The insurance industry must consider IT Security from several different angles. While healthcare, energy, and other industries that we work with each brings a unique set of concerns and risks to the table, the insurance industry may face security issues from both sides of the table.
Serving the Security Needs of Insurers
Not unlike other vertical market business entities, insurance companies are continually bombarded with changing regulations and guidelines for protecting their data. With an unprecedented barrage of web-based and wireless threats, hacker attacks and network intrusions for the purpose of gaining unauthorized access to critical data, protecting sensitive customer data is a growing concern for the insurance industry.
A robust cyber security program is critical to ensuring security and reliability, as well as meet regulatory requirements. Loricca’s IT Security and regulatory compliance expertise brings a proven, comprehensive set of best in class managed security solutions and the latest tools and technology to protect business-critical and sensitive customer data.
Serving the Security Needs of the Insured
A growing number of U.S. based companies are now seeking cyber risk insurance policies to cover potential financial losses associated with a cyber-security information breach of PII (personally identifiable information) or other sensitive data protected by federal, or other, regulations/guidelines. While cyber insurance is still a developing niche within the insurance industry, it is growing quickly as the demand for such protection increases as businesses realize how devastating a breach could be.
Insurance companies offering cyber policies realize the value in understanding their clients’ risk factors and threats up front. We work with insurers to provide a clear picture of the IT security risks facing their clients to give a realistic scope of the protection each client needs and the appropriate costs of such policies.
When a security breach has occurred, insurers work with their clients to help them respond and remediate the breach or incident as quickly and as completely as possible. We work closely with insurers and with their clients who have suffered a breach to return them to an operational, secure state quickly and to develop a plan for the reporting and remediation steps they will need to take to avoid further breach and, if necessary, to regain compliance.
Whether to address security and data privacy concerns within the insurance company or to work through the insurer to better serve the insured, contact us today to discuss how we can help.