Cyber security is an ever-growing concern for insurers across the globe; with everything going online unfortunately there are big bad wolves around every corner. It is the systems that are not prepared for hacks that are affected. We thought we’d walk you through some of the biggest mistakes insurers make when it comes to data protection; revealing the secrets of those insurers that store their data in houses made of straw, out of wood and those that store their data in brick houses.

As the folktale dictates the little pig that builds his house from straw does not fare well at the end of the story. We believe the insurers that store their data in straw houses make three big mistakes:

  • They frequently email and message unencrypted data
  • They fail to understand the true threat of hackers against their dat
  • They rely wholeheartedly on basic anti-virus software – these technologies have their own security vulnerabilities

Whilst Insurers that store their data in wooden houses are somewhat better than those that store their data in straw houses, these insurers are also at fault when it comes to their data protection:

  • They fail to use ongoing intelligence to shape and strengthen their data security strategy
  • They store their data in multiple systems and different formats
  • They don’t know where their data is hosted

It appears even the largest and most reputable companies are storing their data in houses made from straw and wood. We’ve seen recently that Wonga are under enormous scrutiny, when their supposed impenetrable system was attacked by hackers. Perhaps with Giroux’s analytics solution, their data failure wouldn’t have taken place; nonetheless, it is the companies that build a strong, stable and secure platform to store their data that will stand the test of time and remain impenetrable to hackers.

Here are our 5 tips to ensure your data is on lock down and your company’s data store is made from bricks:

  1. Store your data in one centralised secure store.
    Through keeping your data in one place you are able to devote every resource in keeping data safe. It is not only less time consuming but also inexpensive; guaranteeing one system is secure rather than multiple different databases. Ultimately one large stable system is far harder to hack because the data isn’t dispersed amongst lots of systems.
  1. Ensure your employees have the necessary data protection training.
    One of the greatest mistakes a company can make is ignoring the threat of human error. It doesn’t matter if you spend millions on the most secure database you can get your hands on; if your employees don’t follow smart secure procedures. Simple measure like ensuring your employees pick hard to access passwords, can make all the difference to the security of your data.
  1. Keep confidential data in a secure space.
    A data warehouse will always be the perfect place to house your confidential information. It is secure, scalable and stable and providing you keep the data stored in this ‘brick house’ and don’t send confidential information in unencrypted emails, it will remain secure.
  1. Ensure you have a trusted witness server.
    Even the most secure data platforms are susceptible to skilful hackers. By implementing a trusted witness server, you eliminate the risk of not being aware of a potential hack. A witness server will alert you if there is any suspicious activity penetrating your data, aiding you to shut down hackers in their tracks before any damage can be done.
  1. Maintain high levels of protection.
    Cyber security is not a one fix solution, constant maintenance is required to ensure your information remains confidential. Ongoing intelligence should be put in place to shape and strengthen your data security strategy

We recommend you become the third little pig; take your time and build your data warehouse with bricks. It’s the only sure fire way you won’t encounter any big bad wolves.