The news: Last year, we covered predicted growth in specialized insurance, including cybersecurity protection, because of the rising costs of data breaches. Allianz Life’s recent incident is further proof why such protection and precautionary measures are imperative. Why this matters: As a result of this data breach, Allianz Life faces financial and reputational costs that could affect its bottom line for years. This is a powerful reminder for the entire insurance industry to strengthen its cybersecurity defenses. Preventing attacks requires a proactive and comprehensive strategy beyond simple perimeter defenses.

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