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Forestalling Risks in the Insurance Arena

By Christopher Keegan, Senior Managing Director at Beecher Carlson

Christopher Keegan, Senior Managing Director at Beecher Carlson

Insurance companies deal with large volumes of information and financial data, and this defining feature increases the risk of encountering cyber security threats and malware attacks. Amidst the current technology climate where organizations have an array of social media platforms and mobility options to carry out transactions, it is becoming increasingly necessary to keep malware attacks at bay. Each company is looking at investing in product suites that include cyber insight tools to quantify the exact cost of damage due to technology failure, to understand the impact of data breaches on business, and to anticipate future risk. Beecher Carlson relies on mobile and social media platform likes LinkedIn, Twitter, and other social media blogging sites for marketing, communication, and rolling out technology.

“By outsourcing the cloud platforms for different companies, businesses can become better at and more equipped to measure risks and avert possible threats.”

The risk of a malware attack is significantly high. Most concerning is the “Wiper Virus,” capable of infecting systems and wiping out all relevant information from servers and boxes. The damage caused by this virus would require a lot of time and effort to replace all the data and code in the servers. In some cases, this may cause some companies to shut down their operations. This is the worst nightmare of CIOs and technology leaders.

The only way to address this fear and avert emergencies is by engaging with IT solutions providers and software vendors and to negotiate a contract with them in advance of a breach. This form of synergy between the solution vendors and companies is an absolute necessity as the service providers would know the exact procedure and measures to take to get your back business up and running.

Measuring the Impact of Big Data and the Cloud

Many technology trends have created transformative shifts for today’s enterprises. Big Data is one such trend that seems to be having a large impact across industries; however, its effects vary according to the nature of the industry and businesses involved. For certain domains and verticals, Big Data influences automation, but these effects tend to be smaller. For large commercial businesses, Big Data can be less effective for automation. In such scenarios, cloud services that are outsourced often take precedence over Big Data and continue to shape large industries. By outsourcing the cloud platforms for different companies, businesses can become better at and more equipped to measure risks and avert possible threats.  Though making sure that applicable security services are purchased from the cloud provider is critical.  The outsourcing process in general – whether with hosted cloud or other forms of service – will continue to add sizeable value and benefits to the industries and emerging enterprises unable to access its in-house technological expertise.

Improving Customers Value

Beecher Carlson focuses on providing IT security and technology risk tools that carry unique capabilities to measure and limit risks. This plays a vital role whenever a company approaches Beecher to help them find a way to determine return on investment with a particular system in place or keep communication systems intact for breach response and develop long-standing relations with software vendors.

Businesses enterprises need analytic tools able to measure risks holistically. With Big Data tools, companies would be able to look at their organizational structure and work through the severity and frequencies of the issues emerging due to large amount of data coming in from different sources. The Big Data analytics tools will help justify the end results.  

The current market landscape has a wide array of such tools; yet there is scope for the development of solutions having these capabilities. This is certainly promising for the insurance arena that deals with voluminous information and needs Big Data analytics to augment customer services as well as to predict losses.

There are new companies on the horizon that can easily access relevant information from the use of Big Data. As time goes on, the use of Big Data tools and analytics will extend beyond auto industries. In fact, insurance and personalized services providing companies will be able to harness and unlock the value of Big Data accurately and efficiently. To facilitate this, we are already witnessing new technology and IT service vendors emerging in the market.

Giving Business a Competitive Edge

Today, IT organizations are helping various other industries to transform their business operations through Big Data in an agile manner. Moreover, apart from leveraging the technology for business it is equally crucial to implement security measures. To remain highly competitive in the business environment, CIOs need to communicate with the rest of the management of the organization to ensure risk factors are properly assessed and handled. The deployment of effective risk management solutions and interoperability measures can become the backbone of the organization.

Mobile – Changing Insurance Scenario

Today mobile technology plays a vital role in insurance arena; it helps insurance companies provide policy spectrum with accurate service to their customers. In policy spectrum, both selling and buying companies face various kinds of problems. These issues can be addressed by recording the risk span, providing prompt insurance policies, filing robust paperwork, and providing payment systems in a given time. Accessing the right information and implementing the required solution is key to stay competitive and standing in the market.

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