Security threats are one of the most important risks facing insurance providers today.

Insurance firms typically store large amounts of personally identifiable information (PII) and protected health information (PHI), which have become a hot commodity on the black market—making them a popular target of sophisticated cyber attacks.

How Vantage Point helps secure insurance software

Done properly, compliance and security efforts can have a positive effect on the bottom line of an insurance company instead of being a cash drain. Vantage Point has worked with some of the world’s largest insurance providers, so we understand the unique demands of the market.

We have a broad portfolio of security and compliance solutions that we tailor to your company’s unique challenges, systems and processes. Our Managed Services empower you to have the expertise, flexibility and scale you need to manage the non-linear demands of application security.

The best part? We don’t leave you with a laundry list of bugs and flaws. Our security experts work with you to determine the best course of action to fix your vulnerabilities and prevent additional ones from occurring.

Why secure software is essential to your insurance company

Insurance providers have reported being the targets of a range of hacking techniques, including pharming attacks, which are attempts to redirect a Web site’s traffic to a fake site.

Additionally, compliance requirements for the insurance industry have become significantly more stringent with the USA Patriot Act, Sarbanes-Oxley Act (SOX), the Health Insurance Portability and Accountability Act (HIPAA), and most recently, the New York Department of Financial Services (DFS) and National Association of Insurance Commissioners (NAIC) newly released Principles for Effective Cybersecurity Insurance Regulatory Guidance (the “Principles”).

These regulators expect insurance industry members to ramp up their application security practices and are watching closely to ensure they do. This includes:

• Appropriately safeguarding confidential and personally identifiable consumer information that is collected, stored or transferred inside or outside of their network.
• Implementing employee training programs.
• Incorporating software security risks into their enterprise risk management process.