Insurance companies collect and work with a vast amount of data and face organizational challenges to become data-driven companies. Leading insurance companies use data and advanced analytics to redefine risk assessment, and enhance customer experience, whilst improving efficiency and tactical decisions throughout the underwriting process.
To store and process the increasing amounts of data for their digitalization strategies, insurers are under pressure to continuously enhance their approach.
Cloud services are a valuable technology for insurance, revolutionizing the way they operate since computing power and storage space are hosted externally.
Insurance providers are dealing with highly sensitive data such as health data, financial data, personal data (addresses, names and social security numbers, for example), professional data, and financial statements, are some examples. Therefore, this sector has a critical requirement to implement certain security measures which are also compatible with cloud solutions.
Encryption within the cloud and concepts such as Bring your own key, and multi-cloud key management help provide trust in cloud services.
Applications for Security for Cloud-stored Insurance Data
Double Key Encryption
Enables protection of sensitive data by securing encryption keys in the HSM and Azure cloud. Without access to both keys, the relevant data remains securely encrypted.
Multi-Cloud Key Management
A bring-your-own-key strategy (BYOK) allows to securely orchestrate services and data flows across multiple clouds and countries, including customers' local data centers.
BYOK and HYOK
Select the key management solution by hosting encryption keys in the cloud provider’s platform or retaining the ownership control of customer-managed encryption keys.
Hardware Security Modules for General Purpose Use Cases
Enables key generation, storage, and exchange. Addresses various performance levels and physical security requirements while fulfilling compliance and regulatory mandates.
Tokenization
Replacing sensitive data with non-sensitive tokens enables secure business operations without sharing sensitive information.
