National insurance providers are a prime target for cybercriminal because of the volume of personally identifiable information (PII) stored for millions of customers all in one location. This begs the question of how secure is this information and what steps are being taken to ensure your insurers are being protected? This is where periodic security assessments come into play.
Why National Insurance Providers Need Assurance
National insurance providers rely daily on their IT infrastructure to protect the assets of their customers and as their distributed systems become more complex, they leverage more IaaS and PaaS capabilities. This requires having visibility into security events and understanding data flows as your infrastructure evolves, as an indispensable part of your security strategy. With a greater rate of change, microservices and serverless architectures require continuous monitoring to detect events across immutable infrastructure. Often, flaws within IAM implementations can allow an attacker to pivot between services. Understanding regular traffic patterns and anomalous trends comes from having a strong core for observability in place.
It's no secret that the insurance industry I one of the most regulated industries today. According to the Ponemon Global Cost of Data Breach Study for 2020 “Organizations subject to more rigorous regulatory requirements had higher average data breach costs.” The report also mentions that “healthcare, energy, financial services and pharmaceuticals experienced an average total cost of a data breach significantly higher than less regulated industries such as hospitality, media and research.”
A National Insurance Provider Case Study
nVisium assessed multiple third-party home monitoring solutions on behalf of a national insurance provider prior to its investment and partnership. In order to make sure the devices met the company’s security requirements, we utilized our expertise in IoT security and examined the web APIs, mobile applications, controllers, hardware sensors and more.
Upon completion, nVisium provided the company with an overall assessment of the third-party solutions’ security postures. We were able to identify and describe the identified security issues, which included back doors, lack of authentication, authorization issues, weak encryption, and weak API settings. The company was able to take the information provided and decide based on our results. The assessments also helped the third parties strengthen and secure their software and products.
Recent studies such as the BSIMM 11 suggest that software security groups are increasingly prioritizing cloud and security activities while focusing on secure deployment parameters and configuration across their portfolios. As the modern “full-stack developer” frequently spans the operating system, networking, and software stacks from top to bottom, building security into your system from the ground up requires a comprehensive approach. This is especially true of national insurance providers who rely on their IT infrastructure to protect the assets of their customer, o any breach could have a ripple effect of catastrophic magnitudes.
nVisium empowers organizations to eliminate application and cloud security vulnerabilities before cyber threats exploit them with proven in-depth security assessments, remediation and training programs. Our experienced team of security-savvy developers and engineers guide organizations to build best practices with high ROI into their engineering and secure development lifecycles across applications, operating systems, networks, mobile, cloud and IoT through services, software solutions and R&D unique to business operations and compliance initiatives. Additionally, nVisium provides a fully managed platform for tracking and measuring performance as well as instructor-led and online training.
nVisium empowers organizations to eliminate application and cloud security vulnerabilities before cyber threats exploit them with proven in-depth security assessments, remediation and training programs. Our security-savvy team implements leading-edge assessment techniques and world-class secure development training programs to eliminate vulnerabilities for both global enterprises as well as startup organizations, so when you are ready, schedule a consultation today or download our new eBook titled “Demystifying DevSecOps” to get started yourself.