What are the most effective data privacy tools and techniques for insurance companies?

Encrypting data both at rest and in transit is crucial. This includes encrypting databases, backups, and communication channels. Advanced encryption standards like AES-256 are often used, but we have others like DES and triple DES, RSA,ECC. Bitlocker, Filevault or Veracrypt for disks; TDE by SQL Server and Oracle, MongoDB... I think that the most importance is having Data Encryption in mind, tools are out there.

Data encryption is a method of converting information or data into a code, especially to prevent unauthorized access. This involves using algorithms to transform readable data, known as plaintext, into an unreadable format, known as ciphertext. The process often uses a key There are two main types of encryption: symmetric and asymmetric. Examples of encryption algorithms include AES (Advanced Encryption Standard), RSA (Rivest-Shamir-Adleman), and DES (Data Encryption Standard). AES, for instance, is widely used across the globe to secure sensitive data. It is considered very secure, and it’s used in various applications like securing wireless networks, encrypting files, and securing transmitted data.

Solutions pour les compagnies d’assurance: Renforcez les processus d’assurance grâce à des solutions de données fiables. Améliorez l’évaluation des risques grâce au géo-adressage et aux analyses spatiales sophistiqués, assurez la qualité des données pour garantir la cohérence dans l’ensemble de l’entreprise et créez de meilleures expériences pour les assurés.

In today's dynamic digital landscape, ensuring robust data privacy measures is paramount for insurance companies. One of the most crucial tools in their arsenal is robust data encryption. Implementing end-to-end encryption protocols safeguards sensitive client information throughout its lifecycle, from collection to storage and transmission. This not only fortifies the company's defenses against cyber threats but also ensures compliance with stringent data protection regulations. Furthermore, investing in employee training programs on cybersecurity best practices enhances the overall security posture. Educating staff on recognizing and mitigating potential risks significantly contributes to a culture of heightened awareness and diligence.

The insurance industry is looking at the entire Technical stack at this point in order to understand what the future perils are for data, either through infiltration or exfiltration. One of the concerns regarding current encryption formats is the fact that quantum computing is on the horizon and must be dealt with. Well run underwriting insurance companies will be looking at future plans that their future policyholders must embrace. We will be looking at good entropy, good forward, looking knowledge of both informational, technology, perils, as well as operational, technology, perils in our pricing, and our loss control. it is the 21st century, and the insurance industry is waking up to the true risk.

Data anonymization is pivotal for insurers. It entails altering or removing personally identifiable information (PII) from datasets, guaranteeing anonymity. This method empowers insurers to evaluate trends, manage risk, and enhance services while safeguarding policyholders' privacy. Striking the right balance between data utility and privacy is vital, and data anonymization achieves this balance. In my experience, I've witnessed the effective implementation of data anonymization, converting raw data into invaluable insights while upholding privacy. Through the anonymization of customer data, insurance firms adhere to data protection regulations like GDPR, fostering trust among policyholders in the EU

In today's landscape, implementing data anonymization or masking directly at the database level has become seamlessly achievable within the table structure. This empowers database administrators to precisely control access, allowing them to assign roles to users and determine who can view unmasked data.

Data anonymization is the process of altering personal data in such a way that the individual to whom the data relates cannot be identified, either by the entity holding the data or by any other party. It is a critical aspect of data privacy and security, especially when dealing with sensitive or personal information. Here are some key points about data anonymization: 1. Irreversibility: Anonymization should be irreversible to prevent re-identification of individuals. Once data is anonymized, it should not be possible to reverse the process and retrace the original data.

Insurance companies are aware of the data anonymization. However, the insurance companies have to practice what they preach before they try to underwrite it for third parties that are known as policyholders. The insurance companies still use passwords with proclivity, not only for internal operations, but external operations through their agency plants, whether those agencies be direct or indirect. The present cyber hygiene of the insurance industry is poor enterprise-wide. So anonymizing data “at home” by the carrier should be top priority so they can lead by example. If they do not it will come back to bite the companies in court with the inevitable “Practice what you preach” plaintiffs responses come claim time.

Data minimization is a key principle in data protection and privacy, particularly emphasized in frameworks like the General Data Protection Regulation (GDPR) in the European Union. It refers to the practice of limiting the collection, storage, and usage of personal data to what is strictly necessary for the intended purpose. Here are some key aspects of data minimization: 1. Purpose Limitation: Collect data only for specific, explicit, and legitimate purposes. Once the data is obtained, it should not be used for other purposes that are incompatible with the original intent. 2. Data Adequacy and Relevance: Ensure that the data collected is adequate, relevant, and not excessive in relation to the purposes for which it is processed.

