As the insurance industry continues down the path toward digital transformation, it is being inundated with data being generated by many different connected devices and systems.TechnologyRisk Management
Enterprise data is growing so rapidly that analysts at IDC predict the worldwide volume of data will increase ten-fold to 163 zettabytes by 2025.
With the rise in volume and accessibility of data, comes an increased risk of data breaches. In the first half of 2019 alone, nearly 4,000 data breaches occurred, resulting in more than 4 billion records being compromised.
On top of these challenges, insurers are also subject to an ever-changing list of complex regulatory requirements and industry standards meant to strengthen data security and consumer privacy.
From the EUs General Data Protection Regulation (GDPR) to the Payment Card Industry Data Security Standard (PCI DSS), the New York Department of Financial Services (NYDFS) Cybersecurity Regulation to the Insurance Data Security Model Law, insurers face a complex regulatory landscape.