The CyberGuard Advantage: Tailored to You
Insurance
With the increase in digitization and online transactions, insurance companies have become more vulnerable to cyber threats such as ransomware attacks and data breaches. To mitigate these risks, the industry is adopting advanced security technologies like multi-factor authentication, intrusion detection and prevention systems, and data encryption. Insurance companies also adhere to IT compliance frameworks such as GDPR and CCPA to ensure the protection of sensitive customer data.
Information and Records Management
Given the critical nature of the information stored at insurance companies, cybersecurity and IT compliance are critical components to ensuring customer confidence. Information and records management pertains to the practice of maintaining the records of an organization from the time they are created up to their eventual disposal. This may include classifying, storing, securing, archival preservation, and destruction of records. Whether physical or digital, maintaining proper internal controls over the records is a critical aspect of the insurance industry. Some controls include privacy, data protection, availability, and physical & logical security. Implementing a robust compliance program can be used as a competitive advantage.
Electronic Payment Systems
Many companies which provide electronic payment systems undergo cybersecurity and IT compliance audits. Electronic payment systems often involve the use of electronic money that is stored digitally. When managing electronic payment systems, maintaining customer trust is a critical aspect to the business. Implementing a robust compliance program is critical when maintaining an electronic money system.
Strengthening Cybersecurity at Insurance Companies
Increasingly, insurance companies are asked to implement and maintain a compliance program that demonstrates their commitment to a strong system of internal controls. Control frameworks (such as SOC 1, SOC 2, ISO 27001, etc.) are widely accepted and help insurance companies differentiate themselves from their competitors by demonstrating their commitment to maintaining a strong IT compliance program.
When it comes to protecting client data for your insurance company, trust CyberGuard Advantage!
Trust CyberGuard Advantage
IT compliance and cybersecurity concerns are at the forefront of today’s complex business world. CyberGuard Advantage has the skilled professionals to help you make the right decisions at the right time. Reach out to us today.