Cloud Security in Insurance Sector: All You Need to Know

As insurers increasingly embrace the digital realm, cloud computing & cloud security have generated quite the buzz. The focus on cloud security is prudent, especially considering that insurance companies have access to sensitive data that must be safeguarded at all times. However, before we delve any deeper, let us first take a look at the key challenges that afflict insurance companies in the context of cloud security:

1. Compliance: Compliance risks are essentially based on data and access-related challenges.
2. Data: Remember that data travels to and from the cloud and several cloud-based apps. The situation becomes even more complex if the setup also involves on-premises infrastructure for the data.
3. Access: Cloud platforms often host several tenants, meaning companies must manage access and secure their data and systems regarding their employees, contractors, and other tenants.

Next up: critical steps to ensure robust protection for the cloud environment.

1. Safeguard systems: The first step is to analyze and review the data before labeling it based on its sensitivity levels.
2. Secure data: Since cloud-based infrastructure involves a multi-layered technology stack, companies must implement security measures on the layers for which they are responsible.
3. Access management: Leverage policy-based authentication and other such best practices to ensure robust management of user access to apps and data needed for their jobs.
4. Modernise threat identification: A good idea would be to use user behavior & analytics (UEBA) solutions to identify and mitigate threats much more quickly than human resources tasked with the responsibility would be able.
5. Set up a rapid response strategy: An in-depth response strategy with the appropriate specifics for threat mitigation and competitive fallout containment is critical.

Finally, here is a look at the seven critical layers of cloud security:

1. Data: The layer necessitates appropriate measures to ensure the safety of content, messaging, and databases. These measures typically include encryption of data in transit as well as at rest, data lifecycle management, and the use of secure transit methods such as VPNs, among other things.
2. Apps: To truly protect your apps, it is imperative to take care of three crucial areas: monitoring, access control, and vulnerability management.
3. Host network: Ensure that your cloud host provider uses a rock-solid, modern IT infrastructure and solutions further fortified with breach remediation measures, additional security mechanisms, and AI-enabled threat detection.
4. Internal network: Insurance companies must safeguard the mediums through which their data moves between the company’s internal network and its service provider’s network. It means tending to traffic encryption, firewalls, segmentation
5. Perimeter: With both on-premises and cloud infrastructure being encompassed by the term ‘ frame,’ the zero-trust approach has been crucial. The zero-trust system means no access is granted to anyone or anything till an in-depth verification process has been completed.
6. Physical access: Besides conventional physical security measures, such as cameras, badges, and door locks, more and more companies are also deploying robots as an additional layer of security.
7. Policies and processes: It is just as crucial for companies to elucidate precisely how the staff can avoid and prevent data breaches as it is essential for them to know how to identify and respond to such threats. To that end, consistent employee education is a must.

Now you know why cloud adoption in insurance is crucial: it can help the industry address some of its most persistent pain points and usher in a new age of faster services, better customer services, and much more!

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Created on Jan 20th 2023 06:54. Viewed 72 times.

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