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Cloud Backup for the Insurance Industry

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Assured Backup Protection for Critical Insurance Company Data

Insurance companies require assured backup and recovery solutions for critical business data in systems such as Office 365, Hosted Exchange, Open-Xchange, G Suite Gmail, IMAP/POP3 now more than ever. This is because of the extremely sensitive nature of the data insurance firms typically handle, coupled with the ever-increasing pressure from cyber threats and other data disasters.

The risk of exposing or losing data such as names, addresses, social security, phone and driver’s license numbers, and more can best be handled by using an assured backup solution that protects, preserves and if necessary, restores data.

Niche insurance companies, such as healthcare insurers, face the added complexity of maintaining HIPAA data confidentiality and adhering to strict security regulations, which adds even more risk to the equation.

And because insurance companies must share data with vendors, third party agents, members, providers and more, the risks to data have also rapidly expanded. Malware, cyber threats, accidental or malicious data deletion and systems failures across diverse data and partners mean protecting and preserving data has become much harder.

This is why Dropsuite engineered a cloud insurance company data backup, archiving and restore solution from the ground up that protects email communications data while also meeting regulatory compliance needs.

 

Insurance Company Data Security Survey

Based on a Cyber Healthcare & Life Sciences Survey by KPMG, providers and health plans found a dramatic rise in computer system breaches and data compromises, which include patient records, over the past two years. Insurance companies as a whole have grave threats to data security and privacy, and more work must be done to protect their data.

Highlights from the survey include:

  • 47% of healthcare providers and health plans said they had instances of security-related HIPAA violations or cyber-attacks that compromised data
  • Only 35% said they are “completely ready” to defend against concerted cyber attacks
  • 79% reported cyber security was a board agenda item
  • 63% of healthcare providers and insurers said sharing data with third parties is seen as one of the biggest vulnerabilities

These statistics point to the fact that it’s almost impossible to employ a 100% reliable anti cyber threat and data protection process, there are just too many possibilities for data to be compromised.

And according to a recent Cyber Security Study by Chubb Limited, the financial damages of cyber crime are projected to reach $6 trillion annually by 2021, more than double those same figures from 2015.

The only way to assure insurance company data protection is with a comprehensive data backup and restore solution that enables data preservation while providing the ability to perform an almost instant restore when a data disaster happens.

 

The Risks of Data Loss to Insurance Companies

The risk of exposing or losing corporate or consumer data in the insurance sector is real and growing, and includes common information such as:

Demographics

Age
Social security numbers
Names, addresses & phone numbers
Driver’s license numbers
Marital status
Race

Lifestyle, attitudes and behaviors

Medical history
Credit scores
Financial problems
Online usage
Driving history

Insurance processing and coverage data

Underwriting
Ratings
Pricing
Forms
Claims handling

Insurance Company Data Protection with Dropsuite

Dropsuite provides state of the art email communications backup and archiving solutions to help insurance companies keep data safe, secure and protected. Our engineers built a cloud-based solution from the ground up to efficiently and securely backup, store, preserve and if necessary, easily restore data at a moment’s notice.

Dropsuite provides easy-to-use, secure, and scalable email backup and recovery tools insurance companies can use to easily automate backups of data multiple times per day, no matter where across the globe the data may be stored.

Increasing risks to insurance company data can come from:

  • Accidental or malicious deletion by employees
  • Ransomware and cyber attacks
  • Third party data security failures
  • Server or hard drive failures
  • Lost data from unsecure BYOD devices

With insurance companies, lost data doesn’t just impact operations, it can cause PR and Brand headaches and financial disasters that compromise the fiscal health of the firm. Lost, stolen or corrupted data is simply a disaster no insurance company can afford to risk.

Dropsuite provides email data protection with a cloud backup and recovery solution for insurance company data with a very low cost-per-seat license, coupled with the highest level of encryption to ensure data is secure both in transit and at rest.

Even better, our state-of-the-art backup and archiving solutions meet government, industry, and IT regulations such as:

  • GDPR
  • SOC 1, 2 and 3
  • FISMA, DIACAP and FedRAMP
  • DOD CSM Levels 1-5
  • PCI DSS Level 1
  • SO9001 / ISO27001
  • ITAR
  • FIPS 140-2
  • HIPAA
  • NIST

How can Insurance Companies decrease cyber threats?

Look at security holistically

Security is more than simply employing encryption techniques; security is threat mitigation training, simulated breach testing, deploying antispam tools, and of course, backing up your data.

