Selling life insurance requires trust, as you’re responsible for some of your client’s most sensitive information. From Social Security numbers and medical records to financial details and family histories, the data isn’t just valuable to you and your clients, it’s useful to would-be cybercriminals.
A single breach in your cybersecurity can mean the loss of reputation, trust and (ultimately) business. It’s critical that amid everything else there is to juggle, you’re maintaining a cybersecurity regime that keeps client data safe and protected.
We’re going through some basic, best practices to make sure you and your clients feel safe with how their data is being used and where it’s being stored.
Sensitive data deserves protection
As a life insurance agent, you are a prime target for cyber threats. Selling life insurance requires a lot of data, almost all of which is highly sensitive to your client. A cybersecurity report by Security Matters found that in 2024, 93% of organizations in the US suffered two or more identity-related breaches.
It happens regularly, and that’s why it’s paramount that you have protection in place. Specifically, you need to ensure your cybersecurity is following the rules and regulations set by both the Health Insurance Portability and Accountability Act (HIPPA) and the Gramm-Leach-Biley Act (GLBA).
It is a good idea to have a basic knowledge of both sets of requirements, as they go a long way in understanding the purpose behind best practices.
Best practices for cybersecurity
Cybersecurity, while a nuanced issue, does not have to be complicated. We are going to summarize the best practices into three key points: think of these best practices as “insurance” for your “insurance business.”
Good security is a habit and should never be a one-time precaution. Making these three practices regular occurrences for you and your organization will go a long way in ensuring your clients’ (not to mention your agency’s) data is secure.
Passwords + multi-factor authentication
Let’s be honest — creating passwords that are both unique and easy to remember is a difficult task, yet it is one of your organization’s strongest defenses against cyber threats.
Have your team create passwords that are long, random and unique to each service. Passwords should never feature birthdays, pet names or favorite numbers. Ideally, your organization can use a password generator to make truly random options but be vigilant with what generator you choose. Finding one that is encrypted and “zero-knowledge,” will ensure you haven’t introduced another cyber threat.
Best of all, set your team up with multi-factor authentication. When you require both a password and a secondary verification method, you’re layering an additional security barrier making it even harder to breach. While it does add an extra step to log in, it makes you 99% less likely to be hacked.
Encrypt and safely store data
Encryption should act as a secret language that only you and any authorized recipients understand. Encrypting your client’s data is a way to prepare for a security breach so that if it does end up in the wrong hands, they cannot make sense of it. All devices that are storing client data should be encrypted. Similarly, make sure you’re incorporating data appropriately and on trusted platforms — never trust generative-AI like CHATGPT with client data.
Cloud storage is still a viable option too, but any options should offer end-to-end encryption and comply with industry regulations. At the end of the day, store your client’s data with the sensitivity you’d use with your own. If it feels risky, it most likely is. There is no overkill when it comes to encrypting and storing client data.
Recognize common security risks
To best prepare for security threats it’s best to recognize common scams. The most dangerous cybersecurity threats arrive disguised as something harmless. An urgent email from a boss could be a phishing attempt. You found a random USB in the parking lot? It could be loaded with malware.
Once you change your perspective to realize even the most trivial, day-to-day occurrences can be compromised, you’re headed in the right direction. Teach your team to spot red flags: unexpected urgency, suspicious email addresses, weird attachments, or any request for personal information. All of these should be treated as potential threats.
When in doubt, verify through a secondary communication channel before doing anything else. Sending that text to a colleague after an email can save you so much time, money and heartache.
Regular security awareness training
Speaking of preparing for threats — regular security awareness training can help you and your team stay vigilant in the workplace. Cyber threats are always evolving, and your understanding of them should too.
Company-wide newsletters or webinars are an excellent way to make sure your team is up to date. Companies like Phin offer security awareness training that integrates with Microsoft, making spotting and reporting suspicious activities simple.
Organizations like Ninjio will help you build a strong cybersecurity response by regularly training employees with engaging, microlearning episodes. Based on real-life hacks, Ninjio episodes give users concrete examples of what cyber threats look like, how they work and the damage they can cause.
The most secure practices make learning about protection an ongoing priority. Anything less can leave your clients’ data exposed to new and advanced security threats.
Create a plan for better security
Hope for the best while planning for the worst. Every insurance agency should have a clear response plan in place for security threats. Document steps for you and your team on what to do if a breach is suspected: who needs to be contacted, how to secure the systems, when to notify clients and what resources are needed to recover.
Having outlined answers for each of these will help you test and modify your response to any security breaches. Walking through these scenarios with your team will be a powerful tool to prepare for the worst. Ideally, they are steps you will never have to take, but they will be critical if you find that you do.
Keep your clients secure with Symmetry
While cybersecurity can feel like a complicated subject, we hope these tips help you simplify the ways you can be proactive about protecting yourself and your clients.
Being vigilant will go a long way in ensuring client data is safe and protected from cyber threats. Everything from understanding common security risks to good password hygiene will go a long way in protecting your organization’s data.
