February 9, 2023
As the digital age continues to evolve, so does the importance of data security for insurance companies. Modern insurers are dealing with an increasingly digital world, where customer data is more important than ever and the need for comprehensive security measures is growing. As technology advances, so do the dangers of cyber-attacks and other threats to data integrity. The cost of a breach can be huge for an insurance company — not just the cost of repairs but also the damage to customer trust.
Insurers today need to not only pay attention to their own data security measures, but also the security of their tech providers and partners. There’s a risk of customer data being intercepted or stolen anywhere it goes, and insurers need to be prepared for this.
What: Dais Technology, Inc. has completed its annual SOC 2 Type II audit, providing evidence of its commitment to security and delivering high-quality services. This audit verifies the suitability and operating effectiveness of Dais’ controls against AICPA standards for security, availability, processing integrity, confidentiality and privacy.
Why it matters: Yet another milestone demonstrating that security is an integral part of Dais’ DNA. A SOC 2 Type II attestation is evidence of our commitment to security and delivering high-quality services to ensure your data is protected.
Read: Dais Technology Inc. Receives SOC 2 Type II Attestation
What: Insurers are warning that cyber risks are becoming uninsurable due to the high volume of attacks, and businesses may soon not be able to obtain insurance coverage for threats such as ransomware, malware or hacking. The Global Risks Report 2023 identifies cyber warfare and economic conflict as top 10 global risks that could have serious implications on critical infrastructure, health care and public institutions.
Why it matters: Traditional risk assessment tools are inadequate for properly assessing the risk of a company, making it difficult to accurately assess vulnerabilities, potential damages and liability. An adequate solution to this challenge has yet to be found. However, embedded insurance with security auditing firms may be able to help. Auditing firms have deep data around security practices, and offering better rates based on security practices could help address this challenge.
Read: Companies warned to step up cyber security to become ‘insurable’ | Computer Weekly
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