This is a wonderful concept, but not a realistic goal for insurance companies. The insurance industry puts assets at risk for a profit! The currency of underwriting is “data”. Data from the insured (Applications), Data from third parties to verify what is being submitted on the application, Data from losses both expected and unanticipated. Insurance has two currencies it must have to survive 1.Premium $£€¥¢ and 2. Data. This industry has been around for 336 years in the modern era. We have data that is older than the United States itself. It’s the protection of the data that is critical, and that includes entropy, compliance, governance, and much more. It is those issues that need to be attended to.

Unauthorized access, manipulation and data leakage while in transit or at rest can all be avoided by data encryption. To secure their data on computers, servers, cloud platforms, networks and apps, insurance companies might employ data encryption.

Data consent management is a critical process for insurance companies that need to be executed on a real-time basis. The marketing and sales functions of the insurance companies need to be updated upon the consent status of their customers and prospects, before reaching out to them. For this need, from my experience, insurance companies need use a master data management solution which could master the consent information for each customer & lead; and serve that consent information to marketing & sales processes and applications, on a real-time basis. This capability becomes critical for large global insurance companies that have multiple business lines/products (like life, and non-life insurances) in multiple geos.

Data consent management, though, a very noble concept, and truly is intended to be applied, is not attainable under the current cyber hygienics of the industry at large. Insurance industry should be the ultimate regulator when it comes to cyber hygienics. however it has to practice what it preaches all the way through the technical stacks they are operating upon internally. What needs to be done is working though their 20th century business rules and throw them overboard. Data consent management is but a piece of work on the “Legal stack”, though valuable. So if you have good legal hygiene, and you don’t practice what you’re preaching, it is a pointless exercise and can be used against you in a court of law.

Consent management is one of the keys, too many things to consider in the insurance sector... 1. Clear and Informed Consent 2. Granular Consent Options 3. Easy Consent Withdrawal 4. Data Minimization 5. Regular Consent Updates and Audits 6. Integration with Data Management Systems 7. Training and Awareness 8. Digital Consent Management Tools 9. Transparency and Communication 10. Responding to Data Subject Requests 11. Data Protection Impact Assessments (DPIAs) 12. Documenting Consent

Data breach detection is one thing, but the reporting of the data breach to the insurance carrier is mission critical. It is not only critical for the policyholder to gain coverage, but it is also important to gain perspective on what our true causes of loss over time. This will allow for early warning systems to be developed along with case model, reserving practices, which allows for more expedient claims payments. The reporting of claims is absolutely the biggest problem as we will not know how to handle these losses, unless we get excellent data on a post basis. Much like after a fire, we learn how to put them out. It is very similar with IT and OT infiltrations or exfiltrations, we need to know how it was done to learn how to prevent

Data Access Control: Implement strict access controls and permissions. Employees should only have access to the data necessary for their role. Regular Audits and Monitoring: Continuously monitor networks and systems for suspicious activities. Conduct regular audits to ensure compliance with security policies. Incident Response Plan: Develop a comprehensive incident response plan. This should include steps to be taken immediately after detecting a breach, such as isolating affected systems, determining the scope of the breach, and notifying affected parties. Legal Compliance: Stay updated with laws and regulations related to data protection and breach notification. Ensure compliance with regulations like GDPR, HIPAA, etc., as applicable.

One thing I have found extremely helpful is our Fraud Prevention Practice Group. We have a web meeting once a month to talk about current schemes, examples of phishing/fraud attempts and what we are actively doing to identify and prevent breaches. Sharing information is key, and these regular discussions keep fraud top of mind. Be vigilant!

It does not exist one size fits all. Each insurance company has their own data ecosystem and their own requirements. For example, an insurance that works across multiple countries might want to tackle first local market requirements, before looking at group requirements. However, solutions that often are deployed include: Encryption, tokenization, data masking, access controls and role-based permissions, data loss prevention, privacy-perserving analytics, anonymization and pseudonymization.

Managing subprocessors who assist the insurance agency is also critical. Managing subprocessors means conducting appropriate due diligence before working with the subprocessor and also monitoring the subprocessor along the way. Determining that they have a strong data privacy and cybersecurity program and keeping a record of your efforts is important.

In the insurance realm, a company embraced a narrative of data privacy mastery. * Homomorphic encryption became the protagonist, allowing computations on encrypted data without exposing sensitive information. * Tokenization played the role of a guardian, replacing personally identifiable information with secure tokens. * Anonymization emerged as the storyteller's veil, obscuring identities while retaining data utility. This story unfolded as a saga where homomorphic encryption, tokenization, and anonymization converged, creating an impregnable fortress around sensitive data, ensuring a narrative of trust and compliance in the insurance landscape.