Best Data Security Solutions for Insurance Providers – 2024

Data security is crucial for insurance providers due to the sensitive nature of the data they handle, such as personal information, financial details, and health records. Effective data security solutions for insurance providers usually require a blend of various technologies, policies, and practices.

Data security involves procedures, technology, and policies that secure digital data from unwanted access, corruption, and theft throughout its lifecycle. It uses encryption, authentication, and access control to protect data in transit and at rest.

Data security solutions for insurance providers counter external threats like hackers and viruses and internal dangers like accidental data leaks and employee misconduct.

Data security has become integral to corporate policy and technology design to protect data integrity and privacy in an increasingly interconnected world due to data breaches and privacy laws.

Table of Contents

Insurance Industry Data Security Threats and Challenges

• Cyber Attacks: Phishing, ransomware, and other advanced persistent threats (APTs) are increasingly aimed against the insurance industry. These intrusions are designed to steal information or cause a service disruption.
• Data Breaches: Data breaches are a major concern because of the sensitive nature of the information handled and the vast amounts of data involved. These may arise due to hacking, carelessness on the part of employees, or other security flaws.
• Regulatory Compliance: The insurance industry is highly controlled. Compliance with data protection laws like GDPR, HIPAA, and others is essential but often difficult and time-consuming.
• Internal Threats: Both intentional and unintentional insider attacks are extremely dangerous. Workers are at risk of social engineering and accidental data disclosure.
• Cloud Storage and Third-Party Risks: Many insurance companies turn to the cloud or external contractors to store and handle their data. Maintaining safety in such uncontrolled settings is difficult.
• Advanced Persistent Threats (APTs): These complex, protracted cyber attacks are conducted secretly over long periods to steal data.
• Mobile and Remote Work Security: The rising use of mobile devices and remote work arrangements enhances the attack surface and complicates data security management.

Types of Data Resources Used by Insurance Agencies

• Personal Information: Name, age, gender, marital status, phone numbers, and Social Security numbers are included. Individuals can’t be properly identified or communicated with without providing some personal data.
• Policyholder Data: Policy information, including types, coverage, premiums, terms, and beneficiaries for all insurance policies held by a client.
• Financial Data: Clients’ most important financial data, including credit reports, income records, employer details, and banking information. This data assists in measuring the financial risk and stability of policyholders.
• Claims History: Client insurance claims history information, including types of claims, dollar amounts, resolutions, and litigation. For purposes of both risk assessment and fraud detection, this past is crucial.
• Risk Data: Information used to calculate the potential loss from an insurance policy. For auto insurance, this may include driving records; for health and life insurance, it could include medical histories; and for home insurance, it could include property evaluations.
• Telematics Data: Information gathered from in-car equipment monitoring driving behavior, vehicle usage, and accident data is especially relevant in auto insurance. Using this real-time information improves risk assessment and enables customized premium pricing.
• Market Data: Market analysis, economic forecasts, and data on insurance providers. Information like this is crucial to insurance firms as they attempt to assess and improve their competitive standing.
• Legal and Regulatory Data: Updates on insurance-related laws, court decisions, and regulatory changes. This is crucial for assuring the legitimacy of the business’s operations.

Best Practices for Data Protection in the Insurance Industry

• Security Audits and Risk Assessments: Maintain a regular audit schedule to find security flaws. Conducting risk assessments is useful for gaining insight into potential dangers and developing plans to counteract them.
• Incident Response Planning: Have a well-defined incident response plan to address data breaches rapidly and efficiently. Containment, investigation, and consultation with affected parties are all part of this process.
• Data Backup and Recovery Systems: Keep regular encrypted backups of your most important data and test your recovery plans to guarantee they work. In the event of data corruption or deletion, this will guarantee its accessibility.
• Network Security Enhancements: Install firewalls and intrusion detection systems and secure Wi-Fi protocols to protect your network. Defects can be found sooner if network traffic is monitored continuously.
• Data Minimization: Only save data for as long as is necessary. This reduces the potential damage from a data breach.
• Employee Training and Awareness: Data protection rules, cyber risks (such as phishing), and safe data management methods should be discussed regularly with employees. A well-informed workforce is a necessary first line of defense.
• Access Control Measures: Implement strict access control policies. Protect sensitive information by limiting access to authorized users and employing multi-factor authentication (MFA).

