Experts call for proactive cybersecurity, collaboration, and tech upgrades as ransomware, Quishing, and AI-based threats rise.
Cybersecurity and insurance professionals are sounding the alarm on escalating cyber threats. At a roundtable hosted by Intersys in London, experts warned that outdated systems, limited cybersecurity practices, and lack of industry-wide cooperation are putting the insurance sector at serious risk. Leaders called for proactive risk strategies, increased collaboration, and immediate technology upgrades to prevent devastating losses.
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Cybersecurity in Insurance: Time for Urgent Action
Insurance and cybersecurity leaders came together on March 10 in London, at a roundtable hosted by Intersys, to address a growing concern—the insurance industry’s vulnerability to cyberattacks.
Senior professionals in cybersecurity, risk management, and underwriting highlighted the need for proactive risk mitigation strategies to replace reactive, outdated methods.
Some of the key risks raised during the discussion included:
- Ransomware Attacks: 60% of businesses hit by ransomware shut down within 3 years. Insurers are particularly vulnerable due to the sensitive data they hold.
- Outdated IT Systems: GCHQ, the UK’s cyber and intelligence agency, reported that many insurance firms still run on outdated Windows systems, significantly increasing security risks.
- MFA Isn’t Foolproof: Multi-factor authentication (MFA), once a strong defense, is now being bypassed by cybercriminals using stolen access tokens.
- Quishing – The New Phishing: QR code phishing (Quishing) attacks jumped from 0.8% of phishing attempts in 2022 to 12.4% in 2024—a shocking increase in just two years.
- AI-Powered Threats & Data Risks: As AI tools become more common in insurance operations, experts warn that data mismanagement and AI misuse could amplify cyber risks.
- Lack of Collaboration: A fragmented industry response leaves insurers exposed. Greater cross-sector cooperation is essential to build shared knowledge and resilience.
Voices from the Roundtable
Tim King, Business Development Lead at Intersys, said, “Threat actors only need to succeed once. Insurers must act before it’s too late. The risk-reward balance has shifted in favour of criminals.”
Douglas Robare, Venture Partner at Neo Ventures, said, “I learned about ‘Quishing’—QR code phishing. We’ve learned to spot fake emails, but now QR codes are becoming a dangerous vector.”
Mark Kirby, Professional Services Director at Intersys, added, “We want to unite IT security experts, auditors, underwriters, and risk managers to share solutions for tomorrow’s cyber challenges.”
What’s Next for the Insurance Industry?
With cybercrime evolving rapidly, the insurance sector must modernize its digital infrastructure, invest in staff training, and participate in collective defense efforts.
A recent SITA report found that 74% of airlines and 72% of airports plan to boost IT spending—proof that other industries are preparing for digital threats. Insurance must follow suit—or risk being left exposed.