There Is A Need To Have A Very Robust Information Security Risk Management Framework

BEFORE THE SCAR of the previous cyber attack heals, another starts haunting the cyber world. The factors influencing cyber attacks are constantly changing and hence it’s becoming difficult for information security and risk management professionals to manage the risks. Satyanandan Atyam, CISO, Bharti AXA General Insurance, in a conversation with EC’s Rachana Jha, speaks about the biggest security concerns in the insurance industry and how Bharti AXA General Insurance has taken a holistic view of its security policy. Some edited excerpts…

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- Rachana Jha

How do you see the present scenario of digitization in the insurance industry?

In the insurance Industry, digital is the way forward to tap business and to provide superior claims service experience to customers. The ball has started rolling and the insurers are joining the bandwagon to go digital.

Is cyber security a major concern for an insurance company? Which are the major risks?

With the adoption of cloud and digital as the way to do business, cyber security has come to the forefront as a control for the risks emanating from these interventions of technology in the digital world. Every insurance business collects, processes and stores personal data of the customer. The onus to protect the personal data of the customer lies with the insurer. In light of regulations and the increased deliberations on data privacy and data protection, the investment in information security controls become relevant for businesses. With ever-increasing cyber-heist of personal data, the risks of data breach, across the digital footprint, become the top risk for the insurers.

What measures do you take to mitigate these attacks? What are your strategies to combat such security threats?