10 Best Data Security Providers for Insurance Providers Features

10 Best Data Security Solutions for Insurance Providers	Features
1. Perimeter 81	Safe access from afar	Zero-trust protection for networks	Defined by software boundaries	Authentication with multiple factors	Management from one place	Managing users and devices
2. Bitdefender	Protection against viruses and bugs	Real-time identification of threats	Stopping phishing	Protect against ransomware	Tools for Online Safety
3. SecureWorks	Oversaw the search for and reaction to threats	24 hours a day, seven days	Information about threats	Answering the incident	Analysis of security	Management of vulnerabilities
4. Splunk	Keep a log and gather data	Monitoring in real-time	Looking at and analyzing data	The skills of machine learning and AI	Management of security data and events (SIEM)	Watching over IT operations
5. Symantec Data Loss Prevention	Finding and sorting through data	Enforcement of policy	Checking the content	Finding and responding to incidents	Protection for endpoints and networks	Checking for compliance
6. McAfee Total Protection for Data Loss Prevention	Finding and sorting through data	Enforcement of policy	Checking the content	Protecting the network	Safety in the Clouds	Finding and responding to incidents
7. Trend Micro Deep Security	Malware and ransomware protection	Finding and stopping intrusions	Protection for the firewall and network	Checking and keeping an eye on logs	Control of applications	Virtualization and safety in the cloud
8. Forcepoint Data Loss Prevention	Keep a log and gather data	Monitoring in real-time	Looking at and analyzing data	The skills of machine learning and AI	Management of security data and events (SIEM)	Watching over IT operations
9. Webroot	Antivirus and malware defense	Real-time identification of threats	Protect against phishing	Monitoring of firewalls and network connections	Protecting your identity and privacy
10. Gen Digital	Software for drawing digitally	Software for making art:	Software for 3D modeling	Software for editing photos	Art Makers for AI

10 Best Data Security Solutions for Insurance Providers

• Perimeter 81
• Bitdefender
• SecureWorks
• Splunk
• Symantec Data Loss Prevention (DLP)
• McAfee Total Protection for Data Loss Prevention
• Trend Micro Deep Security
• Forcepoint Data Loss Prevention
• Webroot
• Gen Digital

1. Perimeter 81

With Perimeter81, an insurance provider’s security and networking solution, data migration to the cloud is risk-free. This system completely protects sensitive insurance information.

Private VPN gateways, scalable access management, AES 256-bit encryption, enforcement IDps for fine-grained access rights, and scalable rules based on role, device posture, location, browser, and more make up Perimeter 81.

Security has to keep up with the expansion of cloud computing and employee access outside the conventional network boundary to prevent compliance from slipping. Insurance companies may go above and beyond what is required of them with a thorough and visibility-focused service.

Perimeter81 data security solution allows insurance firms to easily access and implement essential security and networking concepts all in one convenient cloud-based platform. Managing a complex stack becomes much easier and more cost-effective with this solution.

To provide data security to insurance providers, SASE is the new standard, an identity-driven, cloud-based system available globally on mobile edge endpoints for easy access.

Features

• Cloud services are linked to Perimeter 81 to protect and make accessing resources on-premises and remotely easier.
• IT teams can control who can use the app and what devices to use, keeping it safe.
• DNS filtering keeps users safe, and Perimeter81 stops dangerous websites.
• Firms can meet their compliance responsibilities by auditing and reporting network access and security incidents.
• With Perimeter 81’s mobile apps, people can safely connect their cell phones and laptops to the company network.

What is Good?	What Could Be Better?
The interface is simple for employees and administrators.	It may cost more than standard VPNs.
Integration with cloud services is seamless.	The use of AI in their DLP product should be added.
Manages network and user policies centrally.
Supports expanding enterprises.

Perimeter 81 – Trial / Demo

2. Bitdefender

Bitdefender works towards many verticals such as Education, energy and Utilities, Financial Services, Healthcare, Managed IT Services, and many more.

