Fully owning one's data is the only way to ensure 100% security compliance. (Photo: chinnarach/Adobe Stock)
Cloud adoption has exploded as a result of the pandemic and stay-at-home orders, accelerating digital transformation for insurers exponentially. According to EY, most insurers aim to move at least 80% of their business to the cloud in the coming years, building on the workloads they have already migrated. As more of the industry becomes fully digitized, there's been a new-founded emphasis on security and compliance when it comes to data.
Recently, Maine and North Dakota adopted the National Association of Insurance Commissioners (NAIC) data security model law, joining at least 11 others states that have already adopted the model law that applies to insurers, insurance agents and other entities licensed by state departments of insurance. There is an expectation that more states will continue to adopt the NAIC law. Insurance professionals should keep these security obligations in mind when assessing the sufficiency of their data practices, as it's only a matter of time before a national law is presented.
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