Insurance
Leading global insurers leverage 42Crunch to secure their APIs
Insurance
Leading global insurers leverage 42Crunch to secure their APIs
APIs are the Backbone of Modern Insurance Systems
Large insurance companies rely on APIs to facilitate integrations between internal systems, third-party partner services, and customer-facing applications. Insurance companies often work with third-party vendors for things like underwriting, claims processing, or customer verification built on API-based integrations. Similarly, an insurance company may use APIs to allow policyholders to check claim statuses, get quotes, or manage accounts through mobile apps or websites.
Regulatory Compliance Imperative
Insurance companies must adhere to a variety of stringent regulations such as GDPR (General Data Protection Regulation), HIPAA (Health Insurance Portability and Accountability Act), and PCI-DSS (Payment Card Industry Data Security Standard). These regulations require companies to implement robust security measures, especially for handling sensitive data via APIs. A breach of these regulations could result in hefty fines and regulatory sanctions, not to mention reputational damage and revenue losses.
APIs as Attack Vectors
If APIs are not secure, malicious actors can exploit them to manipulate policy data, create fraudulent claims, or launch DDoS (Distributed Denial of Service) attacks. Similarly if a third party partner’s system hosts a vulnerable API, then that could potentially provide a pathway for attackers to infiltrate the company’s network or access sensitive information.
API security for large insurance companies is about protecting sensitive customer data, ensuring regulatory compliance, maintaining operational integrity, and safeguarding the company's reputation. Given how interconnected the modern insurance ecosystem is, a vulnerability in one part of the system can have widespread consequences, so investing in robust API security is a critical aspect of overall cybersecurity strategy.
Insurance companies such as Allianz and Travelers are using 42Crunch to continually test the security of their APIs with dynamic and static API testing and vulnerability scanning to identify and fix weaknesses.
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