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The Pandemic Has Boosted Mobile Payments – But There’s Still Potential for Insurers to Tap
As the proverbial gold standard for consumer data protection, System and Organization Controls (SOC) reporting provides verification that an organization has passed a rigorous audit and adheres to industry-leading system security and suitability guidelines. Although SOC audits are voluntary, with the recent increase in cyberattacks against insurance companies, this high-value report provides an important layer of validation for insurers choosing third-party vendors who will have access to their sensitive data.
This op-ed is a followup to our 12 Insurance Trends for 2020 blog article, originally published in December 2019.
The COVID-19 global health crisis impacts everyone, and we all respond in different ways. Some people have retreated in fear, while others grow frustrated at the idea of an uncertain future. And then there are those who obsess over the world news and are consumed with feelings of doom and despair. For individuals who are especially vulnerable, have fallen ill, or are grieving the loss of a loved one, this pandemic is literally a fight of life-and-death proportions.
With the current social distancing efforts and shelter-in-place mandates throughout the country, many office workers are now performing their jobs from the comfort of their own homes. However, in the case of remote work, comfort – at least in the traditional context – isn't always ideal for productivity.
Some employers have been hesitant to offer telecommuting options for fear of potential harm to work ethic and performance. But with widespread shelter-in-place orders amid the COVID-19 public health crisis, these companies have been forced to adopt the unfamiliar working arrangement, with little or no time to prepare in advance.