Cyber leaders partner with insurance agents to launch InsuraShield, a cyber solution to help insurance agencies in their fight against cyber crime
With heightened level of cyber breaches around the world, tThe nation’s foremost cybersecurity leaders and insurance agents have partnered to develop a new tool called InsuraShield, in the fight against cyber-crime. InsuraShield is a game-changing resource for agents to protect their customer’s information and their life’s work.
Scheduled to launch this coming month, InsuraShield is a first-of-its kind cybersecurity resource designed specifically for independent agents. It includes a powerful and unique combination of software, services and information that can help agencies protect against cyber-attacks, improve cybersecurity knowledge and comply with insurance industry-related security regulations. InsuraShield is being developed by The Westfield Agents Association (WAA), a member based not-for-profit organization in partnership with Westfield, a global cybersecurity firm, to provide opportunities and services to promote a thriving agency force.
InsuraShield is an Information Sharing and Analysis Organization (ISAO) that encourages and enables the sharing of cybersecurity information within its insurance industry members. It’s also a managed security service that includes next-generation security software and active threat monitoring that helps protect agencies from sophisticated threats, such as ransomware, that can get past traditional small business security defenses. According to Small Business Trends, 60 percent of small businesses in the United States go out of business after a cyber-attack. InsuraShield’s goal is to help keep insurance agencies from becoming one of these statistics.
“As a small business owner myself, it’s not a matter of if my agency will suffer a cyber-attack, but when it will happen,” said Rick Truman, Owner of McFadden Insurance Agency and Westfield Agents Association Board of Directors. “My life’s work is helping my customers manage risk. InsuraShield helps me protect not only my customers’ information, but everything I’ve worked so hard for—my business, my retirement.”
Many small businesses don’t have access to the same level of security resources as large companies. InsuraShield provides a unique set of features and benefits that bring large-enterprise class security to small and mid-size insurance agencies.
“InsuraShield is really unique,” said Jim Jaeger, President and Cybersecurity Strategist at Arete Advisors. “It brings the kind of security that you would normally only see in large enterprises and government agencies to small and mid-size insurance agencies, at a fraction of the cost.”
The increased targeting of insurance agencies by attackers and the increase in cybersecurity regulations focused on the insurance industry require insurance agencies to take proactive steps to improve their security posture, enhance security knowledge and comply with security regulations.
“The insurance industry is seeing an increase in cybersecurity-related regulation,” said Diane Keil-Hipp, COO at Knight Insurance Group and President of the Westfield Agents Association. “Soon, an agency will need to demonstrate that deliberate actions have been taken to address the cyber risk in their own environment, as a service provider to carriers, and as a custodian of consumer data. InsuraShield gives agents access to the tools to meet the standard requirements.”
“We’ve seen agents struggle to recover from a breach and InsuraShield is a cost-effective way for agents to safeguard their customer information, be confident in their information security and manage cyber risk,” continued Welsh. “Designed by insurance agents for insurance agents and some of the best minds in cybersecurity, it doesn’t get any better than that.”