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Streamlining Total Loss Lienholder Payments (Claim Payment Challenge Part 2)
In part 1 of this four-part series, we introduced four inherent claim payment challenges involved with paper check...
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.
Since the dawn of the internet, cybersecurity and cyberattacks have been locked in a continuous cycle of mutual evolution. As one progresses, the other becomes more sophisticated in response - similar to a game of leap-frog or dueling pianos, but with much higher stakes.
When most of us think of credit card fraud, we envision the stereotypical thieves, con artists, and hackers. Unscrupulous wrongdoers on a mission to pilfer money, stockpile identities, and wreak general havoc upon the lives of their victims.
According to a recent McAfee survey, 97% of organizations use some type of cloud service — and for good reason. By using an online backup and storage solution, you can reduce your company's reliance on paper, free up your own computer power, and ensure more secure data storage and accessibility.
Network security is in a constant state of change, evolving and adapting in response to the ever-growing cyber threat.
Although no industry is safe, financial organizations – including insurance companies - are particularly vulnerable. Unfortunately, because insurers use and store large amounts of sensitive customer data, the industry is a prime target for hackers.
As infrastructures change to meet consumer demands, insurers must continually improve their cyber defense. By establishing best practices in the areas of network security, payment processing, and employee education, you're in a better position to protect your data from misuse.