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. It uses encryption, authentication, and access control to protect data in transit and at rest.

Data security involves procedures, technology, and policies that secure digital data from unwanted access, corruption, and theft throughout its lifecycle.

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
Types of Data Resources Used by Insurance Agencies
Best practices for data protection in the insurance industry
Best Data Security Providers for Insurance Providers Features
10 Best Data Security Solutions for Insurance Providers
1. Perimeter 81
2. Bitdefender
3. SecureWorks
4. Splunk
5. Symantec Data Loss Prevention
6. McAfee Total Protection for Data Loss Prevention
7. Trend Micro Deep Security
8. Forcepoint Data Loss Prevention
9. Webroot
10. Gen Digital
Conclusion
FAQ

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).

Best Data Security Providers for Insurance Providers Features

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 2024

• 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. Managing a complex stack becomes much easier and more cost-effective with this solution.

Perimeter81 data security solution allows insurance firms to easily access and implement essential security and networking concepts all in one convenient cloud-based platform.

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

• Perimeter 81 is linked to cloud services to protect resources and make it easy to access them on-site and from afar.
• The app is safe because IT teams can decide who can use it and what devices they can use.
• When people use DNS filtering and Perimeter81, they can avoid going to dangerous websites.
• Companies can follow the rules by checking network access and security events and reporting them.
• As long as people have the right mobile apps, they can safely connect their laptops and cell phones to the office 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 keeps your computer safe by scanning it all the time for malware and other risks.
• It stops ransomware and other difficult malware by looking at how they act and learning from that information.
• You can be sure that Bitdefender will protect your files and data from malware and encryption.
• To keep you safe online, it stops threats like phishing and dangerous websites.
• Bitdefender has a VPN built in, so when you use public Wi-Fi, you can browse safe and privately.

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

• Malware, advanced threats, and vulnerabilities can’t get into devices with endpoint protection.
• Security leaks are less likely to happen because SecureWorks handles incident response.
• Network security solutions are used to keep data and devices safe from attacks from outside sources.
• Keeps data and apps safe in the cloud with cloud security services.
• SafeWorks gives businesses tips and tests to help them make their security better.

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

• Splunk keeps track of logs, data, and events.
• Because of how well it works, you can search and query data to find trends and ideas and then look at them.
• In real time, Splunk keeps an eye on things and sends reports to find problems before they happen.
• There are tools like dashboards and pictures that can be changed that can help you understand data better.
• People use machine learning to find strange things and guess what will happen.

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

• Finds and sorts info that is important to the endpoints and the network.
• Stops people from sharing data without permission by enforcing secure data rules.
• Breaches are found and stopped by keeping track of data in real time.
• To find private files and credit card numbers, it looks through data.
• Secret information is kept safe while it’s being sent or saved 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

• Tells your business how much private data it can store, move, or use.
• Makes sure privacy rules are followed to stop data leaks.
• It handles or protects private data after scanning it.
• You can find and stop hacks if you keep an eye on data in real time.
• It lets you respond quickly to events and fix 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. Deep Security is also present in many forms according to the needs of the user.

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 Malware Prevention, Deep Security as a Service, Deep Security for the Data Center, and Deep Security Smart Check.

Features

• Keeps risks away from real, virtual, and cloud systems.
• Get real-time protection against viruses and threats.
• Maintains network security against threats.
• A host-based router controls the flow of traffic.
• For more information on security, read the system and program logs.

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

• Finds and sets up private business information.
• Follows data protection rules so that information isn’t shared without permission.
• Looks through the information to find private information.
• Checks in real time for rule breaks and data sharing.
• Looks at what people do and finds data sharing that is risky.

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

• It keeps you safe from malware and other online risks in real time.
• Cloud tools are used to find threats fast and with little effort.
• With one account, you can protect your PCs, Macs, cell phones, and tablets.
• Your money and private data will be safe.
• Blocks scam sites and dangerous websites so you can browse freely.

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

• Teenagers and young adults know how to use tech.
• Know a lot about computers, social networks, and how to talk to people online.
• Use new tools to learn and grow.
• Do things online, like join online groups and use social media.
• Some people might try to start their own company 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