On October 15, 2023, the Reinsurance Group of America, Incorporated (the “Company”) faced a significant cybersecurity incident that sent ripples through its operational landscape. An unauthorized third party breached the Company’s technology systems, raising immediate alarms and prompting swift action. As the incident unfolded, the Company quickly activated its incident response protocols, taking precautionary measures that included temporarily taking critical systems offline. Engaging cybersecurity experts and forensic advisors, the Company launched a thorough investigation into the breach. Fortunately, early findings suggest that no client policyholder data was compromised, nor was there evidence of encryption or ransomware. While the Company works diligently to restore normal operations and keep clients informed, the ongoing investigation seeks to uncover the full scope of the incident and ensure robust measures are in place to prevent future occurrences.

• Quantified Impact: The Company does not anticipate a material adverse effect on its business or financial results based on current investigations.

• Impacted Assets:

  • No evidence of data corruption or unauthorized access to client policyholder data.
  • Certain technology systems were taken offline as a precaution, but no systems were found to be damaged or locked by ransomware.

• Organizational Effects:

  • Although some systems were temporarily offline, the functionality of most online systems was restored earlier this week, minimizing operational disruptions.
  • The Company was able to continue communication with clients regarding the incident and restoration progress.
  • Incremental expenses incurred include costs for response, remediation, and ongoing investigation, though specific financial figures are not detailed at this time.

Overall, the Company has effectively managed the incident with no significant long-term damage to its operations or client trust.

The RGA cybersecurity incident likely occurred due to the exploitation of vulnerabilities within the Company’s technology systems. Unauthorized access may have been facilitated by insufficient security protocols, outdated software, or misconfigured firewalls, allowing an attacker to bypass defenses.

Post-incident analysis may reveal that the unauthorized third party used phishing tactics to gain credentials from employees or took advantage of unpatched vulnerabilities in software applications. Additionally, weak passwords or lack of multi-factor authentication could have contributed to unauthorized access.

Once inside the systems, the attacker may have navigated through the network undetected, accessing sensitive areas without triggering alarms. While the Company’s ongoing investigation has yet to uncover evidence of data extraction or ransomware, it is crucial to remain vigilant as cybersecurity threats evolve. This incident underscores the importance of regular security assessments, employee training on recognizing suspicious activity, and implementing robust security measures to protect against future attacks.

Upon detection of the cybersecurity incident, the Company promptly initiated its response protocols. This included taking certain technology systems offline as a precautionary measure to contain the unauthorized access. The Company then launched an investigation to assess the extent of the breach, engaging cybersecurity and forensics experts to assist in the analysis.

The initial identification of the malware involved monitoring system alerts and logs, which indicated unusual activity. The cybersecurity team triaged the affected systems, isolating those suspected of being compromised. By implementing containment measures swiftly, the Company aimed to prevent further damage and protect its technology infrastructure.

Communication with key stakeholders was established to ensure a coordinated response. Throughout this phase, the focus remained on identifying the nature of the threat while minimizing operational disruption. The investigation continues to determine the full scope of the incident and to ensure that appropriate remediation steps are taken.