With ever-evolving data protection laws, insurance providers are becoming more reliant on technology to meet data protection regulations and reduce risk within organizations.
For insurance companies, who are responsible for holding vast amounts of personal and financial data on their customers, a data breach can cause irreparable damage, decrease company value and even impact the wider economy. This is to say nothing of the severe financial penalties that can be imposed by regulators for failure to comply with data protection legislation.
How Fortra Data Classification can Help Insurance Organizations
Industry-leading data classification tools such as Fortra's Classifier Suite are already helping insurance companies to deliver tangible benefits such as increasing security awareness and culture, reducing risk, improving data governance and protecting intellectual property and client data, whilst ensuring compliance with key industry regulations.
Using Fortra Data Classification helps Insurance firms enforce corporate policy on the handling and distribution of sensitive customer and business information. It also empowers users to take ownership of the data that they use on a daily basis, improving the quality of the data at the same time and improving security culture.
Classifier provides both visual labelling to enhance user-awareness and vital metadata, which can be used to trigger other technologies and processes such as Data Loss Prevention, Data Retention and Encryption solutions.