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Insurance organizations are redefining their digital transformation priorities to accommodate post pandemic realities, and cloud migration is emerging as a key theme. Insurers are increasingly looking at moving IT infrastructure and core insurance applications to the cloud to improve returns; consequently, ensuring insurance data security is becoming critical. Rising instances of data breaches coupled with the increasing use of the internet of things (IoT) in insurance will make security even more of a priority for insurers migrating to the cloud. Laying down stringent security measures, ensuring consistent monitoring, and improving stakeholder confidence have thus come to the fore in cloud migration programs.
In our view, securing insurance data on the cloud will require insurers to adopt a three-phase strategy covering the following:
Identify security threats and potential data breaches
Implement fool-proof security design in alignment with the enterprise cloud strategy
Improvise continuously to adapt to the changing needs of insurance and associated security needs