The insurance industry is coming off a year marked by several breaches from hackers seeking access to customer’s private personal information. Roughly 110 million Americans -- one in three -- risked being impacted by the breaches last year, according to North Dakota’s Insurance Commissioner Adam Hamm, adding that regulators fortunately have yet to verify any victims.
“There’s a bull’s-eye on the insurance industry. The bad guys know insurers have mountains of PII (personally identifiable information) data and that if they break into a company, it’s the mother lode for them,” Hamm said during a panel at the Property/Casualty Insurance Joint Industry Forum on Jan. 12. “If we don’t get cyber security right, it could critically wound the insurance industry -- not just one particular company.”
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