How to ensure Data Security in Commercial Lines Insurance
Published on 7 de October de 2022
Last month, Google signed one of the biggest deals in data security: a $5.4 billion deal with Mandiant Inc. The shift towards remote working and the Rusia-Ukraine crisis make companies take a step ahead and protect their businesses. Therefore, the cybersecurity market expects to reach $352.25 billion by 2026. But, how to ensure Data Security in Commercial Lines Insurance?
Depending on the position and the type of access to the data, there are different ways to ensure data security. Today, we explain what Data Security is and how to ensure the correct use of it in Commercial Lines insurance.
What is Data Security?
Data security is the practice of protecting sensitive data from unauthorized access, use, or modification. It covers all the areas of information security: administrative controls, access, security of software programs, organizational policies, etc…
Robust data security measures, when executed correctly, defend against external threats and even human mistakes. On the other hand, if you are not taking extra steps to secure your data, a breach will likely occur at some point in your business.
As mentioned, this type of attack is increasing, and hence are the repairing costs: a data breach in the USA costs approximately $8 million to repair. In addition to monetary losses, most incidents result in a loss of customer trust and reputational harm.
How to ensure data security to commercial lines insurance
When it comes to data security for commercial lines insurance, you must take a multi-layered approach. Considering that there is a lot of sensitive data involved, you need to take into account regulations such as de GDPR along with other local, or national regulations.
With internal threats, you must be sure that your organization is not misusing the same data in ways that are not compliant with the standards and the GDPR regulations. With external threats, you must also take steps to protect your data from being stolen, misused, or destroyed.
What can an Insurance Company do?
There are several things an insurance company can do to strengthen data security in commercial lines insurance:
Personalized products:
In order to protect your client’s data, you must have plans. These may be outlined in your policy, or you may choose to create your own policy that is specific to your client’s business needs.
Make sure that all IT systems are connected:
All modern technology should be integrated into your business protection model. This includes computers, smartphones, tablets, the internet, etc.
Keep devices secured:
It’s important that employees are not using their devices while performing work-related tasks, and that devices are secured when online, in the office, or elsewhere.
Use unique passwords for every account
It’s not a good practice to use the same password for different accounts. This could lead to information being stolen or misused.
Implement a data access control policy
You need to clearly define who has access to data and how they can access it. Be sure that all employees know and understand their roles so they can properly execute data access control policies.
Data security is a crucial aspect of any business, especially when it comes to insurance since we work with sensitive data. It is essential that you understand how data is stored and used when creating policies for personal and business insurance.
When dealing with sensitive information, it’s imperative that you take action to protect it from unauthorized access and use. To ensure that, the Wenalyze platform is able to notify the insurer any time their clients are at risk of suffering a cyber attack. Hence, they can notify their SME clients and take action before it is too late.
In order to discover more about our products, please contact us at wenalyze@wenalyze.com and learn more about how we can help your clients on cybersecurity matters.
