As cyber security becomes even more crucial amidst Covid19 pandemic, artificial intelligence and machine learning backed solutions are helping several insurance companies tackle these threats, an EY report said.
In a recent case, EY had helped an insurance company tackle the cybersecurity threat and this could be replicated throughout the industry.
An Indian insurance company was looking to augment its internal security to protect its data, systems, and infrastructure from potential cyber security threats. In addition, the company determined that it needed a 24×7 security log monitoring system that could operate 365 days a year along with the capability to conduct analytics, threat profiling, correlation and alerting, EY report said.
The company is now not only able to prevent active threats, but also conduct analysis on potential vulnerabilities. Besides that, the company has been able to transition multiple non-core parts of the cyber security management process to the MSS. These include identity management, antivirus management, mobile device management and intrusion prevention, EY report said.
Industry trackers say that cyber security has become really crucial during the pandemic as employees work from home.
The impact is felt across the board, say industry experts.
For instance, some top European banks and companies that outsource work to their captives or to BPOs in India are either recalling jobs or deferring contracts fearing data leaks as most employees continue to work from home amidst the Covid-19 pandemic.
Europe accounts for about 30% of India’s $150 billion outsourcing industry.
European companies and banks fear that a data leak in India could end with steep penalties back home in Europe due to strict data protection laws. General Data Protection Regulation or GDPR prescribes how companies that deal with data of EU citizens could handle and store it with third parties. The penalties for not doing so could be 4% of the global annual turnover or €20 million (about Rs 160 crore).