Even though it does not include insurance in one of its verticals, Bitdefender can be a Data Security Solution for Insurance Providers due to its features. 

Insurance companies can be more resilient from cyber-attacks with Unified endpoint security and analytics, unmatched technology & machine learning models, advanced threat intelligence, and 24×7 security operations with predefined response playbooks. 

Other detailed aspects of Bitdefender as a Data Security tool for Insurance Providers are Managed Detection and Response Service due to the 24×7 security monitoring, Full encryption of endpoints and data center using a native GravityZone Full Disk Encryption, Support industry standards NIS2, HIPAA, PCI DSS, Bitdefender GravityZone is efficiently made for cloud environments. 

Features

• Bitdefender checks your computer all the time for malware and other threats to keep it safe.
• It uses behavioral analysis and machine learning to stop ransomware and other complicated malware.
• Bitdefender keeps your files and data safe from malware attacks and encryption.
• It blocks dangerous websites and phishing attempts to keep you safe online.
• Bitdefender has a VPN built in so you can browse safely and privately on public Wi-Fi.

What is Good?	What Could Be Better?
Automatic updates and simple UI.	The free version of Bitdefender VPN limits data use.
Includes VPN and password manager.	Sometimes flags safe files as threats.
Real-time threat monitoring.	
Free and premium plans available.	

Bitdefender – Trial / Demo

3. SecureWorks

SecureWorks can be of great use to Insurance providers as they assist in all three stages of a breach, i.e., pre-breach, breach, and post-breach.

With a collaborative and interactive approach, they connect with your team to analyze and remediate the situation. Their lifecycle includes initial contact and investigation, deep investigation, security and validation, recovery, and improvement. 

Insurance providers can leverage various products and services provided by SecureWorks some of them are XDR, MDR, EDR, IDPS, Threat Hunting Assessment, Adversary Exercises, Ransomware readiness assessment, and many more. 

Talking about their approach, with the help of their team, they provide guidance and assistance for rapid investigation, analysis, and remediation of threats, supplementing and enhancing your internal capabilities.

Features

• Endpoint security keeps devices safe from malware, advanced risks, and vulnerabilities.
• SecureWorks handles incident reaction, which reduces the risk of security breaches.
• Uses network security solutions to protect equipment and data from attacks from outside sources.
• Uses cloud security services to maintain data and apps safe in the cloud.
• SecureWorks helps businesses improve their security by giving them advice and tests.

What is Good?	What Could Be Better?
Customizes services for organizations.	Smaller companies may find professional cybersecurity services costly.
Complies with regulations and security standards.	Integration and setup can be difficult for some firms.
Responds to incidents quickly and effectively.	
Offers security threat and vulnerability insights.	

SecureWorks – Trial / Demo

4. Splunk

As one of the most popular names in the market, Splunk provides three top-level services: platform, security, and observability, which insurance providers can use.

There is a customer story from precisely, which explains how using Splunk saved a top-level automotive and home insurance company.. Even though it was not optimal, it did save the company from any big cyber hit. 

When using Splunk for your insurance company, you will be overwhelmed with the features. With the AIOps technology used by SPLUNK, you can move ahead and integrate AI with your data protection and monitoring. 

Like audits, automation using Splunk SOAR, improved threat detection, faster response using playbooks, risk-based alerting, and many more, making it a must data security solution for insurance Providers.

Features

• Logs, data, and events are all indexed by Splunk.
• Its strong search and query language lets you look for patterns and ideas in the data and analyze them.
• Splunk watches and sends reports to find problems before they happen in real-time.
• Dashboards and images that can be changed can help you understand data better.
• Machine learning is used to find oddities and make predictions.

What is Good?	What Could Be Better?
Provides powerful data analytics and search.	Initial setup and configuration can be difficult for some individuals.
Provides real-time security and operations visibility.	Licenses and upkeep are expensive, especially at scale.
Supports big data sets and rising needs.	
Customizable dashboards and visualizations.	

Splunk – Trial / Demo

5. Symantec Data Loss Prevention

Symantec DLP covers the most ground and provides security against various endpoints such as emails, mobile, storage, and cloud as Data Security Solutions for Insurance Providers.

