Thwart Data Breaches from Within

The estimated value of insurance fraud tops $100 billion a year.i Although the reasons behind fraud vary, it occurs when an insurance company, adjuster, agent, consumer or hacker deliberately does something illegal for illegitimate gain.

Perhaps a disreputable insurance agent defrauds consumers by collecting premiums for fake policies with no intention of ever paying subsequent claims. Or an adjuster exfiltrates customer data with the aim of leaving your company and bringing your clients with them.

For a sector that is vigilant about all things involving risk, the insurance industry sometimes neglects its own risk, falling prey to data breaches – both internal and external to the organization – which ultimately result in fraud. In fact, a typical insurance company will face an average of 113 targeted breach events each year – a third of which are successful.ii That equates to three breaches or incidents a month.

Although most data breaches are external, organization insiders may be working behind the scenes to compromise data. Perhaps they are misusing office productivity tools or the customer relationship management (CRM) platform – intentionally or accidentally – to access or interact with data in a way that causes detriment to a business or its clients.


iNational Association of Insurance Commissioners: Insurance Fraud

iiAccenture’s Cyber Security – The Threat that Insurers Face

$100 Billion a year is the value of insurance fraud

$ Billion

a year is the value of insurance fraud

113  targeted breach events a year for an average insurance company

targeted breach events a year for an average insurance company

1/3 of insurance breaches are successful


of insurance breaches are successful

Close the Gap

Although discovering and exposing internal security gaps may not be a priority, it should be: 27% of insurance organization data breaches are caused by insiders – either financially motivated bad actors or employees committing errors.iii Sensitive data seeps out of organizations when employees exfiltrate policyholders’ personally identifiable information (PII) for financial gain, for example, or when they make mistakes using CRM solutions like Salesforce and office productivity tools like Microsoft 365, Google Drive or Dropbox.

iiiVerizon 2020 Data Breach Investigations Report – Executive Summary

of insurance organization data breaches are caused by insiders

Understand Your Security Risks

Without advanced insights into how data is being used within your applications, it’s difficult – if not impossible – to know how safe sensitive policyholder information actually is. And when policyholder information is unsecure, so is your business. In fact, data misuse can devastate your organization through loss of customers, employees, revenue and reputation, not to mention regulatory fines.

How are you thwarting common data security and privacy risks? With data scientists? Turning a blind eye? Simply trusting your employees without documenting their access to policyholder data? Without a full-time data security team or monitoring platform, your company is at risk of security and privacy incidents and breaches.


Spot Anomalous Behavior

Enhancing data security

Say you’re an insurance broker who uses a CRM to store and share customer and prospect data with a team of actuaries. After discovering your customers’ and prospects’ personally identifiable information (PII) was breached, a data scientist spends weeks parsing through your CRM’s audit logs to get to the root of the problem. He finds that a hacker got ahold of an employee’s credentials and used their privileged user access to steal data.

By monitoring for unusual user activity in applications that store sensitive data, you can avert threats like compromised credentials. FairWarning helps you:

  • Prevent data exfiltration
  • Track data access control
  • Detect compromised credentials
  • Monitor terminated or inactive users
  • Transform your data protection efforts from reactive to proactive
  • Secure your most sensitive information

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Simplifying regulatory compliance

Pretend you’re a high-net worth insurance provider selling policies to secure valuable assets that include homes, art, jewelry, boats and cars. Since some of your clients live in Europe, you must comply with the EU’s General Data Protection Regulation (GDPR). One of its requirements is that you limit access and data processing to only what is necessary given the purpose for which data is initially collected. So unless, for example, biometric data and street address are absolutely necessary for building policies, then GDPR prohibits the collection of said data. Before you can determine whether data is “necessary,” though, you need to know what data you have and how it’s being used.

To meet this requirement, you turn to a monitoring solution that provides in-depth information about what your users are accessing within applications and CRMs. The FairWarning platform helps determine who accessed what documents and provides evidence to support establishing and changing access control policies.

In one comprehensive platform, FairWarning helps you:

  • Protect regulated data
  • Detect threats
  • Meet compliance regulations
  • Avoid negative consequences like fines and loss of trust

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Detecting insider threats

Perhaps you’re an insurance provider that stores customer and prospect data in a CRM. One day, you find out your top competitor just closed one of the biggest deals your company had in the pipeline. You also realize one of your former employees now works for that company and was likely downloading and stealing sensitive data, including customers’ financial information and your prospects’ information. This data  breach not only resulted in lost business but angry customers, too.

To prevent privileged user abuse, employees should only be able to access the minimum amount of sensitive data required to do their work.

FairWarning helps you monitor and detect risks like:

  • Departing employees
  • Privileged user abuse
  • Unauthorized data access

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Monitoring application performance, usage and adoption

Say your insurance agency stores policyholder information in a CRM. During the last few months, you notice close rates have declined and wonder whether your team of brokers is actually using your CRM as it should. Upon inspection, you discover most of them are recording notes manually rather than logging into the smartphone application portal they’re supposed to use and adding closed accounts later. This manual process is much slower than using the app and has severely hindered efficiency.

By monitoring application usage and adoption, you can pinpoint which users are taking advantage of your tools and following company procedures.

FairWarning helps you proactively detect application performance degradation, boost cloud application usage and adoption to:

  • Demonstrate ROI
  • Increase efficiency
  • Support higher win rates

Office ProductivitySalesforce/CRM

Gain Round-the-Clock User Visibility

Perhaps you have the internal resources to proactively track which users access your company’s PII, when, and from where. Most insurance organizations do not have the bandwidth and personnel to do this, however. To help save time and fill the gaps, FairWarning aggregates all logs – at scale – across CRMs and cloud applications, regardless of how many administrators you have making changes to your mission-critical tools.

Organizations rely on FairWarning to uncover data access at the application level to mitigate the risk of a potential breach or data theft. We help organizations like yours by:

Processing and tracking audit logs each time a user accesses an account

Processing and tracking audit logs each time a user accesses an account

Providing alerts when a user’s behavior strays outside the norm

Providing alerts when a user’s behavior strays outside the norm

Maintaining code changes when your CRM or office productivity tools change

Maintaining code changes when your CRM or office productivity tools change

Granting you access to a library of 200+ ready-to-use, routinely updated reports

Granting you access to a library of 200+ ready-to-use, routinely updated reports

FairWarning provides insurance organizations with the only purpose-built platform that systematically monitors user access to all sensitive data, regardless of where it’s housed. We focus on keeping your company’s PII safe so you can focus on growing your business and keeping your policyholders happy and protected.