Let's look at examples of incidents that have occurred in the Insurance industry.

• Incident 1

Premera Blue Cross Phishing Attack. In 2015, Premera Blue Cross, a health insurance company, reported a major data breach affecting around 10.4 million individuals. The initial access to its network occurred in 2014 due to phishing emails sent to employees, which went undetected for around 9 months. The Office for Civil Rights fined Premera Blue Cross $6,850,000 over the incident, and the company settled a multi-state action for $10,000,000 and a class-action lawsuit for $74 million.

• Incident 2

Anthem Inc. Phishing Attack. In February 2014, Anthem Inc., one of the largest health insurance companies in the U.S., suffered a phishing attack that exposed the personal information of 78.8 million individuals. The attack was carried out by a nation-state threat actor who gained access to the company's network through an employee's email account. Anthem Inc. was fined $16 million by the Office for Civil Rights and settled a class-action lawsuit with breach victims for $115 million.

• Incident 3

Fidelity Investments Life Insurance Co. Phishing Attack: In October 2023, Fidelity Investments Life Insurance Co. reported a cyberattack that compromised the personal information of more than 28,000 customers. The attack occurred at Infosys McCamish Systems, a third-party service provider. The breach affected customer names, states of residence, Social Security numbers, dates of birth, and bank accounts and routing information.

• Incident 4

AIG Phishing Attack. In January 2024, AIG, a global insurance company, reported a phishing attack that targeted its employees. The attackers were able to gain access to sensitive information, including customer data, through a malicious email.

If an educational organization is hacked using phishing, several serious consequences could occur:

Data Breach: Phishing attacks often target sensitive information such as student and staff personal data, academic records, financial information, and login credentials. A successful breach could lead to the exposure of this information, resulting in identity theft, fraud, and financial losses for both the institution and individuals affected.

Academic Integrity Compromised: Hackers might manipulate grades, alter academic records, or gain unauthorized access to exam materials. This could lead to academic fraud, unfair advantages for certain students, and damage to the integrity of the institution's academic programs.

Disruption of Operations: Phishing attacks can provide hackers with access to the educational organization's internal systems and networks. Once inside, they could install malware, ransomware, or other malicious software, leading to disruptions in online learning platforms, administrative systems, or communication networks.

Financial Losses: Educational institutions may face financial losses due to the costs associated with investigating and mitigating the breach, implementing security measures to prevent future attacks, potential lawsuits from affected parties, and loss of revenue or funding due to reputational damage.

Reputational Damage: A data breach resulting from a phishing attack can severely damage the reputation of an educational institution. This loss of trust from students, parents, staff, and the community can lead to decreased enrollment, loss of donors or funding, and long-term damage to the institution's standing in the education sector.

https://www.hipaaguide.net/examples-of-phishing-attacks/

https://www.msspalert.com/news/hackers-steal-800000-from-college

https://www.cbs58.com/news/uw-parkside-falls-victim-to-bank-fraud-initial-losses-total-315-000

https://wjla.com/news/local/email-scam-costs-spotsylvania-schools-600000