INSURANCE SECTOR

Data

Security Breaches

Data security breaches are more common than ever and more expensive. Within the insurance sector, the loss of personal and financial data relating to customers can have severe financial and reputational implications.

For insurance companies responsible for holding large amounts of personal and financial data of their customers, a data breach can cause irreparable damage, decrease company value and even impact the wider economy. Then there are potentially severe financial penalties that regulators can impose. ​Insurance companies usually have internal definitions of risk levels based on the amount of customer data in documents. The Getvisibility tool uses AI and machine learning to adapt to these internal levels and calculates risk for each document and email. Insurance Policies and Insurance Quotations would have different retention schedules. Getvisibility helps identify such documents for effective document retention. We recommend working with our resellers to develop a data protection strategy, starting with a nominated department, and use the Getvisibility tool to discover the documents and email they use, ranking them by risk. Then develop a protection strategy that can range from simple clean-up to staff re-training to rolling out sophisticated data loss prevention tools, perhaps integrated with archiving and secure deletion tools.