CyberSecurity for Insurance Agents & Agencies: Password Control

You’ve probably seen several recent stories in the news about cybersecurity; it’s a growing trend in the insurance industry with compliance and protecting information. For some time now, Google and other tech companies have been on a mission to kill passwords. We have dozens or even hundreds, for carrier portals, online enrollment platforms, quoting tools, etc. – and let’s face it, we don’t always make the best choices when we create passwords. Did you know that re-use and weak passwords make your accounts easier to hack?

Google Chrome already helped fight password fatigue with a built-in password manager. It was first introduced a few years ago and makes it easy to keep your credentials in sync across of all your devices. The password manager has learned a new trick in Chrome 69. It takes all of the hard work out of dreaming hard-to-hack passwords by creating them for you!

When Chrome notices you’re completing a new registration for an account, it will offer you some help! Just click on the password field, and you’ll see a box offering a secure and compliant password like 8qYzs43HJ9!jsd0. Moreover, instead of Google expecting you to remember this password, it automatically stores the new credential par in your “vault” so you don’t have to remember it!

Another great feature? If you’re on a website where Google has previously stored your login information and recognizes you’re entering new information; Google prompts you to save the new information and update your username or password.

Though you may not think so, not knowing your password or login information could be a good thing! Why is that, exactly? If you feel for a “phishing attack” and a cybercriminal tried to get you to log into that account, you wouldn’t know what to enter.

The Chrome password manager still lacks some of the more sophisticated features that dedicated password management applications (e.g., LastPass) offer. Some can even notify you when your account is involved in a hack or a leak – and can take care of the password change process for you. Which, again, is great from a compliance standpoint.

Help protect your information, your clients’ information, and your book of business by implementing a cybersecurity strategy in your risk management plan focusing on small, simple steps like password management and protection. There are more and more companies beginning to implement cybersecurity insurance which over basic coverage for theft and fraud coverage, network/business interruption, data loss and restoration, privacy liability, crisis management, and credit/identity monitoring.

While many people believe cybersecurity for insurance agents and agencies is an IT problem, it’s extremely important to remember it’s a fundamental issue that must be addressed in your business plan. As the requirements for optimized success in a digital age increase, risk management moves from a sole focus on finances to data protection, system/platform breaches, and more.

Our recommendations to begin your journey to protecting your data and enforcing simple cybersecurity? Utilize free tools like Google’s password manager, adopt a cavalier attitude towards patching and security with technology, and reach out to Agent Pipeline for more information on innovative solutions for your agency development, growth, and opportunity.