Industry Background
The global insurance industry, amid business and technological development, is confronted with challenges in data security regulation and protection. As digital transformation progresses, insurance institutions amass a vast amount of sensitive data, making the security of this data a critical issue. Regulatory bodies worldwide are enhancing data security regulatory policies, strengthening the protection of financial consumers' information, and promoting the construction of industry data security management systems, requiring insurance institutions to strictly adhere to high standards of data processing and privacy protection. The insurance industry, when utilizing new technologies such as cloud computing and artificial intelligence, faces the risks of cyber attacks and data breaches, necessitating the establishment of robust technical protection measures and risk monitoring mechanisms. At the same time, insurance institutions must also address issues such as unclear data ownership and increasing compliance risks, which demand that the industry ensures the security and legal rights and interests of personal and organizational data while promoting the rational development and utilization of data.
Industry Needs
Main data security needs in the insurance industry include
- Business needs Product R&D data and customers’ personal information need to be securely protected.
- Regulatory and compliance needsCompliant with the legal and regulatory requirements of multiple countries.
- Market needs Management to data security, identity and access control need to be strengthened.
- Partner needsData exchanged with partners need to be fully protected.
Solutions
To address the special needs of insurance industry, we propose the following solutions
- Data Security Governance (DSG) Framework Leverage existing business operations to balance needs and risks, building a complete life circle management system for datasets.
- CARTA Model Leverage big data, AI, ML and other technologies to build an integrated analysis and protection system, creating a self-adaptive and intelligent security defense platform.
- Insider Threat Management (ITM) Adopt behavior analysis technology to monitor and predict inside users’ behavior, effectively identifying and analyzing insider threats.
Typical Scenarios
Scenario 1: Data security system for digital workspaces in insurance companies
We are aiming to build a unified data security system in digitalized workspace, with a unified security management policy in data categorization and classification to ensure a unified control over data in storage, in use or in motion, in the workspace.We are aiming to build a unified data security system in digitalized workspace, with a unified security management policy in data categorization and classification to ensure a unified control over data in storage, in use or in motion, in the workspace.
Scenario 2: Confidentiality audit to insurance business data and application data
Leveraging Unified Content WebService Inspector (UCWI) to run content security threat inspection and security audit, preventing sensitive data loss.
Scenario 3: Human-centric insider threat protection system
By building a proactive, consistent and self-adaptive defense system, to visualize user’s operational behavior and quickly locate risky users and high-risk threat events.
Solution values
- Regulatory and compliance Compliant with the legal and regulatory requirements of multiple countries and reduce compliance risks.
- Balancing the Development and Utilization of Sensitive Data with Content Security Protection Achieve granular access control and protection over sensitive data while making full use of them.
- Solve the hard issues of data categorization and classification provide data security consultancy service and help enterprise proceed the data categorization and classification, and develop appropriate data security policy.
- Secure digital transformation secure the data and drive business in the digital transformation journey.
Conclusion
By adopting advanced data security governance concepts and technologies, SkyGuard’s insurance industry data security solution not only meets the industry's high standard requirements for data security, but also enables a full use of data and the smooth business operation. SkyGuard's total data security solution creates a comprehensive, intelligent, and dynamic data security protection system for insurance companies, securing them moving forward steadily in their digital transformation journey.