Recent studies have suggested that the Financial Services industry has the third highest per-capita cost for a data violation. Therefore, protecting sensitive information is the right thing to do for your customers, is expensive to recover from if it happens and is a legal requirement enforced by many Governments and industry regulators as well as many country specific data privacy authorities.
Cyber security and network surveillance solutions are used to protect the perimeter but many Insurance institutions still carry the risk of a data violation due to the lack of proper protection of sensitive data in both production and development environments. With so much data flowing between systems and the proliferation of this data to often ungoverned systems, identifying and keeping track of where sensitive data is across the enterprise is challenging and often impossible to do effectively and efficiently. The problem is an ongoing one and requires Insurance institutions to be constantly aware of the potential for a violation.
Many Insurance organizations do not have a clear understanding of where their sensitive data is, especially as it proliferates internally and externally with partners. Not all Insurance organizations understand the risk associated with the use of sensitive data and the impact of proliferation.