Insurance companies collect and store a large amount of sensitive personal information regarding their clients. This information is necessary to process clients, built client relationships, improve services, and help companies protect themselves from any potential fraud.
However, misuse or leak of such data can be very damaging for both company and its clients. To prevent such situations, many regulations are put in place across the world governing data protection, and insurance companies need to abide by them.
With the constant changes and revisions, navigating insurance records data protection compliance can be quite a challenge. European Union recently introduced new data protection laws, called Data Protection Directive and Data Protection Regulation. US has their own set of regulations governing data protection compliance in insurance, including Gramm–Leach–Bliley Act (GLBA) and Sarbanes–Oxley Act (SOX). If company doubles down as a PCI merchant, it also needs to comply with Payment Card Industry Data Security Standard (PCI DSS).
Meeting all the necessary compliance regulations is a continuous process that constantly evolves in terms of methods and best practices just as regulations themselves keep changing.
Latest compliance trends in insurance and finances include:
- Increased role of compliance department. It needs to take active part in a risk assessment process and actively control implementation of any regulations.
- Automation. It is important to seek automated ways to efficiently identify new requirements, plan their implementation and prove compliance. Such automation can free up human resources, save costs, and speed up audit process.
- Increased role of company leadership. Upper management of the company should lead compliance and data security efforts by proactively controlling the process and creating a favorable environment for successful implementation of compliance program.
Another major trend crucial for insurance industry is an increased attention on third party vendor and subcontractor compliance.
Read also about the IT security best practices and trends.
Role of subcontractors in insurance
One of the biggest challenges in insurance data protection compliance is third party vendors and subcontractors. Insurance industry widely uses various third party services. Non-exhaustive list includes:
- Security providers. It is important for insurance company to employ the proper security solutions and specialist, in order to make sure that sensitive data is safeguarded. However, security providers themselves usually have unrestricted access to such data.
- Software providers. Insurance companies use various software to manage their customers and internal resources. While providing maintenance and technical support for deployed solutions, software providers can have access to company sensitive data.
- Subcontractors. They are widely used across the industry for underwriting and claim handling. Various experts in different fields can provide the necessary specific knowledge to help company investigate and resolve claims and protect itself from fraud. While working with an insurance company, subcontractors may have access to customer personal data.
While your insurance company may be compliant with all the necessary regulations, it does not mean that all the third party service providers that you employ are also compliant. What is arguably more important, is that they all have access to company sensitive data, either by downloading it via insurance verification software, directly accessing your server, or even working on-site.
Most data protection regulations require you to monitor who accessed the important data and for what purposes. It may be required to audit insurance application that third party service providers are using for accessing customer data, or to check the server access directly. Therefore, the best way to ensure data protection and meet compliance regulations is to conduct third party vendor monitoring.
Ekran Systems – Third party vendor monitoring solution for insurance
Ekran System is a user monitoring solution that can produce indexed video recordings of all user actions coupled with relevant metadata. This solution provides you with all the necessary tools to monitor insurance software providers, security providers, and any other third party vendors and subcontractors, and to help your insurance company achieve data protection compliance.
Ekran System can help you in a number of ways:
Reliable data access monitoring. Ekran System records all user actions including mouse movement the way user sees them on his or her screen. This provides you with reliable information about any access to sensitive data. You will be able to see exactly who accessed the data and for what purpose. Each recorded session is clearly associated with a specific user and built-in secondary authentication feature allows Ekran System to clearly identify even users under shared accounts.
Conveniently presented recording. You can view all recorded information coupled with relevant metadata through any web browser via a convenient video player built into our Management Tool. It is very easy to search the recording and replay the specific parts that you need. Ekran System can also generate a various reports based on custom parameters, allowing you an easy way to see necessary data over time.
No impact on established workflow. Ekran System agent is non-intrusive. It works in the background and has minimal impact on performance.
Insider threat protection. Ekran System features customizable alerts that will send notifications upon suspicious events. This allows your security personnel to react to events as they happen and prevent any potential damage. Security can view any session live, and block the user if they do something suspicious, providing reliable way to control and prevent insider threats.
Ekran System can record any session, regardless of the level of privilege the user has, as they will not be able to stop or pause video recording. It can be used to reliably monitor insurance security providers and system administrators.
With fines for failing to achieve compliance becoming ever higher, same as damages from insider breaches, it is best to take these issues seriously. Employing user monitoring software, such as Ekran System, is the best way to ensure insurance data protection compliance and protect your organization from any potential liabilities.