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Insurance

Protect your confidential information with document and hard drive destruction services.

As an insurance company or an insurance broker, you provide your customers with the peace of mind that their assets are properly covered against loss, theft, or damage. Your relationship with your customers relies on transparency, confidentiality and trust. And whether it’s property or life insurance, your customers expect you to keep their personal, private information safe and secure from the threats and risks of an information breach.

And yet, up to 14% of information breaches occurred in the finance and insurance industries last year, resulting in the theft of everything from hospital and health records to financial data and credentials.1

With numerous high-profile breaches on the rise, how the insurance industry collects, stores, and destroys confidential information is coming under increased scrutiny.

Protect your business. Protect your reputation. Get Shred-it.

The impact is real.

The average cost of a data breach now exceeds

$7M

Cost of a Data Breach. Ponemon Institute. 2017

Over the past 5 years, the insurance industry had over

45

security breaches reported with more than 1,129,000 records lost.

Privacy Rights Clearinghouse. 2017

Insurance companies that suffered an information breach lost almost

3%

of their customers

The Impact of Data Breaches on Reputation and Share Value. Ponemon Institute, 2017

“We have state-of-the-art security. It can’t happen to us”

Not everything your organization collects, stores, or handles is digital. When financial information or year-end results get printed, or when reports or agendas are circulated for a meeting, they are at risk of getting into the wrong hands if they are not handled and disposed of properly and securely.

And for that reason alone, every insurance company is at risk of an information breach regardless of size, type, or location.

Up to 25% of information breaches are caused by employee error or negligence.2

It’s not just you that you have to worry about. In an industry that relies on privacy and confidentiality, the reality is that many information breaches happen not just because of inferior firewalls or weak passwords, not because of malicious hacks or cyber attacks, but because of employee error, negligence, or poor judgement!

You may be doing everything you can but one employee, casually dropping a resolved insurance claim into recycling, can undo everything.

With a quarter of your risk coming from inside, you need to ensure your employees know how to identify, handle, and securely dispose of confidential information – whether that information is digital or in paper form.

recycle bin

Learn to recognize the risks.

In the insurance business, it’s a safe bet that every document you or your employees handle contains some form of confidential information.

Whether its customer health records or property assessments, or your own financial forecasts and actuarial tables, you have a lot of information to secure.

If you create, collect, or dispose of these types of documents, you and your organization could be at-risk for an information breach ––

  • Payroll
  • Financial Statements
  • Balance Sheets
  • Income Statements
  • Contracts
  • Personal Financial Statements
  • Tax Filings and Internal Audits
  • Development Plans and Forecasts
  • Personal Customer Information
  • Social Security Numbers
  • Healthcare Provider Numbers
  • Medicaid/ACA Information
  • Medical records and claims
  • Healthcare provider payment reports
  • Accident Claims
  • Personal Injury Reports

Protecting your confidential information isn’t just good business, it’s the law!

Like most industries that work with private and confidential information, the insurance sector is heavily regulated and governed. And laws designed to protect identities, medical information, financial data, and personal privacy come with strict rules – and strong fines for violating them. We can help you stay compliant.

In addition to your industry regulations governing information privacy, here are a few of the key information security laws that also apply:

  • Gramm-Leach Bliley Act
  • Sarbanes-Oxley Act
  • US Patriot Act
  • Applicable FTC Orders
  • Privacy breach notification laws enacted by each state
  • Payment Card Industry (PCI) Security Standards
  • Health Insurance Portability and Accountability Act (HIPAA)
  • Health Information Technology for Economic and Clinical Health (HITECH)
  • Fair and Accurate Credit Transactions Act (FACTA)
  • Red Flag Rules
  • General Data Protection Regulation (GDPR)
  • The Identity Theft Penalty Enhancement Act Payment Card Industry (PCI) Security Standards

We know the relevant legislation. We can help you stay compliant.

Protecting your confidential information isn’t just good business, it’s the law!
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Services we typically recommend for the Insurance Industry.

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1 2017 Trustwave Global Security Report
2 Cost of a Data Breach. Ponemon Institute. 2017

Get informed. Stay protected.

Periodic emails that keep you up-to-date with the latest in workplace privacy news, trends, promotions and best-practices. To review our privacy policy click here.

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