Insurance companies have historically faced, and dealt with, several types of insurance frauds ranging from mis-selling of insurance products to leakages in commissions paid and inflated billing. Today, in addition to such frauds, insurance companies are faced with newer and more innovative fraudulent practices stemming from the pervasiveness of digitization. One such key risk that demands immediate attention is cyber security risk. Over the past few years, and especially in the aftermath of the covid-19 pandemic, the number of cyber attacks has grown dramatically.
