An Accenture report from late 2016 found that 1 in 3 cyber security attacks on the insurance industry are successful. Despite this, the report goes on to say that 4 out of 5 Insurers are confident in their ability to protect their organization from cyberattacks.
Your customers trust you to keep their data safe when they subscribe to your services. But in this day and age of expanding technology requirements from both internal and external users, it is becoming increasingly hard to maintain effective security measures.
In order to maintain that trust, what steps are the insurance industry taking to ensure that the consumer protection and compliance regulations are met?
Compliant Hosted Private Cloud Services for InsurTech
Customer expectations are changing. They are demanding greater innovation to traditional insurance models, so it’s no surprise that the cloud service market is expected to grow more than 33% in 2018.
Data privacy and security remain the top concerns for CIO’s in the insurance industry, but having their data kept in a public multi-tenant cloud environment can be worrisome. Multiple entry points can expose the data, allowing hackers or other malicious sources in to steal or compromises.
In order to avoid the multi-tenant cloud environment, the Insurance industry should leverage a secure hosted private cloud solution. Solutions such as this utilize a multi-customer environment that isolates access to their infrastructure and helps meet the individual security and licensing requirements. Not to mention that the staff charged to work in the infrastructure has been highly trained to effectively secure systems from all the different sources of attack.
Hosted Private cloud solutions meet the regulatory and security requirements of the insurance industry, from HIPPA to many other industry specific regulations.
Talking about security, this question should have definitely crossed your mind: what would happen when an employee’s official laptop is stolen? Will the data be lost or could it fall into the wrong hands and what would be its consequences?
With a hosted private cloud solution, there would be none. All the data is stored in the cloud and not on the end point. So any unauthorized user would not be able to gain access to the data and the employee can simply continue working from another endpoint.
Hosted Private Cloud – Your solution for Business Continuity and Disaster Recovery
From Harvey to Irma, it’s hard to not think of what would happen to your organization should disaster strike. And not all disasters are naturally occurring. Some happen from malicious sources and accidental events. The cloud can help mitigate your risk in all of these situations. With its redundant off-prem solution as a business continuity and disaster recovery (BC/DR) strategy, your data is backed up on various servers across different geographical locations, making sure that your data is easily accessible, safe and secure. As long as users have access to an internet enabled device, they will be able to keep working from wherever they are.
Take a Peek at dinCloud
At dinCloud, we’ve always said that “if it’s not secure, it’s not worth using!” We are purpose built for Cloud with security that is woven into our DNA from day 1. To learn more about what’s available from dinCloud, see our security page. We offer a hyper-converged infrastructure that includes 1 daily backup that’s stored for 10 days. If you would like additional information, or to discuss your institution’s environment, contact us via this form or see our Cloud services for the insurance industry page.