Most MSSPs will say ‘We will run MDR for you!’ which is great, but what insurance companies, both in finance and healthcare, really need is alignment of security services with the regulatory requirements that are demanded.
Compliance Challenges in Financial Insurance
Financial based insurance companies are heavily controlled under compliance/ regulatory systems that differ from requirements in other industries (Anti Money Laundering Act (AML), and Bank Secrecy Act, (BSA). Compliance is essential. The right cyber security strategy is vital to work with these compliance requirements.
Compliance Challenges in Healthcare Insurance
For insurance companies based in healthcare, organisations collect and hold a vast amount of PII data. Governmental regulatory requirements are enforced, including HIPPA requirements around data privacy, which includes the protection of healthcare data and the processes used.
Skills and Resources Challenges
Not all insurance companies are IT companies. While some organisations might have teams, they are always thin on those resources and the skills that are required are often lacking.
Effective security always comes down to three key elements. Processes, People and Technology. All elements are equally important, and you must have all three to ensure an enhanced cyber security posture.
- Processes must run seamlessly alongside the organisation.
- Security experts must have the capability to detect, react and understand the context of a risk.
- Technology must be superior, to keep up with cyber threats.
Controlling the Users, the Logs, and the Security within Insurance Companies is Essential to meet Compliance Requirements.
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