Ernst & Young reported that Artificial Intelligence (AI) and Machine Learning (ML) are helping many insurance companies to overcome cybersecurity during the Covid-19 pandemic. EY assist an insurance company to defeat cybersecurity threat.
According to the EY report, an insurance company was in examining to increase its internal security for the protection of data, system, and infrastructure from cybersecurity threats. The company also needs a full-day (24*7) security log monitoring system that could have the capability to conduct analytics, correlation, alerting, threat profiling. The company prevents threats, analyzes vulnerabilities, and also able to transition multiple non-core parts of the cybersecurity management to the managed security services model or MSS model, which include antivirus management, identity management, intrusion prevention, and mobile device management.
Managed security services model (MSS) monitor and reports threats before it happens. Industry tracker comments that during the Covid-19 pandemic cybersecurity has become crucial since employees are working from home. EY implemented SIEM or Security information and event management along with maintenance and integration. It is provided with Artificial Intelligence (AI)/ Machine Learning (ML) capabilities that enable the company to proactively check with threats and work on plans for cybersecurity breaches. The MSS or Managed security services model provides services by CCC or Cognitive Capability Center, vulnerability management center, and security governance service.
European companies and banks worry that if a data leak happened in India that could end up with abrupt penalties back home in Europe due to strict data protection laws. GDPR or General Data Protection Regulation is a regulation that protects the personal data and privacy of European Union citizens when a transaction occurs within European Union member states. Some European Banks and companies are recalling their jobs or deferring contracts in the fear of data leaks as most of the employees work from home due to the Covid-19 pandemic.
Different aspects of EY’s MSS for Indian insurance companies are managed security services, proactive security through Artificial Intelligence (AI) or Machine Learning (ML), round-the-clock monitoring and reporting, security training and awareness, compliant with standards ISO 27001.OWASP, SANS, NIST, rand review, and assessment of the security landscape.