Cybersecurity remains a significant concern for CFOs as evident from recent breaches, including Aflac's unauthorized network access where sensitive personal data may have been affected. The company activated its cyber-incident protocols, ensuring operations continued unaffected by ransomware. Aflac and other firms like Erie Insurance face threats from advanced cybercrime groups like Scattered Spider, which utilizes social engineering tactics against the insurance sector. The average cost of a data breach is now notably high, adding urgency for companies to safeguard their operations and customer data.
According to an SEC filing, the company will notify regulators and affected customers and offer free credit monitoring and identity theft protection services.
John Hultquist, VP of intelligence analysis at Mandiant, stated that actors associated with Scattered Spider are now targeting the insurance industry.
Aflac identified unauthorized access to its U.S. network on June 12, potentially impacting files containing sensitive personal data.
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