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
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.
Wipro CyberProtect is designed to provide protection to the workforce and their employers through a 3-step approach (See Figure 1).
The solution offers flexibility to have complete agent-less approach and an agent for additional protection depending on the security needs of the organization.
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).
Figure 2: Workforce ecosystem, related cyber security risks, and aligned solutions
Features of Wipro CyberProtect
Wipro’s CyberProtect solution provides advanced protection to the workforce across their digital footprint including access to enterprise applications.
CyberProtect ensures users reduced risk of fraud, information theft, extortion and scams.
Key features of the agent – less solution
Cyber Security Score & Report
Users are assessed and get a complete overview of their digital security along with cyber security scores
Personalized improvement plan
Based on their personal assessment, users are provided with tailored simple step-by-step plan to help improve and maintain their cyber security scores
Breached & leaked data monitoring
Monitoring of multiple email addresses and alerts to users in case of shares by cyber criminals, or leaks by unsecured websites
Device vulnerability protection
Scan a user’s devices for vulnerabilities that could make them vulnerable to hacking
Users receive new alerts direct to their inbox, helping them to stay up-to-date on the latest cyber security threats
Scam prevention training & alerts
Users learn how to spot scams like phishing, ransom and push payment fraud
Router vulnerability protection
Scan a user’s router to make sure cyber criminals can’t access it, or their home network
Premium cyber support and remediation services
Users get access to Wipro expert support team who provide advice and assistance, helping users complete actions, avoid scams and more
Optional additional feature – agent based
Enhanced endpoint security
Anti-malware protection and secure internet browsing access for Windows & Mac, and virus removal services