Times are tough for today's insurers - layoffs, salary cuts, low morale, tired employees - the list just goes on and on. No matter how well companies think they know their employees, insider threats, intentional or not, are more probable than ever. This leads to complex risk management.

The second Market Pulse Survey, conducted by SailPoint Technologies, focused on how companies are approaching identity governance during the economic downturn, with a particular focus on "insider threats." While 86% of the total respondents (representing a number of industries, including banking, insurance and health care) are concerned about insider threats, they cannot adequately manage the risk of data breaches because the majority of them can't summarize which workers have access to the most critical applications and data. Of the health care and insurance companies that responded, 99% are concerned about insider threats.

"In today's digital economy, stealing no longer requires putting your hand in the till," says Jackie Gilbert, SailPoint's VP of marketing and co-founder. "Employees can now steal electronic data they can access in the workplace, and there are dozens of outlets for selling this data on the Internet black market for profit. Insurance companies have key pieces of personal customer information - including birth dates and social security numbers - that identity data thieves seek. Insurance providers are rightfully concerned."

As the survey shows, the risk factors are at an all-time high; companies are struggling to adequately secure sensitive data, making it easier for workers to commit undetected crimes, Gilbert says. "Meanwhile, the pressures of the recession - major layoffs, low employee morale, financial hardship - are increasing motivation or temptation to commit crimes."

(c) 2009 Insurance Networking News and SourceMedia, Inc. All Rights Reserved.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access