As cyber security becomes even more crucial amidst Covid19 pandemic, AI and machine learning backed solutions are helping several insurance companies tackle these threats. during a recent case, they helped an insurance firm tackle the cybersecurity threat and this might be replicated throughout the industry.
An Indian insurance firm was looking to reinforce its internal security to guard its data, systems, and infrastructure from potential cyber security threats. additionally , the corporate determined that it needed a 24×7 security log monitoring system that would operate three hundred and sixty five days a year along side the potential to conduct analytics, threat profiling, correlation and alerting.
The company is not only ready to prevent active threats, but also conduct analysis on potential vulnerabilities. Besides that, the corporate has been ready to transition multiple non-core parts of the cyber security management process to the MSS. These include identity management, antivirus management, mobile device management and intrusion prevention. Industry trackers say that cyber security has become really crucial during the pandemic as employees work from home.The impact is felt across the board, say industry experts.
For instance, some top European banks and corporations that outsource work to their captives or to BPOs in India are either recalling jobs or deferring contracts fearing data leaks as most employees still work from home amidst the Covid-19 pandemic.Europe accounts for about 30% of India’s $150 billion outsourcing industry.
European companies and banks fear that a knowledge leak in India could end with steep penalties back range in Europe thanks to strict data protection laws. General Data Protection Regulation or GDPR prescribes how companies that affect data of EU citizens could handle and store it with third parties. The penalties for not doing so might be 4% of the worldwide annual turnover or €20 million (about Rs 160 crore).