm to exercise control over the data flow into their network. Using these custom post actions, the brokerage firm has established the following data flow: infected files are immediately quarantined, and the sender is informed of the malware detection. The sender is then requested to resubmit a clean file, and the infected file is deleted.

The Results

MetaDefender Core achieved these results for the insurance brokerage firm:

Malware Prevention

The firm has not reported a single malware-related problem from files since using MetaDefender.

Regulatory Compliance

OPSWAT helped the firm maintain compliance, meeting stringent government regulations, ensuring the security of sensitive financial data.

Cost Reduction

The firm no longer needs to allocate significant IT resources to remediate malware-related incidents.

Insurance, Ensured

The insurance brokerage firm's successful partnership with OPSWAT and MetaDefender Core is an example of how proactive measures can help protect organisations.

_{Note: this case study was originally produced by our OPSWAT partner}