Digital Security for the Insurance Market
The megatrend of Digitization has not left the insurance industry behind. Over the last few years, Insurance companies and their various stakeholders have made investments in digital processes, by embracing innovation and modernizing their systems.
As a market where reliability and trustworthiness are essential, digital environments require adequate protection.
The day-to-day operations of insurance companies are being shaped by digital processes and environments. Starting from digital business processes, such as communication with other insurance companies, stakeholders, and customers, to digital event notification and reliability at the point in time when a service was fulfilled, through to the digital authentication of components, devices, and parts to be replaced.
Cybersecurity within the insurance industry is vital because of the industry’s size and scope and the vast amounts of data consumed by companies in this sector. As an industry highly dependent on data, insurance companies must have the assurance that the data they generate, use, store, and exchange with various third parties is secured against all threats.
Outsourcing specific services to third parties, such as insurance technology companies expands the supply chain and drives the requirement for highest levels of data protection as well as security at all data access endpoints.
Use cases for Insurance
On-premises Data Security for Insurance Industry
Protecting highly sensitive data such as health records, personal data, and financial data processed in the insurance industry in compliance with data protection regulations.
Security for Cloud-stored Insurance Data
Enabling cloud security mechanisms to ensure data protection for sensitive data stored in the cloud such as health records, personal data, and financial data.
Reliable Proof of Time and Event Notification in Insurance
Reliable proof of time is critical for many use cases in Insurance. Whenever it is essential to ensure that a particular action or service is carried out within a specific timeframe, cryptographic timestamps are a strong requirement.
Process Management without Paper Trail in Insurance
Insurance has high levels of contact with various third parties, leading to enormous amounts of documents exchanged and archived. The availability of adequate technologies has now paved the way for fully digitized business processes.
Authentication of Component, Device and Part Origin
Insurance-related fraud often results in a substantial loss for the insurer. Digital identities of parts, components, and devices can help prevent such cases by providing reliable authentication of their origin.
Technical Trustworthiness for InsurTechs
Delivering highly sophisticated technical solutions to insurance companies, InsurTechs must assure their technical trustworthiness based on data and information security as well as cyber resilience against all threats.
Complete Protection of Digital Infrastructures in Insurance
Digital transformation in the insurance market has made information exchange and communication between various parties faster and more efficient but also causes the need for complete protection of its entire digital infrastructure.
