Staying Cyber Compliant as an Insurance Agency

Operating an insurance agency requires compliance with certain rules. Still, regarding data protection and cybersecurity, I’ve seen many owners with no idea of what they must have in place to avoid huge fines per record.

So here is your friend and cyber advisor Daniel to help you.

To stay cyber security compliant, an insurance agency that collects both PII (Personally Identifiable Information) and PHI (Protected Health Information) must take several important steps.

Here are the 10 steps to compliance:

1. Implement a strong Written Information Security and Incident Response Policy:

Develop and enforce comprehensive guidelines for data collection, storage, and sharing as well as a response protocol if a cyber incident occurs. Ensure all employees are thoroughly trained on these policies and understand their responsibilities.

2. Develop a data breach response plan:

Create a well-defined plan outlining steps to be taken in the event of a security incident, including procedures for detecting, containing, and mitigating breaches, as well as notifying affected individuals and relevant authorities.

3. Monitor system activity:

Continuously monitor systems and networks for suspicious activities or unauthorized access attempts.

4. Encrypt data:

Use encryption for both storing and transmitting PII and PHI to prevent unauthorized access. This includes encrypting data at rest and in transit both in the forms of backups and outbound e-mails.

5. Implement transmission safeguards:

Use encryption and secure networks to protect data during transmission both via e-mail and file sharing.

6. Apply access controls:

Implement strict access controls to limit access to PII and PHI on a need-to-know basis. This includes cloud and on-device storage. Regularly review and update access permissions.

7. Conduct regular risk assessments and security audits:

Perform periodic risk assessments to identify potential vulnerabilities and threats to PII and PHI. Address identified risks promptly and ensure ongoing compliance with relevant regulations and periodic security audits to ensure compliance with relevant regulations and identify areas for improvement.

8. Maintain audit trails:

Establish comprehensive audit trails for all activities involving PII and PHI, including tracking data access, modifications, and deletions. Regularly review audit logs to detect and investigate any suspicious activities.

9. Follow PII protection guidelines:

Adhere to various privacy laws and standards governing PII protection, such as the Privacy Act in the US and the General Data Protection Regulation (GDPR) in the European Union.

10. Provide ongoing employee training:

Regularly train employees, contractors, and vendors on security policies and procedures to ensure they understand their roles in protecting sensitive information.

So here are 10 tips to follow and make sure your company is doing its job of protecting its clients and partners.

This will significantly enhance its cyber security posture and maintain compliance with regulations governing PII and PHI protection.

Stay relentless!

Daniel Metcalf

Co-founder @ CyberFin | Speaker & Cybersecurity Evangelist for the Insurance Industry