In an industry that makes its money by assessing and avoiding risk, one would think ensuring data security is a slam-dunk. But while the insurance industry has made gains in this area, substantial challenges remain, analysts contend.
"While carriers have made significant progress, in part to avoid other carriers' missteps (for example, stolen laptops) and [to establish] a rigid regulatory process (such as compliance officers, legal departments, etc.), carriers are only [one] piece of the puzzle," according to Chad Hersh, a principal at New York-based analyst firm Novarica.
"While they can control their infrastructure and that of their employees and captive agents, other important pieces of the puzzle are out of their control," he notes.
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