How Insurers Can Battle Ransomware and Cyber Threats

Ransomware threat as high for insurers as it is for their clients, says M-Files

May 22, 2025|News & Industry

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Quick Summary

Yohan Lobo, Senior Industry Solutions Manager at M-Files, highlights the rising threat of ransomware attacks affecting insurers, with 17% of cyber claims reported to Marsh linked to such incidents. He emphasizes the need for insurers to strengthen their internal cybersecurity measures to protect sensitive data amid increasing threats. Additionally, the Digital Operational Resilience Act (DORA) imposes stricter compliance requirements on financial services firms operating in the EU, necessitating proactive security strategies. Lobo suggests that enhancing document and data security is a key response for insurers to mitigate risks posed by cybercriminals.

Yohan Lobo, Senior Industry Solution Manager at M-Files

The frequency and sophistication of ransomware attacks is a concern for organisations globally, with Marsh revealing that 17% of cyber claims it receives are related to ransomware.

However, while it’s crucial that insurers continue to serve this market, they must also invest internally to ensure that their cybersecurity protocols are watertight, providing the required level of protection amid a heightened threat landscape.

Additionally, stipulations of the Digital Operational Resilience Act (DORA) are increasing the scrutiny on financial services firms that operate in any capacity in the EU, demanding proactive measures to ensure compliance.

According to Yohan Lobo, Senior Industry Solutions Manager at M-Files, insurers can respond to the growing threat of bad actors by bolstering the security and privacy of their documents and data.

Read the full article on Ransomware threat as high for insurers as it is for their clients, says M-Files | Insurance Edge

Article Highlights

Ransomware attacks account for 17% of cyber claims received by insurers, highlighting a significant threat to the industry.
Insurers must strengthen their internal cybersecurity measures to maintain robust protection against increasingly sophisticated ransomware threats.
The Digital Operational Resilience Act (DORA) imposes stricter compliance requirements on financial services firms operating within the EU.