How insurers can leverage insurtech solutions to better protect customer and company data

The transition to remote working has made a colossal impact on the workplace, with staff now able to access company files with nothing more than a Wi-Fi connection. However, this has increased the number of unsafe access points that create backdoors for cybercriminals to infiltrate traditionally secure systems.

For insurance organisations and their customers, a breach can be catastrophic. Information gathered by threat actors can be monetised immediately or used to facilitate scams such as identity theft. If this were to happen, an insurer’s reputation would be significantly damaged in a way that can be extremely difficult to recover from.    

Exacerbating this issue, many organisations have let their information pool in remote servers with no end destination. This not only creates a financial drain on the organisation, but also creates a target for hackers looking to access large data streams in a single hit. This exponentially increases the risk for insurance organisations to fall victim to a cyberbreach.

Partnering with the right insurtech provider can provide a stronger level of cybersecurity to protect your commercial and client data. While insurtech solutions can augment your customer offering and streamline your processes, if they’re not inherently secure, they could be putting your business at risk. However, the right insurtech provider can significantly increase your security in three important ways:

• Keeps data accessible internally
  An insurtech provider that lets data flow freely via a protected conduit between insurers and partners provides an additional layer of protection for those that might access the information remotely. It also keeps the most relevant data in circulation within the businesses and not remaining stagnant in a remote pool where it remains unmonitored. By making data accessible to all parties, businesses can keep their information safe through creating a ‘village’ of collaborative workspaces, all interacting with the data and tracking its status and providing peace of mind to organisational leaders.

• Automates workflows to eliminate human error
  The greatest threat to an organisation’s data security is its staff. Human error accounts for most data breaches within a business, so business leaders should prioritise extensive training sessions to equip employees with knowledge that could reduce the potential damage caused by a cyberbreach. In the meantime, automated workflows can reduce the margin for error in administration tasks, increasing levels of data protection without the need for human intervention.

• Meets industry standards
  Insurtech providers must operate according to industry best practices and standards to ensure their product is suitable for organisational use. Providers must not only consider data privacy, but also aspects like intellectual property rights and marketability standards that come into play when looking to provide a competitive product. Having these additional standards as a backstop for your business means that the provider you choose will be able to offer that additional assurance that the data being handled will be securely managed.

Cybersecurity remains a top priority for insurance organisations around the world. The increase of digital access has accelerated the need for business leaders to find the right partners that will keep their business and customers secure.

To learn more about how Stelvio and EstImage can help protect your business and its critical data, contact the team today.