The Federal Government and Security Standards Meet at a Dangerous Time
Robert Regis Hyle | October 12, 2015
Like a ticking clock—channel the old Jack Bauer thriller 24—our enemies, some known the majority unknown, are looking at ways to attack us. I’m not talking about nations ready to go to war, but businesses fighting the surge of cybercrime.
An insurance CIO recently told me that his company had successfully watched over his company’s website that has been exposed over 1 billion times to the possibility of cybercrime. That’s an enormous number, but anyone in the business of detecting security threats for an insurance carrier will tell you even 1 out of 1,000,000,000 can be devastating.
In the November issue of ITA Pro, we take a look at security and how insurers and businesses in virtually every industry are examining ways to judge their ability to combat cyber threats. Novarica’s associate vice president of research, Steven Kaye, wisely points out that without metrics, anyone who believes their company is completely secure is clueless about what is going on in the world.
New threats are developing each day and new responses to those threats need to keep pace. Complicating matters is the openness shown by businesses and consumers for new technology features. People are amazed at our “connected world” where a homeowner can suddenly remember he left the lights on in the bedroom and turn them off via a handheld device from miles away.
That is truly amazing, but unless such technology is secure at all entry points, it’s just another way to allow access to your house to someone who can find a way to use your vulnerabilities now or sometime in the future.
A debate is now centering on which metrics are best to judge how secure companies are. Many insurers have been using a set of standards from ISO, which are respected worldwide. But into the fray enters the U.S. government, which, through the National Institute of Standards and Technology (NIST) has introduced a new security framework. Thanks in large part to its pedigree, many believe the NIST framework eventually will become the standard for insurance and other industries.
Some might feel the federal government is the last place you want to look to for cybersecurity advice, but whether it comes from the government, a private entity such as ISO or any responsible organization, the standards need to be addressed so that all sizes of companies can deal with their possible failings and know what steps to take for a secure future.
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Few Surprises in Cybersecurity for Insurers
- Few Surprises in Cybersecurity for Insurers
- ITA Pro Weekly, January 20, 2016
- Verisk Releases Cyber Exposure Data Standard for Insurance
- British Insurer Selects Guidewire Core Systems
- Nationwide Private Client Expands into New States with ISCS Solution
- Majesco, Appulate Announce Strategic Partnership
- Boston Mutual Partners with Onyx Data Solutions
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
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