Insurance providers can use both solutions: DLP core and DLP cloud. The first focuses on endpoint security, and the latter focuses on policies that can be extended to cloud environments. 

Symantec Data Loss Prevention for Insurance Solution Pack, is a dedicated insurance pack for insurance providers. Which included various policies, users & their roles, attributes, and protocols specified for insurers.

DLP can be implemented on various platforms as it can be directly integrated into whatever base-level vendor you use in your company, making it highly compatible.

Features

• Determines and sorts data that is important to the network and endpoints.
• Enforces secure data policies to stop sharing without permission.
• Real-time tracking of data finds and stops breaches.
• Looks through data to find private papers and credit card numbers.
• Locks down private data while it’s being sent or stored by encrypting it.

What is Good?	What Could Be Better?
Effectively prevents data breaches.	Occasionally identifies legal actions as policy violations.
Helps organizations comply with regulations.	Needs constant monitoring and policy modifications.
Organization-wide sensitive data identification and classification.	
Visibility and policy enforcement in real-time.	

Symantec Data Loss Prevention – Trial / Demo

6. McAfee Total Protection for Data Loss Prevention

McAfee Total Protection for DLP has now become Trellix DLP, and its product has these 4 major parts in its DLP suite Trellix DLP – Discover/Endpoint/Monitor/Prevent.

In addition to these 4, drive encryption and removable media protection is also available. Even though they don’t have a separate suite for insurers, It can be used to implement and scale security plans.

They offer Universal Data Protection Across Endpoints, Networks, and the Cloud, achieved by McAfee® ePolicy Orchestrator® (McAfee ePO™) software and its tight integration with McAfee MVISION Cloud. 

Trellix ePO allows security teams to gain visibility across everything using a single pane of glass, thus helping them focus deeply on much-required issues. 

Its 4 major DLP suite products handle everything like McAfee® DLP Discover finds your data, McAfee® DLP Prevent enforces policies, McAfee® DLP Monitor scans traffic in real-time, and McAfee DLP Endpoint helps prevent insider threats, making it a powerful Data Security Tool for Insurance Providers.

Features

• Sets limits on private data that is stored, moved, or used across your business.
• Enforces privacy policies to stop data leaks.
• After scanning, it manages or encrypts private data.
• Monitoring data in real time lets you know about and stop hacks.
• Allows for quick response to incidents and fix of problems.

What is Good?	What Could Be Better?
Protects sensitive data from leakage.	Sometimes flags acceptable actions as policy violations.
Facilitates quick incident reaction and cleanup.	Needs constant monitoring and policy changes
Blocks unlawful data sharing with data protection policies.	
Protects data across platforms and devices.	

McAfee Total Protection for Data Loss Prevention – Trial / Demo

7. Trend Micro Deep Security

Trend Micro Deep Security is made by considering a Hybrid Cloud Infrastructure.

It has built-in automation for deployment and discovery, making it quicker to implement with the code. Which will surely save a lot of time for developers.

It is flexible and can be adapted to any environment, like hybrid cloud, multi-cloud, and multi-service environments, and protects any vintage of application delivery—with broad platform support. 

All deployments can be handled with a single agent and platform, making it a unified Data Security Solution for Insurance Providers.

Deep Security is also present in many forms according to the needs of the user. Deep Security Malware Prevention, Deep Security as a Service, Deep Security for the Data Center, and Deep Security Smart Check.

Features

• Protects real, virtual, and cloud systems from threats.
• Protect against viruses and ransomware in real time.
• Keeps networks safe from threats.
• With a host-based router, it manages traffic.
• keeps an eye on system and program logs to learn more about security.

What is Good?	What Could Be Better?
Protects servers and clouds.	There should be no discrepancies in  finding bugs and vulnerabilities
Security includes anti-malware and intrusion prevention.	Merging of some more features together is needed to provide better security.
Adapts to developing businesses.	
Provides virtual security patches to address vulnerabilities.	

Trend Micro Deep Security – Trial / Demo

8. Forcepoint Data Loss Prevention

Forcepoint Data Loss Prevention has a unique behavioral intelligence and risk analytics-based approach. It comes with a wide prevention coat for its user’s organization like Drip DLP, Cloud, Comprehensive data discovery, and many more. 

