Data Security and Compliance
Insurance Sector

Data Security & Compliance

The insurance sector generates large volumes of data that comes from a myriad of sources (policy records, claims, social media, credit reference agencies, sensors) with a requirement to be processed and analysed to be able to more accurately access and price risk. Exploiting this data has unlimited advantages- fraud reduction, tailored policies and improved customer segmentation.

In line with consumers expectations towards all things digital, as well as various ways in which data is being collected, stored, processed and analysed, cyber risk contributes to vulnerability as more and more data is accumulated.

In a highly regulated market, insurers would need to provide a comprehensive data governance solution in place with appropriate controls to ensure that relevant processing meets existing and evolving data privacy regulations.

Cryptography plays a major role in the implementation of secure systems: confidentiality, integrity and authentication.

Safe Processes

Safe Digital Processes

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Public Key Infrastructure (PKI)

Automotive devices are operated within PKI-Infrastructures, ensuring confidentiality, integrity, authenticity and non-repudiation of sensitive information. Encrypting data at rest and in transit guards it against manipulation or interception.

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Database Encryption

Effective database security has become increasingly important- without a comprehensive strategy, a great deal of sensitive data could be at risk. Database encryption using HSMs protects and secure sensitive data.

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Post Quantum Crypto Agility (Future Proofs and PQC)

At this time, no quantum computer can run quantum algorithms, however once they are able to, these computers will decimate the security infrastructure of the digital economy. Post-quantum crypto-agility is a necessity for the financial services infrastructure to be able to evolve in the advent of a new generation of attacks and consequently evolving cryptographic standards and algorithms.

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Blockchain

The integration of HSMs into a blockchain solution secures the privacy and security that may be lost by distributing proprietary software to an untrusted network of blockchain operators. By storing private keys and data within the HSM, data integrity and user authentication can be dramatically improved. Proprietary code can even be stored and run fully within an HSM to protect intellectual property.

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