Insurance data vulnerable to cyber criminals
The amount of confidential information the insurance industry is privy to leaves it open to attack from online criminals, according to security solutions provider Symantec.
Its new report on the “underground economy” derived from cyber crime shows the market for illegally accessed data is becoming more sophisticated and “products” more widely available.
Australia represents 4% of the world’s underground servers, according to the report. This puts it sixth in the world for cyber crime behind the US, Romania, Germany, the UK and Canada.
Symantec Australia senior director David Dzienciol told insuranceNEWS.com.au the insurance industry is a concern, as it must trust confidential information to secondary sources such as smash repairers.
“Insurance companies are having to look at ways they can deploy more sophisticated processes to stop this information from leaking out,” he said.
Mr Dzienciol says the report also shows that some of the largest and longest active underground servers are in Australia.
“The fact remains that confidential information leaks out of organisations, whether that is intentional or not, and that information can be credit card records or personal details.”
A survey commissioned by Symantec released in October shows 79% of Australian organisations polled have experienced some form of data breach. Sources range from lost laptops and human error to hacked systems and malicious insiders.
Its new report on the “underground economy” derived from cyber crime shows the market for illegally accessed data is becoming more sophisticated and “products” more widely available.
Australia represents 4% of the world’s underground servers, according to the report. This puts it sixth in the world for cyber crime behind the US, Romania, Germany, the UK and Canada.
Symantec Australia senior director David Dzienciol told insuranceNEWS.com.au the insurance industry is a concern, as it must trust confidential information to secondary sources such as smash repairers.
“Insurance companies are having to look at ways they can deploy more sophisticated processes to stop this information from leaking out,” he said.
Mr Dzienciol says the report also shows that some of the largest and longest active underground servers are in Australia.
“The fact remains that confidential information leaks out of organisations, whether that is intentional or not, and that information can be credit card records or personal details.”
A survey commissioned by Symantec released in October shows 79% of Australian organisations polled have experienced some form of data breach. Sources range from lost laptops and human error to hacked systems and malicious insiders.