Cyber security
Safeguard key assets

Identify and safeguard key assets

(hardware, software, products, locations, etc.) and lock down access. Cyberattacks came come from anywhere — and they come in many forms. Never let your guard down.

Talk to your suppliers and vendors

Are any of them doing business with companies or customers located in the European Union? If so, as a construction firm you’ll need to ensure that they are taking security and compliance seriously. Ask if they are GDPR compliant? Do they use the latest security protection? Are they backing up and transferring data safely? Remember, you’re only as strong as your weakest link — so make sure your business partners take security as seriously as you do.

GDPR compliant
Compliance and regulations

Follow data archiving regulations

Here are two government regulations that impact the handling of insurance data:

HIPAA – Requires firms in the United States doing business with Personal Health Information (PHI) to provide confirmation of compliance with standards and regulations relative to data security, including complying with storing data only as long as it is necessary and destroying data at specified intervals.

GDPR – Requires firms to comply with requests for data evaluations from EU persons. In addition, if requested firms must destroy data ala the “Right to Be Forgotten” rule, along with other stipulations for making the data readable and quickly available

Back up and archive your business-critical data

Hospitals, doctor offices, and other healthcare industry organizations can easily and cost effectively safeguard their records — especially information communicated via Office 365, G Suite Gmail or IMAP/POP networks with Dropsuite Cloud Email Archiving for Healthcare. Our archiving solution includes automated incremental data backup, 1-click data restore, HIPAA compliant email archiving, and military-grade security that are ideal for healthcare professionals.

Dropsuite Email Backup

Common Insurance Company Use Cases

One of the most common of use cases when it comes to lost data is an employee or other authorized person accidentally deleting data. Typically, with systems like Office 365 there is a window of opportunity to pull files out of the recycle bin. However, there are limits to how long data is kept in the recycle bin. If the discovery of lost data comes too late, the data is gone, permanently.

With Dropsuite, you can recover any email on demand — at multiple points in time. Insurance customers have full “recovery assurance” for all emails, attachments, calendar and tasks — which eliminates the risk of losing critical business data. Dropsuite safeguards your data, allowing you to focus on your business.

 

For multi-national or EU-based insurance companies, and even those firms who only collect an EU visitor’s data – managing GDPR data requests can be a headache. In Office 365 there are multiple applications that can share, store or record user data. Searching, collecting and as necessary taking actions on data in these systems for specific customer or visitor information requests can be a major headache. Where to begin?

Using Dropsuite GDPR Responder, insurance firms can easily search, tag, take action and report on GDPR data requests easily and quickly. This simplifies the time, resources and energy required to maintain compliance with GDPR regulations. By reducing the risk of exposure to GDPR penalties for non-compliance insurance companies can better protect their business, and their customers.

 

Arguably one of the most heavily regulated industries is the insurance industry. Because of the highly sensitive nature of customer and partner data stored, insurance companies must comply with a broad array of state and Federal regulatory requirements. HIPAA heavily impacts health insurance firms, and FINRA and GDPR can impact insurance firms as well, just to name a few.

Dropsuite provides a comprehensive and robust Email Archiving solution specifically designed with regulatory compliance in mind. With Dropsuite Email Archiving you can conduct advanced search with over 20 parameters, customize retention policy and legal hold, use journaling and eDiscovery for data preservation, easily create audit logs and set up a review process very quickly – among many other capabilities.

 

Best-In-Class Data Protection Features for healthcare establishments

Dropsuite Automated Backup Icon

Automate Backups

Setting up automated backups for compliance or just to "set and forget" is easy with just a few clicks of a button.
Dropsuite Insights BI Icon

Insights BI Analytics

Advanced analytics toolkit that enables you to find patterns of usage, identify issues and recommend optimizations.
Dropsuite Military-Grade Encryption Icon

Military-Grade Encryption

Dropsuite uses military-grade AES 256-bit encryption and TLS/SSL to ensure your data is protected in transit and at rest.
Dropsuite Incremental Backups Icon

Incremental Backups

Our solution finds and backs up only changed files which means your backup time is fast, and your storage is minimized.
Dropsuite Single Pane of Glass Icon

Single Pane of Glass

Our dashboard makes it simple to set-up, administer, manage user access, restore files and much more.
Granular Restore Icon

Granular Restore

We provide granular restore so you can easily find and restore a single email, or a mailbox, or the entire email ecosystem.
View full feature list

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“The secret sauce of our company is that in just one click, customers [such as healthcare organizations] can quickly recover data right up to the point of failure.”
Testimonial of Theo Hnarakis
Theo Hnarakis
Chairman of Dropsuite

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