As an insurance company or an insurance broker, you provide your customers with the peace of mind that their assets are properly covered against loss, theft, or damage. Your relationship with your customers relies on transparency, confidentiality, and trust. And whether it’s property or life insurance, your customers expect you to keep their personal, private information safe and secure from the threats and risks of an information breach.
Not everything your organization collects, stores, or handles is digital. When financial information or year-end results are printed, or when reports or agendas are circulated for a meeting, they are at risk of getting into the wrong hands if not handled and disposed of properly and securely.
And for that reason alone, every insurance company is at risk of an information breach regardless of size, type, or location.
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Protecting confidential information isn’t just a best practice, it’s the law!
Most businesses that work with private and confidential information are heavily regulated and governed. And laws designed to protect identities, financial data, and personal privacy come with strict rules – and strong fines for violating them. We can help you stay compliant.
In addition to your industry regulations governing information privacy, here are a few of the key information security laws that also apply.
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The Identity Theft Penalty Enhancement Act
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Red Flag Rules
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Health Insurance Portability and Accountability Act (HIPAA)
The Identity Theft Penalty Enhancement Act
Amends the Federal criminal code to establish penalties for aggravated identity theft for misuse of private information. Individuals caught and convicted of identity theft will receive 2 to 5 years of imprisonment.
Red Flag Rules
Requires dealerships and financial institutions to create a written identity theft prevention program to detect, prevent, and mitigate identity theft. The Federal Trade Commission aims for a program that can help businesses spot suspicious patterns and prevent the costly consequences of identity theft.
Health Insurance Portability and Accountability Act (HIPAA)
Established to protect how patients’ health information can be used and disclosed. It governs the confidentiality of PHI and the secure destruction of any physical or digital data. Any violations are subject to fines up to $1.5 million.
The Identity Theft Penalty Enhancement Act
Amends the Federal criminal code to establish penalties for aggravated identity theft for misuse of private information. Individuals caught and convicted of identity theft will receive 2 to 5 years of imprisonment.
Red Flag Rules
Requires dealerships and financial institutions to create a written identity theft prevention program to detect, prevent, and mitigate identity theft. The Federal Trade Commission aims for a program that can help businesses spot suspicious patterns and prevent the costly consequences of identity theft.
Health Insurance Portability and Accountability Act (HIPAA)
Established to protect how patients’ health information can be used and disclosed. It governs the confidentiality of PHI and the secure destruction of any physical or digital data. Any violations are subject to fines up to $1.5 million.
Learn to Recognize the Risks.
In the insurance business, it’s safe to assume that most electronic materials you or your employees handle contain some form of confidential and sensitive information.
Whether its customer health records or property assessments, or your own financial forecasts and actuarial tables, you have a lot of information to secure.
If you create, collect, or dispose of these types of electronic media, you and your organization could be at-risk for an information breach.
- Payroll
- Financial Statements
- Balance Sheets
- Income Statements
- Contracts
- Personal Financial Statements
- Tax Filings and Internal Audits
- Development Plans and Forecasts
- Personal Customer Information
- Social Security Numbers
- Healthcare Provider Numbers
- Medicaid/ACA Information
- Medical Records and Claims
- Healthcare Provider Payment Reports
- Accident Claims
- Personal Injury Reports
The Shred-it Advantage: Leading in Secure Document Destruction
Shred-it protects organizations' information for their people, customers and brands. With 30 years of experience, our primary focus on document security helps ensure your confidential information remains confidential. We offer paper, hard drive, and speciality shredding services.
Service Reliability
With the largest shredding fleet and the largest service footprint in North America, we are where you are.
Security Expertise
With the most NAID AAA certified mobile/on-site and plant-based facilities, we keep your information safe.
Customer Experience
With the highest customer satisfaction among all vendors, we are 100% committed to your protection and satisfaction.
Insurance Organizations Understand Data Protection Is a Team Sport
46%
of insurance organizations
have a dedicated internal resource
Stericycle, Data Protection Report, 2021
42%
of insurance organizations
have regular training
Stericycle, Data Protection Report, 2021
.
The 2021 Shred-it Data Protection Report (DPR) goes into depth to analyze the perceptions and practices around information security across various industries. Learn more about how businesses can protect their organization from information security threats.