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The insurance industry is experiencing a significant transformation fuelled by the ubiquity of digitaltechnologies. The Legacy Risks Many insurance companies are still bogged down with legacy solutions which hamper innovation and undermine customer trust.
Companies are being compelled to embrace digitaltransformation, or DX , if for no other reason than the fear of being left behind as competitors leverage microservices, containers and cloud infrastructure to spin-up software innovation at high velocity. “The A core security challenge confronts just about every company today.
Insurance, a study in Stagnation The insurance industry remained stagnant in consumer trust, securing only 24% confidence in 2025unchanged from 2024. While insurers benefit from regulatory oversight like the banking sector, persistent friction points like opaque claims processes and intrusive data collection eroded goodwill.
PKI and digital certificates were pivotal in the formation of the commercial Internet, maturing in parallel with ecommerce. As business networks shift into the era of cloud computing and agile software, the volume of digital certificates has swelled dramatically. PKI touches nearly every aspect of our connected technologies.
API security is a critical concern for industries that are undergoing digitaltransformation. Financial services and insurance sectors are particularly vulnerable due to the increasing number of APIs they need to manage. This increase in API usage has made these industries prime targets for attackers.
Now toss in the fact that digitaltransformation is redoubling software development and data handling complexities. Its backers include the Maryland Technology Development Corporation (TEDCO,) and Kluz Ventures. LW: How has ‘digitaltransformation’ exacerbated the need for SOAR? Smart money.
CIAM in insurance: A unified, secure user experience with a single login madhav Fri, 05/26/2023 - 07:33 In recent years, the insurance industry has transformed from a singularly focused entity to a multi-brand or multi-service type of business. This is where digitaltransformation and CIAM come into play.
Related: Identity governance issues in the age of digitaltransformation. In this digitallytransformed environment, maintaining perimeter defenses still has a place. Companies are increasingly deploying this new technology to replace contractors and to do automated tasks. Compliance matters.
For too long, Identity and Access Management (IAM) has played a background role—a fundamental but ‘invisible’ part of digitaltransformation. Identity is as diverse as the technology involved and the people who shape it,” writes Danny de Vreeze, Thales VP of IAM, in his Word of Welcome. Why IAM 360? Passwordless workforce?
Big banks and insurance companies instilled the practice of requesting their third-party vendors to fill out increasingly bloated questionnaires, called bespoke assessments, which they then used as their sole basis for assessing third-party risk. Digitaltransformation had taken hold; so their timing was pitch perfect.
Some of the most important are Gramm-Leach-Bliley Act ( GLBA ), the National Association of Insurance Commissioners ( NAIC ) Data Security Model Law, the New York Department of Financial Services ( NYDFS ) Cybersecurity Regulation, and the National Credit Union Administration ( NCUA ) cybersecurity guidance.
TL;DR Insurance companies host large amounts of sensitive data (PII, PHI, etc.) TL;DR Insurance companies host large amounts of sensitive data (PII, PHI, etc.) Insurance companies need to stay agile with the latest technology to speed up internal business processes and increase customer satisfaction. As they should!
Adaptive control, no trust, zero-trust, auto-remediation artificial intelligence, and content filter with multi-factor authentication aligning with your CASB deployment add in open-source technology, unpatched critical infrastructure, is your organization’s cybersecurity risks and compliance mandates protected?
This is partly driven by cyber insurance and a growing number of organizations seeing this insurance as a business necessity: "Although cyber insurance policies existed since early 2000, ransomware attacks are one of the main reasons for the increased interest in this type of insurance during the last 5 years.
The effects of the global pandemic pushed organizations to accelerate their digitaltransformation strategies. Because of this, companies in all industries were faced with an array of new technologies like cloud and containers that support the shift to edge computing and remote workers.
In some cases, attackers are even leveraging the threat of regulatory actions or causing cyber insurance policies to be rendered moot by reporting lapses in security on the part of the victim to regulators and insurers. In fact, the cost to victims from ransomware attacks is estimated to reach $265 billion (USD) annually by 2031.
“From a technological standpoint this is a fairly old case, so whatever was in place then probably isn’t relevant to what needs to be in place today – but it does tie together the absolute gravity of the situation that we’re in,” Crockett said. ” Cyber Insurance No Longer Reliable.
Related: HBO hack spurs cyber insurance market. Digital media and entertainment giants like Netflix, Amazon, Hulu, HBO, ESPN, Sony, and Disney are obsessive about protecting their turf. Irdeto’s Cloakware technology is a key component in these technologies. Makes sense, though. Baking in security.
Imposing just the right touch of policies and procedures towards mitigating cyber risks is a core challenge facing any company caught up in digitaltransformation. Related: Data breaches fuel fledgling cyber insurance market. Digitaltransformation is all about high-velocity innovation and on-the-fly change.
These were just some of the major facets of cloud transformation that are creating challenges for data security that I discussed with Sunil Potti, Vice President and General Manager, Google Cloud in a recent Thales Security Sessions podcast moderated by Neira Jones. The digitaltransformation “mega trends”.
Digitaltransformation is changing the way we live and work, both in India and around the globe. DigitalTransformation is Well Underway. Banking, financial services, media, insurance, and e-commerce companies have the lead in transformational initiatives in India.
