Like so many other businesses today, life carriers are increasing their focus on Identity Access Management (IAM) to help ensure that they are keeping cybercriminals at bay. And doing so has never been more important. Why? Because more and more, insurers are relying on a growing number of transactions that are processed by phone and online, as the number of face-to-face customer-related interactions declines.
What is IAM?
Gartner, a leading technology research and advisory provider, defines IAM as “the security discipline that enables the right individuals to access the right resources at the right times for the right reasons.” For most insurers today, Identity Access Management is already a critical part of their plan to protect their customers’ data and assets, and to minimize the risk of cybercrime and fraud inside their own walls. The reasons for this are evident in this alarming statistic: Accenture estimates that global cybercrime costs organizations $13 million per year.
For cybercriminals, 2020 has created the ‘perfect storm’
In this new uncharted territory that we’re navigating as a result of COVID-19, data security has never been so important—and the stakes have never been higher. There was already an increasing number of malware attacks before COVID-19 struck. But once it did, employees worldwide dispersed, requiring the use of more home-based networks, which can provide increased exposure to cybercriminals. This new normal has required insurers to be even more vigilant in their cybersecurity efforts.
What’s more, economic downturns historically have triggered fraudulent activities. People who otherwise might not have considered committing fraud will often do so when their backs are against the wall. At LexisNexis®, our customers are telling us they are seeing an increase in “friendly fraud” during these times (meaning fraudulent acts committed by a close friend or relative of the fraud victim). But that’s not all: Call centers can be vulnerable to social engineering attacks, as cybercriminals use phishing to garner identity components that can help to bolster their account takeover efforts.
There’s no time like the present to step up your cybersecurity
Whether you’ve been suddenly thrust into digital transformation or you’ve been dabbling already, but not fully immersed in it, now is the time to embrace the benefits of digital and the connection it can provide with consumers.
Be sure to set up an effective IAM program by:
- Verifying the consumer’s identity (the first step in initiating the customer relationship).
- Authenticating the consumer’s identity—making sure that the consumer is who they say they are. This step is vital to minimizing online threats.
- Layering protections throughout your workflow process—protecting only one touchpoint isn’t sufficient anymore.
- Using passive or “frictionless” approaches whenever possible, reserving high-touch for step-up or high-value transactions.
- Considering device assessment and behavioral biometrics solutions for high-traffic digital transactions.
The tools you need are available
The LexisNexis® ID Compass Platform provides a multi-layered Identity Access Management approach to help insurers minimize risk, improve the customer experience and ensure compliance with evolving privacy regulations. The platform can help insurers combine identity verification and authentication to vet individuals, spot potential fraud, and automatically flag discrepancies found in an applicant’s or customer’s data—while providing your customers with a seamless security experience. It’s one comprehensive suite of solutions for carriers that are looking to enhance their cybersecurity protocols.
To learn more about LexisNexis® ID Compass, call 800.458.9197 or email firstname.lastname@example.org.
LexisNexis Risk Solutions is a leader in providing essential information that helps customers predict, assess, and manage risk. Combining cutting-edge technology, unique data and advanced score analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy.
LexisNexis® ID Compass Platform services are not provided by “consumer reporting agencies,” as that term is defined in the Fair Credit Reporting Act (15 U.S.C. § 1681, et seq.) (“FCRA”) and do not constitute “consumer reports,” as that term is defined in the FCRA. Accordingly, the LexisNexis® ID Compass Platform services may not be used in whole or in part as a factor in determining eligibility for credit, insurance, employment or another purpose in connection with which a consumer report may be used under the FCRA. Due to the nature of the origin of public record information, the public records and commercially available data sources used in reports may contain errors. LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc., used under license. LexisNexis® ID Compass Platform is a registered trademark of LexisNexis Risk Solutions. Copyright © 2020 LexisNexis. All rights reserved.
 Source: <https://www.thesslstore.com/blog/80-eye-opening-cyber-security-statistics-for-2019/#cyber-security-statistics-the-costs-of-cyber-security-attacks>