Malware
Globe Life, Insurance Titan, Probes Potentially Massive Web Portal Breach
Globe Life is investigating a potential breach in its web portal that may have exposed customers’ sensitive data. The insurance giant urges users to enable two-factor authentication and monitor their accounts for unauthorized activity, as it works to determine the extent of the incident and enhance security measures.
Did you hear about the latest cyberattack on a major American financial services company? Globe Life, a financial services holding company, has announced that attackers may have accessed consumer and policyholder data after breaching one of their web portals.
How did Globe Life find out about the breach?
The incident was discovered on Thursday, June 13, while reviewing potential vulnerabilities related to access permissions and user identity management for the web portal following an inquiry from a state insurance regulator.
“Immediately upon notification of these circumstances, the Company removed external access to the portal,” said Christopher T. Moore, Associate Counsel and Corporate Secretary at Globe Life, in a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.
“At this time, the Company believes the issue is specific to this portal, and all other systems remain operational.”
How is Globe Life responding to the breach?
The insurance company believes that taking down the affected web portal will not significantly impact its operations. After detecting the potential data breach, Globe Life also activated its incident response plan and hired external security experts to remediate any security issues and assess the incident’s full scope, nature, and impact.
“As the investigation of the incident is ongoing, the full scope, nature and impact of the incident are not yet known,” Moore added.
“However, as of the date of this report, the incident has not had a material impact on the Company’s operations, and the Company has not determined whether this is a material cybersecurity incident required to be reported under Item 1.05 of Form 8-K.”
Why does this matter to you?
Globe Life is a Texas-based holding company listed on the New York Stock Exchange with over 3,600 employees. It provides life, health, and worksite insurance products and services through its wholly-owned subsidiaries, including direct-to-consumer and exclusive and independent agencies.
On April 11, Globe Life’s share price fell by 53.14% after allegations from anonymous organization Fuzzy Panda Research (which had taken a short position on the company) that Globe Life committed numerous insurance frauds—the company denied these claims.
As an IT Services provider, we understand the importance of cybersecurity and the potential risks that such incidents pose to businesses and their customers. It is crucial to stay informed and be prepared for the ever-evolving landscape of cyber threats.
What can you do?
Stay informed and educated on the latest cybersecurity news and best practices. Keep coming back to learn more about how to protect your business and your customers from potential cyber threats. If you have any questions or concerns, don’t hesitate to contact us.