It supports various industries but does not include insurers as a preset pack. Regardless, insurers can use these data security tools for insurance providers. 

In addition to the above-mentioned features, forcepoint uses a trust approach, least false positives, anti-malware defenses, and many more. 

Streamlined, AI-powered data classification features, prevention of device data even when not on a network, and Automated user-based actions are some of the unique features I like about Forcepoint DLP.

Features

• Looks for and organizes sensitive business data.
• Enforces data security policies to stop sharing without permission.
• Looks through the data for private details.
• Watches for violations of rules and data sharing in real time.
• Finds dangerous data sharing from what users do.

What is Good?	What Could Be Better?
Protects sensitive data from illegal access and sharing.	Documentation for installation should be made more understandable.
Facilitates speedy incident reaction and cleanup.	The lack of API integration should be worked on.
Meets corporate needs with customizable policies	
Helps organizations comply with regulations.	

Forcepoint Data Loss Prevention – Trial / Demo

9. Webroot

Webroot’s most used and effective feature is Email Encryption, which is also a part of its Data Security Solutions for Insurance Providers. Webroot also doesn’t have a pre-made pack for insurers or any industry.

But its DLP program contains various products that insurers can use to prevent any data loss, like Compliance with GDPR, NDB & data security, Email threat protection, DNS protection for businesses, Endpoint security, and web security to some extent. 

Managed Detection and Response (MDR) is responsible for 24/7 threat hunting, monitoring, and response with human intelligence, and it specializes in SMB protection with threat detection and real-time response.

Features

• In real time, it protects against malware and other online threats.
• Uses cloud tools to find threats quickly and with few resources.
• One membership protects PCs, Macs, cell phones, and tablets.
• Keeps cash and personal information safe.
• Stops dangerous websites and scam attempts so you can browse safely.

What is Good?	What Could Be Better?
Cloud architecture minimizes system performance hits.	Free users of Webroot’s VPN have restricted data.
Strong malware and internet threat prevention.	Sometimes, safe software is dangerous.
Covers multiple devices and platforms with one subscription.	
Automatic updates and simple UI.	

Webroot – Trial / Demo

10. Gen Digital

The “Gen Digital” generation grew up in a digital and digitally connected society. The word is not widely used, but it describes the generation of digital natives raised with technology.

This generation is conversant with cell phones, social media, the internet, and other digital tools.

Features

• Young people know how to use technology.
• Smart about smartphones, social media, and talking to people online.
• To learn and grow, use modern tools.
• Take part in digital content, online groups, and social media.
• Some may try starting their own business online.

What is Good?	What Could Be Better?
Digital proficiency boosts productivity and adaptability.	Lots of information can be daunting and distracting.
Online learning for personal and professional development.	Digital literacy gaps may leave others behind.
Global communication and collaboration.
Access to online business platforms is easier.

Gen Digital – Trial / Demo

Conclusion

In conclusion, insurance companies must implement data security solutions because it is a legal mandate crucial to retaining loyal customers and growing the business.

Implementing strong data security policies is of utmost importance as the insurance business continues to navigate an environment riddled with sophisticated cyber threats.

This category includes using advanced encryption and network security technology, enforcing stringent access controls, performing regular security audits, and promoting a culture of data protection awareness among staff members.

Additionally, the industry must remain flexible, adjusting to evolving threats and regularly improving its security strategies.

Insurance companies may stay ahead of the competition in today’s quickly evolving digital landscape by prioritizing data security to safeguard their client’s private information, maintain their credibility, and meet all applicable legal requirements.

FAQ

Why is data security critical for insurance providers?

Due to the sensitive nature of the personal and financial information that insurance providers manage, data security is of the utmost importance to these businesses.

What are the common threats to data security in insurance?

Cyber attacks such as phishing and ransomware, data breaches, risks created by insiders, and flaws in services provided by third parties are common threats.

Can insurance providers use cloud-based data security solutions?

Cloud-based solutions are gaining in popularity because of their scalability, efficiency, and superior security. However, vendors must verify their solutions comply with industry norms and regulations.