Securing Sensitive Data in a Digitally Transformed World
Insurance companies operate in an environment where the stakes for cybersecurity and access management have never been higher. The average cost of a data breach in the insurance industry reached $5.86 million in 2024 (IBM Cost of a Data Breach Report 2024), with over 60% of breaches involving compromised credentials. Additionally, cyberattacks leveraging cloud misconfigurations and permission misuse have risen sharply, underscoring the need for precise access management (CrowdStrike Global Threat Report 2024).
Axiom offers a cloud-native platform designed to meet these challenges head-on. By managing access permissions across diverse IT environments and ensuring compliance, Axiom empowers insurance companies to safeguard sensitive data, streamline operations, and maintain regulatory integrity.
Key Challenges for Insurance Companies
- Rising Cyber Threats: The financial cost of breaches continues to climb, with 82% of breaches involving human elements like misused credentials or phishing (IBM 2024).
- Regulatory Compliance: Adhering to strict regulations such as HIPAA, GDPR, and state-specific insurance laws that demand rigorous access safeguards.
- Complex Permission Management: Insurance firms manage sprawling systems, including legacy infrastructure and multi-cloud environments, creating significant access risks.
- Third-Party Risk: With brokers, agents, and contractors accessing sensitive systems, external stakeholder management has become a critical vulnerability.
- Audit Readiness: Producing comprehensive logs to satisfy regulatory audits within tight deadlines.
Access Control Regulations for Insurance Companies
Insurance companies must navigate stringent regulations to protect customer data:
- Health Insurance Portability and Accountability Act (HIPAA): Requires rigorous controls for securing sensitive health information.
- New York Department of Financial Services (NYDFS) Cybersecurity Regulation: Mandates continuous monitoring, risk assessments, and access control mechanisms.
- General Data Protection Regulation (GDPR): Demands strict access restrictions to protect EU customer data and ensure privacy.
- National Association of Insurance Commissioners (NAIC) Data Security Model Law: Provides a framework for safeguarding consumer data and ensuring accountability.
With Axiom, insurers can efficiently meet these requirements while enhancing their security posture.
How Axiom Solves Key Challenges for Insurers
- Enhanced Security
- Just-in-Time (JIT) Access: Limit exposure by granting temporary, purpose-specific permissions.
- Granular Access Controls: Assign precise permissions to prevent unnecessary access.
- Real-Time Threat Detection: Proactively identify and neutralize access threats using AI-driven analytics.
Stat Highlight: Over 50% of breaches stem from identity mismanagement and over-permissioned accounts (CrowdStrike 2024).
- Streamlined Compliance
- Automated Access Reviews: Ensure permissions align with regulations like HIPAA and GDPR.
- Centralized Policy Management: Maintain consistent access control policies across all platforms.
- Detailed Audit Trails: Maintain comprehensive logs to simplify audits and meet compliance standards.
Stat Highlight: Companies using automated access tools save $1.76 million per breach on average (IBM 2024).
- Simplified Operations
- Multi-Cloud and Legacy System Support: Manage permissions seamlessly across diverse environments.
- Automated Workflows: Reduce IT workload by automating routine access requests.
- Self-Service Access Tools: Empower employees and partners with secure, on-demand access solutions.
- Third-Party Access Management
- Controlled Partner Access: Assign role-based permissions to third-party users.
- Activity Logs for External Stakeholders: Track and monitor third-party actions to maintain accountability.
- Enforce Least Privilege: Limit third-party access to the exact resources required for their tasks.
Why Insurers Choose Axiom
Proactive Risk Mitigation
Axiom minimizes vulnerabilities by eliminating unused permissions and implementing the least privilege principle. With over 60% of cloud identities inactive (CrowdStrike 2024), proactive permission management significantly reduces attack surfaces.
Seamless Compliance
Automated compliance tools ensure insurers meet complex regulatory requirements efficiently, backed by complete transparency for audits.
Boosted Productivity
Axiom’s automation reduces access management workloads by up to 60%, enabling IT teams to focus on strategic initiatives.
Future-Proof Security
Built on a scalable, cloud-native architecture, Axiom adapts to the growing demands of digital insurers, providing long-term flexibility and security.
Secure Your Insurance Company with Axiom
Legacy access management solutions can’t keep pace with today’s rapidly evolving threats and regulatory pressures. Axiom delivers a modern, cloud-native platform designed for the insurance industry, providing the tools needed to safeguard sensitive data, streamline compliance, and enhance operational efficiency.
Contact us today for a personalized demo and discover how Axiom can transform your approach to secure access management.
