Building More Security into Insurance Operations – A Multipronged Strategy

Building More Security into-Insurance Operations A Multipronged Strategy

Summary: The evolving fintech innovation, coupled with the growing use of mobile, data analytics and digital payment platforms, have disrupted the traditional setups of the insurance industry. However, such changes have also made insurance companies more vulnerable to cybercrimes. Hackers know that these organisations store a lot of valuable personal information of policyholders, and they attack weaknesses in the repositories to steal such data. Using globally recognised technologies, Tata Tele Business Services has built a portfolio of effective security products to help the insurance industry improve its tech prowess while keeping the threats at bay.

Digitalisation, the growth of fintech and changing consumer outlook are continually transforming the insurance industry. The newly evolved insuretechs and innovative startups have redefined customer experience with novelties such as on-the-the spot policy purchases and activation, instant claims processing and risk-free underwriting.

Consumers put their savings into insurance products for sound risk management. They are also attracted to the ease of transactions that comes with smartphone apps and differentiated online services offered by insurers. The integration of technology into their internal operations helps insurance companies to capitalise upon the benefits of ML, automation and advanced data analytics.

However, the growing incorporation of technology into this financial segment also demands a deep and strategic approach for IT and cybersecurity. In a world that continues to digitise, insurers must protect their customers’ data and their own assets with reliable security products.

At Tata Tele Business Services, we have designed robust cloud solutions to help organisations use their technologies resourcefully while also keeping them secure against the threats from cyberspace and corrupt external drives. Our portfolio comprises:

Endpoint Security

Insurers can effectively safeguard their wired and wireless computer devices by deploying the DoBig Endpoint Security hosted solution. It offers a strong shield against malware, malicious scripts and memory-based threats. It also helps to identify and block risks from untrusted apps. The real-time discovery of problems and instant patch management help to respond dynamically to security incidents.

With the multilayered protection of DoBig Endpoint Security, insurers can browse through web portals, check emails and share USB content for work while keeping their devices out of harm’s way. The solution combines more than ten security features including antivirus, anti-spyware, anti-ransomware, firewall, HTTPS web protection, URL filtering, data loss prevention and full disk encryption. It is compatible with Windows, iOS and Android systems.

The cloud-based architecture of DoBig Endpoint Security makes it straightforward to configure and scale. There are no performance overheads or conflicts with other applications. It is also cost-effective, with no need for on-premises infrastructure.

This endpoint security system generates reports, notifications and alerts on a user-friendly administrative portal to help IT teams understand the origin and nature of the cyber issues that lay behind any attacks on their devices.

Email Security

Most cyber threats enter a business IT space through emails. Individuals working in an insurance company can also be tricked into downloading a malicious file, or they may unintentionally click on to a malicious link.

Besides crafting emails carefully to build a false sense of trust, attackers also use spoofed domains, impersonated user names and previously compromised contact lists to dupe a user. Spam messages are also a nuisance for personal and professional email boxes.

TTBS protects email usage from cyber threats with its Email Security solution, which is attuned to all the popular platforms used in insurance offices. These could be Microsoft Outlook, Exchange, Office 365 or even Gmail and other domains with on-premise servers.

For quick detection and response to threats, our Email Security combines FirstWave Cloud Technology’s ESP™’s email software technology, Cisco-based ESA/IronPort, and Advanced Malware Protection (AMP) technologies.

With Email Security installed on their systems, the workforce of an insurance company gets a tool that instantly recognises alerts, analyses the threats, evaluates the impact and takes action for remediation. It safeguards devices from viruses, spyware, malware and spam. Its advanced features also identify and block complex pushy threats such as spear-phishing, whaling, typo domain and spoofing attacks.

For companies that want to add a stamp of authenticity in their official emails, TTBS Email Security offers outbound domain keys identified mail (DKIM) assistance. This feature inserts the sender’s digital signature automatically in a message.