There are many roles required to ensure the technology backbone of an organization remains robust and secure; specificity in job descriptions allows for a more precise assignment of responsibilities with less overlap across roles. Is the digitaltransformation fundamentally changing how the business (and sector) creates value?
Even with ransomware costing billions of dollars in losses and cyber insurance claims, organizations are still impacted beyond the checkbook. These attacks have driven the cost of cyber insurance premiums higher. Many insurance companies spend more time evaluating claims to ensure the clients have done all the due diligence.
In today’s digitally driven world, in which businesses heavily rely on computer systems and the information living within such systems, the importance of cybersecurity cannot be overstated. The costs associated with data breaches, system disruptions, and the aftermath of cyber incidents can quickly escalate.
No, this was not an infection of the operational technology for Colonial Pipeline… but a shutdown resulted nonetheless. So we have to be a little pragmatic also when it comes to drawing boundaries… as digitaltransformation takes over OT, OT and IT get closer together.” Production requires business operations.”.
In today’s digitally driven world, in which businesses heavily rely on computer systems and the information living within such systems, the importance of cybersecurity cannot be overstated. The costs associated with data breaches, system disruptions, and the aftermath of cyber incidents can quickly escalate.
The almost overnight shift to remote work, driven by the COVID-19 pandemic, has profoundly impacted how businesses use technology. Her experience spans B2B tech, with a lot of focus on cybersecurity, cloud, enterprise, digitaltransformation, and data centre. Which is the impact?
The Dangers of Emerging Technology Trends When asked about emerging concerns, quantum computing threats came up unsurprisingly. These organizations must contend with sophisticated threats and challenges in banking, insurance, investment banking, or securities.
One way to grasp how digitaltransformation directly impacts the daily operations of any organization – right at this moment — is to examine the company’s application environment. Cequence’s technology detects and repels bot attacks designed to manipulate business logic.
Now, looking back, there isn’t a person on planet earth who would say that the cell phone is not an ‘obvious’ piece of technology. Teleportation is a building block for a wide range of technologies. Welcome to the information technology storm. Now, it’s obvious. We’re still waiting on the teleporters. The research is under way.
Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.
For too long, Identity and Access Management (IAM) has played a background role—a fundamental but ‘invisible’ part of digitaltransformation. Identity is as diverse as the technology involved and the people who shape it,” writes Danny de Vreeze, Thales VP of IAM, in his Word of Welcome. Why IAM 360? Passwordless workforce?
GITEX GLOBAL is the biggest security and technology event and exhibition in the Middle East. GITEX GLOBAL features every major technology player, trend, and vertical, and it covers sectors including smart cities, cybersecurity, the data economy, mobility, healthcare, and telecoms. GITEX GLOBAL, 10-14 October, Dubai. Safe travels!
The issue focuses on trailblazing innovators who are using technology to change the way we do business. The magazine features 40 influential leaders who are accelerating digitaltransformation by enabling new growth opportunities and working to bring channel-friendly innovation to the market. About Analytics Insight®.
ExtraHop’s finding vividly shows how, as digitaltransformation ramps up, companies really have no clue what moves back and forth, nor in and out, of their networks on a daily basis. It’s tempting to chalk this up to competitive frenzy – a simple case of third-party suppliers seeking whatever edge they can get away with.
Responses covered a variety of emerging threats and evolving trends affecting security technologies, leadership and regulation. And digitaltransformation could spark zero-trust projects.". Here is a look at the year ahead.".
In the past decade however, largely driven by digitaltransformation and the digital economy, data has become the lifeblood of functionality and innovation ensuring things run smoothly, consumers are happy, new opportunities are uncovered, and progress accelerates. The problem is not limited to the requirements of GDPR.
Click here to watch the roundtable and learn about the future of cyber insurance from leading experts. In partnership with Cysurance, BlastWave hosted a roundtable entitled “The Future of Cyber Insurance and MSP Insurability. The expert panelists held an honest discussion about insurability difficulties for MSPs.
Digitaltransformation, proliferation of location agnostic technologies and immense data generation have created uncontrolled remote environments and a fragmented enterprise ecosystem, rendering legacy security policies and practices based on trust obsolete. However, Zero Trust is not another technology, rather it is a journey.
Insurance, a study in Stagnation The insurance industry remained stagnant in consumer trust, securing only 24% confidence in 2025unchanged from 2024. While insurers benefit from regulatory oversight like the banking sector, persistent friction points like opaque claims processes and intrusive data collection eroded goodwill.
Having been obliged to shift to digital, mobile and online channels – for services ranging from grocery shopping to medical consultations – citizens are sticking with them as a matter of choice. For governments, this profound behavioural change can now be harnessed to advance their digitaltransformation agendas.
The healthcare industry has witnessed a rapid digitaltransformation, with hospitals, clinics, and medical practices relying heavily on technology to store and manage patient data, streamline operations, and improve patient care. Patient records, insurance information, and intellectual property are just a few examples.
While the Fed is primarily concerned with the financial sector, the approach can be used against a variety of industries, from insurance to health care. Digitaltransformation has created new opportunities for fraudsters. To most CISOs, synthetic identities might seem like an issue for the fraud department to handle on its own.
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