Cloud use for insurers makes its case without cybersecurity included. Many insurance companies are in a must-move situation now . They need to regain competitive ground in the digital race for the customer and all the paths that make sense … lead to cloud computing.
However, insurance companies that have been reluctant to relocate may reconsider in light of recent headlines for hacking and ransomware. Growing ransomware attacks should be the weights that tip the scales. T-Mobile was only violated last week. Half of its customers (105 million) now have their social security numbers, names and dates of birth revealed. They are already for sale. Last year, insurance companies and healthcare systems were hacked in larger numbers. Ransomware victims in all industries paid out $ 370 million in cryptocurrency by 2020, 336% more than in 201
Vigilance in cybersecurity requires a different approach.
Cyber security is not optional. It's table games. It is no longer just about keeping data and systems secure. It is about proactively watching out for and being able to pinch potential vulnerabilities and hackers in the bud, before the hack actually happens. Vigilance is not reactive, it is proactive.
Security before clouds matched threats before the cloud
It used to be that the typical course of a security exercise within a company would be periodic business continuity and disaster recovery checks. You can also have audits that are mandatory by a public service organization or you can have specific customers who request that they comply with SOC audits, etc.
This type of security practice has rotated 180 degrees. What changed?
Anyone can hack now.
The increasing consumption and democratization of computer and technology tools has made almost every citizen of the world a potential hacker. All interested parties with a high IQ are potentially someone who can hack into your systems. The new urgency and vigilance is no longer about following audits, regular checks or following state or public regulations. It's about constantly being confident by examining your own insecurities. Cyber security is an enabler for doing business.
The frequency of hack-possible events makes security much more complex.
Insurance companies and suppliers have all security measures. But cyber hackers are twice as fast at breaking solutions as solution providers are at updating their security tools. This makes cybersecurity an ongoing process rather than an event-driven initiative. Hackers have also improved their ability to handle complexity. Where hackers come from and who can be the perpetrator is always expanding. Corporate security teams do their best, but they still sometimes scratch their heads and ask themselves, "What part of our data and systems do we protect?" And the answer, of course, is "everything" and "everything." Nothing is really safe. Cyber security is no longer a point-in-time exercise and it must cover all parts of your data and platform frameworks.
Answer = Cloud
Public cloud providers respond to these two related problems: the expansion of the hacker community and the increasing complexity of protecting against hacking events. With public clouds, the large cloud provider does the security job for all of us – takes proactive responsibility for its customers.
Microsoft Azure is a good example. Microsoft invests more than $ 1 billion annually in research and development on cybersecurity for Azure alone. This does not include Microsoft Office or any of their own products. Microsoft Azure has more than 3,500 dedicated security experts. Their job, day in and day out, is to advise their customers and close gaps. "Here's how well – designed your tech stack is against cybersecurity, and this is what Azure can do for you."
With the cloud, security jobs are zero.
If an insurer gets a takeaway from this blog, it should be this. Whether you use Majesco CloudInsurer® on Microsoft Azure or use AWS, cybersecurity is zero. It's not a supplement. Security is intuitive and seamlessly intertwined in the service we offer our customers. They do not have to spend any money, time, effort or thoughts on managing cloud security as a second project. If you have implemented your products in Majesco CloudInsurer® as part of "project number one", you are also safe now.
When we talk about securing a customer bundle, there are six important things we should do for them. These universally follow the principles of our role in security. They are connected, as you see below.
- We implement a strong security base.
We must start with role access. No matter who you are, your role only gets a certain area of access and that's all you can access. As a supplier of cloud software, we ensure that identity basis.
- Ensuring traceability.
A traditional safety issue was that three or four years ago, when a notch occurred, it could take several months before companies took out the rotor case. What was hacked? What was the exact level of leakage, especially in insurance companies? It can lead to billions of dollars in losses.
Traceability assurance, which includes monitoring alerts and review measures and changes in your environment, takes place in the cloud in real time. You do not have to wait two months for an IT guy to get into the old logs and find out what has been lost or hacked. Your systems have real-time traceability.
- Security must be applied to all bearings.
When considering an organizational stack that exists in the cloud, which includes a client's network, their servers, their websites, their applications, and databases. Everything is now in the cloud. When we say we handle their security, we also apply security to all of these stocks. We do not just protect their database or their interface.
- Data must be protected both during transit and at rest.
This is a modern, cloud-powered cybersecurity attribute. If you are thinking of a traditional insurance organization, data sets are stored in their archive system, such as their older administration and billing system. This is data at rest. But an incredible amount of data is in constant transfer between the insurer and the broker or insurer and customers. It is data during transport. What a cloud-based environment does is protect data both during transit and at rest.
- At least access as a privilege.
This is a logistics issue related to role-based access. Another traditional problem in internal IT stores has been that there is not always transparency if an employee leaves or is fired. HR can take 24 hours before announcing IT. It takes two hours to disable that person's access from each system. By this time, security has already been compromised. All cloud systems operate on a different principle – the principle of at least access privilege . A person only has access to the part of the system that they are to touch. There is no universal access. The CFO does not automatically get access to everything. Cloud security features based on minimum access permissions. If a person needs more access, they must ask for it and get permission before it is granted. This is a paradigm shift in security that the cloud has brought about.
- Safety guide through the well-architectured game book.
Let's say your organization is moving to the cloud to improve its digital presence and manage its data more efficiently and to save extra cost. However, what you get is much more than that. Integrated security is "added value." You get protective security and safety expertise. This is life in the cloud.
When you register, you measure how secure your full system is. The playbook has security design principles that allow you to measure your system security. “This is how well-designed your systems are, based on important design principles. Here are some gaps that you need to fix. “The playbook also provides things like simulations of incident response. It has investigation policies and processes available as templates. It & # 39 ;s a ready-to-use & # 39; safety cookbook & # 39; supported by subject matter experts. It is less prescriptive and more actionable. "Here you are. Here is what needs to happen for you to get where you need to be."
And if that's not enough … there's a financial picture.
Cyber security costs money. If you invest in internal security, you are likely to spend more than if you let your environment be managed as a cloud environment where security is part of the solution.The cloud gives you cost avoidance as part of your business case or return on investment.The cloud provider takes on this responsibility. intentional cost avoidance on the part of the insurer.
In data-intensive organizations, such as financial, healthcare or insurance organizations, there is a significant amount of leakage each year due to security breaches.These are not necessarily data thefts, they are losses that are only eliminated by The razor-sharp, rigorous data security mechanisms available for cybersecurity naturally fix other data leakage problems. but it still happens.
Which takes us to our last point. The same real-time monitoring that can be used for security purposes will even help insurers adopt better real-time monitoring for all problems. If you extend the concept, move to the cloud, force the organization to whip up its data and processes in a form large enough to migrate, then the cloud takes over. The simple preparation process is an advantageous exercise. Every aspect of cloud migration is a great way to do it now.
Of course, as we said at the beginning, the case for clouds is stronger than ever, even without the cybersecurity component. For a broader look at many of the key benefits of cloud adoption, be sure to check out Majesco and Microsoft's webinar, New Normal: The Catalyst for Cloud Adoption, or read Denise Garth's interview / blog with Manish Shah, CEO and Product Manager, Majesco and Jonathan Silverman , Director of Insurance Industry Solutions, Microsoft, entitled Majesco CloudInsurer® Plus Microsoft® Azure: A True Insurance SaaS Platform.
[i] Javers, Eamon, The Blackmail Economy: Inside the Shady World of Ransomware Payouts, CNBC, April 6, 2021