Experts warn insurers of growing vulnerability to token theft

Six in 10 businesses have shut down in the past three years due to ransomware.

Industry leaders from the insurance and cybersecurity sectors have called for insurers to strengthen their cyber resilience, with 60% of affected businesses shutting down within three years, and continued reliance on outdated systems.

At a roundtable hosted by cybersecurity firm Intersys, experts raised the increasing impact of ransomware. Panelists also highlighted the growing threat of “quishing” (QR code phishing), which has surged from 0.8% of phishing attempts in 2022 to 12.4% in 2024.  

Senior figures from companies such as The Camelot Network, Devonshire Underwriting, and Neo Ventures participated in the discussion, stressing the need for insurers to stay ahead of evolving cybercriminal tactics. 

Whilst multi-factor authentication remains a critical security measure, experts cautioned that attackers are increasingly bypassing it by stealing access tokens.  

The panel concluded that insurers must adopt stronger cybersecurity frameworks and integrate advanced threat detection strategies to mitigate emerging risks.