SIM cards could be a problem for the insurance industry

Cell Phone Insurance technology
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SIM card vulnerability has insurance industry worried

Germany’s Security Research Labs, a leading security firm, has found a serious flaw with the SIM card that are used in most mobile devices, which could have serious implications for the insurance industry. The discovery has been enough to spur the United Nation’s International Telecommunications Union into action. The organization suggests that the discovery is very significant and represents a potential threat to the global insurance industry and millions of consumers with smartphones and tablets.

Flaw could affect millions of mobile consumers

Security Research Labs discovered that conventional SIM cards feature a fundamental flaw that make them exposed to hackers that are familiar with such technologies. The International Telecommunications Union suggests that these vulnerabilities represent insight on the issue of cyber security, noting that security against hackers and malicious cyber attacks has yet to be taken seriously. The insurance industry has long been aware of the risks associated with the digital world, but few coverage options exist when it comes to the matter of cyber attacks, and most of the solutions available cater to very large corporations that have a great deal to lose if they are targeted by such attacks.

Cell Phone Insurance industryUN group works to inform countries of SIM card issue

German researchers are scheduled to detail their findings concerning SIM card vulnerabilities at a security conference in the U.S. later this month. Security Research Labs and the International Telecommunications Union have already been working with device makers in order to resolve the security issues with SIM cards. The UN group is currently working to get in touch with agencies and governing bodies in more than 200 countries in order to inform them of the security issues uncovered by German researchers.

Insurance industry could see a rise in cyber attacks due to SIM card vulnerability

SIM cards have long been a formidable line of defense against hackers. Hacking these small devices is typically conceptualized as the “Holy Grail” among hackers. Having access to SIM card gives hackers a great deal of control over a mobile device and the information it contains, as well as the information it accesses through the wireless networks it connects to. Should the vulnerabilities of SIM cards go ignored, the insurance industry could see a problematic rise in the prevalence of cyber attacks on consumers and businesses alike.

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