Cybersecurity in Focus: How Insurers Can Best Protect Their Customer Data

The need to protect sensitive customer data and keep pace with the increasing demands surrounding the digital experience can become a critical test.

Dec 13, 2023 - 3 min.

Zurich, November 2023The insurance sector is grappling with increasingly complex challenges. The need to protect sensitive customer data and keep pace with the increasing demands surrounding the digital experience while also working efficiently can become a critical test. 

Most importantly, the risk of potential cyber threats continues to grow. According to the report ‘The State of IT Security in Germany’ issued by the BSI (Federal Office for Information Security), phishing and the theft of identities and login details are presenting major challenges to companies and consumers alike. That’s because these types of attacks can lead not only to the loss of insurance data and personal information but also, in the worst-case scenario, to further attacks. By gaining access to a company’s IT systems, a hacker can, for example, introduce malware such as ransomware. 

Insurance companies should therefore use strong authentication methods to protect their customer data in line with compliance requirements, manage identities unambiguously and increase user-friendliness. These different requirements can be fulfilled with a CIAM system (Customer Identity and Access Management). These solutions enable a seamless, user-friendly customer journey and personalised offers while also complying with data protection regulations. 

How insurers can secure their digital operations

Securix AG, a provider of software and cloud solutions, and the security experts at Nevis Security AG have summarised what insurers should consider when selecting and using a CIAM system. Those who take the following five tips to heart can operate efficiently and protect customer data while simultaneously fulfilling the ever-increasing regulatory requirements:

  • Defining clear goals 

Before a company introduces a CIAM system, it should clearly define the associated objectives and expectations: what problems need to be solved and what advantages should the system offer? Clearly defined goals make it easier to maintain focus and measure success.

  • Security measures

The security of customer data should take top priority. Insurance companies would be well advised to implement appropriate measures, including multi-factor authentication, encryption and security monitoring. The CIAM system must also comply with the applicable data protection regulations.

  • User-friendliness 

The CIAM system should be user-friendly and simple to operate. The same applies to the registration, login and management of account information by the customer. Administrators will ideally test the user interface in advance and incorporate user feedback into the configuration so that relevant improvements can then be rolled out.

  • Scalability 

It is important that the CIAM system is flexibly scalable and can ‘adapt to changing circumstances’, so to speak. Put simply, it should be able to handle a growing number of customers as well as new requirements. 

  • Interoperability 

The CIAM system should integrate seamlessly into the company’s other internal systems and applications. This streamlines the exchange of information and ensures a seamless business flow.

The future of CIAM systems in the insurance sector will be characterised by customer orientation, security and efficiency as well as the increased use of data and technology. Only with systems that support these criteria can insurers keep up with constantly changing requirements and customer expectations. Implementing the above-mentioned recommendations therefore represents a decisive step for them towards a secure and efficient digital business.



About Nevis

Nevis develops security solutions for the digital world of tomorrow. Its portfolio includes passwordless logins that are intuitive to use and optimally protect user data. Nevis is the market leader in Switzerland for identity and access management services and secures over 80 per cent of all online banking transactions. Government agencies and leading service and industrial companies around the world rely on Nevis solutions. The authentication specialist has locations in Switzerland, Germany, the UK and Hungary.

About Securix

SECURIX has successfully positioned itself as a leading service provider in the DACH region (Germany, Austria, and Switzerland) by demonstrating its expertise in the integration and operation of software and cloud solutions. With a clear focus on identity security and observability, SECURIX plays an important role in helping to understand and shape the relationship between people and technology in an ever-changing era of digital transformation.

The growth in demand for IT security consulting and services can be observed day by day. Together with its parent company Allurity, SECURIX is responding proactively to this demand by delivering an extensive range of cybersecurity services. This includes preventive as well as reactive services and software solutions designed to enhance data protection and optimise IT security costs.

In line with their shared vision, both SECURIX and its parent group aim to become the preferred partners for technology-based IT security services in Europe. This vision manifests itself in a clear commitment to strengthen IT security for customers and to close gaps in expertise.

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