Data protection and information security of insurance companies

Economic Annals-ХХI: Volume 143, Issue 7-8(2), Pages: 32-35

Citation information:
Zhabynets, O. (2014). Data protection and information security of insurance companies. Economic Annals-XXI, 7-8(2), 32-35. https://ea21journal.world/index.php/ea-v143-08/

Olga Zhabynets
PhD (Economics),
Associate Professor,
Lviv State University of Internal Affairs
26 Horodotska Str., Lviv, 79007, Ukraine
olza@ukr.net

Data protection and information security of insurance companies

Abstract. Introduction. The development of high-technology provides unlimited opportunities for efficient business, but at the same time it makes some information for espionage more accessible. The insurance companies providing insurance protection and guaranteeing security for their customers, should be the last in the list of financial institutions’ confidential information leakage. The author considers that the problem of data protection and information security of insurance companies takes on a special urgency in today’s environment.

The purpose of the paper is analysis of channels and types of confidential information leaks, characteristics of modern technologies leaks in information security for domestic insurance companies, and their compliance with international standards of information security.

Results. Rapid development of information technology, insurance services sales through the Internet and other innovations substantiate increased requirements for the protection of personal data and other confidential information by the insurance companies. Realizing the importance of information security, domestic insurers begin to introduce advanced protection technologies for confidential data, including DLP-systems. Practice of international standards of information security has not been very popular in Ukraine yet in comparison with the developed countries, because there is a lack of the legislative requirements in the information security system for the insurers. In the author’s opinion, this situation could affect the insurers’ reputation adversely and cause the loss of confidence in them among the consumers of insurance services.

Keywords: Insurance Companies; Information Security; DLP-Systems; Cloud Computing Technology; International Standards of Information Security

JEL Classification: G22

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Received 15.06.2014