Being a cloud-based service, Email Security demands no CapEx. Its unique attributes comprise data loss prevention, advanced content control, assured disaster recovery and 32 days’ trace replay. For ease of content management and visibility into the threats that may attempt to abuse a device, it has role base controls and analytics portal.

To top it all, the TTBS Email Security pledges 100% uptime with a redundant and fault-tolerant infrastructure.

Multifactor Authentication

Cybercriminals who have bypassed basic security procedures find it simple to hack accounts that are locked with elementary usernames and passwords.

Insurers, therefore, need multifactor authentication (MFA), which enhances the security of their accounts by establishing more than one verification method to prove the identity of genuine users.

The cloud-based MFS solution offered by TTBS leverages Cisco Duo Security. It brings a zero-trust security model for legitimate and secure access to the apps/data stored on a device. New entries and critical changes to an enterprise app/software/database can then be made only by authorised personnel.

TTBS Multifactor Authentication can be configured effortlessly on a device and offers a variety of authentication methods. A business can choose the ones that best fit into its operations. These could be Universal 2nd Factor (U2F) standards, soft or hard tokens, or push authentications.

The solution works in harmony with other apps on a device and is simple to scale. The IT administrators of an insurance company can also set up adaptive policies customised for the compliance regulations and the standard operating procedures of each department.

Virtual Firewall

The data, workloads and applications of insurance companies now increasingly reside in the cloud or virtualised environments. In such a scenario, it is impractical to deploy physical firewalls that are situated between a server and the Internet.

Employees working from remote locations or without the support of an experienced IT team can find it difficult to manage a physical firewall. Improperly configured settings can also make the firewall obstruct legitimate operations and hamper productivity.

Conversely, a firewall with lenient restrictions can overlook risky content and give workers a false sense of security. Meanwhile, viruses and cyber threats start their malicious activities with no telltale signs for the device user.

TTBS addresses all such issues with its Virtual Firewall. Fuelled by industry-leading Palo Alto Networks firewall technology, it is a cloud-based managed firewall support that secures all wired and wireless device. It can be used at any location with a basic Internet service and effectively monitors all apps, software and content reaching the underlying device. With its threat-intelligence-based filtering and accelerated response time, it is simple to block the traffic from malicious domains and IP addresses.

While the advanced features of Virtual Firewall work vigorously to prevent cyber threats, the employees of insurance organisations can keep using their pre-approved software and tools for the daily tasks.

Like other cloud-hosted solutions by TTBS, the Virtual Firewall has a web interface offering easy controls to IT teams for analysing the security actions whenever they want. It is a zero-CapEx, pay-per-use service and is quick to scale with no operational intricacies.

Web Security

Another security product recommended for insurance companies, which store loads of sensitive customer data, is the Web Security – it helps to ensure compliance with IT regulations for financial services and delivers comprehensive security for devices used at any location.

The TTBS Do Big Web Security solution uses DNS technology devised by Cisco Talos Intelligence and Cisco Advanced Malware Protection (AMP).

This solution is a robust response to the online issues that have multiplied in the public cloud environment.

With a range of advanced threat detection capabilities, it analyses the purpose of all web requests, URLs and files reaching a device and network. As per its real-time findings, the Do Big Web Security tool can speedily determine if they are safe, risky or very harmful. It accordingly routes the content and links for normal work processes, or blocks them, or forwards them for further inspection.

The Web Security stays in action mode and protects the device it is installed on, and the user can work productively without any lag or pushy messages.

This cloud solution comes with features such as web filtering, collective security intelligence, portal reporting and category-based URL filtering. It is a budget-friendly, easy to scale, proven multipurpose online security solution for any business that seeks to eliminate cyber threats before they touch the endpoints of their networks.

Surfing the innovation wave safely

As digitalisation drives the insurance business in new ways, the players in this industry must pay close attention to their networks, devices and the information that they hold.

Tata Tele Business Services understands the risks that bother this financial service domain and offers tailored safety gear to surf the lofty waves of innovation.

To know more about our cloud security portfolio, connect with us at 1800-266-1800.

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