Big data security challenges for insurers
The Industrial Internet, the Internet of Things (IoT), mobile devices, and network connected sensors (such as connected vehicles) are increasingly drivers for change in the digital economy as is the shift to doing business in the cloud. The word “cloud” conjures up perceptions of unprotected data and a risk that the data could exist outside the country where it originated. This perception of a lack of security has been a major barrier to mainstream adoption, but that is about to change as data integrity standards for data security and information assurance emerge that will make outsourcing to the cloud more secure than in corporate data centers.
We thrive on ensuring that our clients have the necessary knowledge to ensure that their businesses run smoothly. Our skills transfer programmes are both generic and tailor made to suite the requirements of the client. Our team is aware of the fact that the skills gap in companies cannot be the same and has put in place structures to ensure that the specific needs for every client are met.
ICT Review and Ascertainability Assessment
The following is outline of what the assessment will cover.
- High Level Review All Software ( Applications and Operating Systems)
- Review the Network Infrastructure ( Hardware and Software )
- Review the Data Security and Safety
- Review efficiency of the organizational Systems, licensing and maintenance contracts
- ICT Policies and Standards and Skills Review
While on site we will perform a high level overall RISK analysis of the infrastructure, applications, database & Networks, review performance of Mail and Internet (intranet, Internet and extranet) and bandwidth management, technology and associated costs. A practical assessment of current costs and recurrent costs would be done as well.
Proposed cost saving structures will be tabled upon findings of what’s on the ground. An assessment will be done to ascertain whether the organisation implemented systems and solutions have been done appropriately by ICT standards that are producing appropriate MIS and BIS to support and enhance business value service delivery.
This will be verification of the adequacy of the IT, the computer rooms, adequacy of the Data Centre and its disaster recovery plans. We will verify the compliance of the organisation ICT department in terms of important ICT practices that include but not limited to:
a).Availability of an ICT Strategy and ICT Policies
b).Availability of systems and programs change control procedures
c).Data security procedures, physical security procedures, and operational procedures for protecting the company computer assets and information
d). Total ICT Investment value, disposable policies, segregation of duties & Security and Safety issues.
- High Level Review the status of systems integrations and benefits
- High Level Review of Systems safety and security assessment
- Revenue Leakages and risk areas. Verification of the Accounting and Billing Cycle.
- Assess the integration of the billing system and processes with the Accounting Systems
- Check the Integration of the IN and Post Paid system with the Accounting System
- High Level Review the Debts Management
- Check the Pricing and update process for products and services
- Check and assess the impact of the use of Multi-systems from various vendor on Revenue streams
Why Revenue Assurance is required
- Effect of worsening Market Conditions
- Effects of Investor Pressure
- Downgrading of Debts
- Difficulty in Raising Capital for New Projects
- Impact of billing errors on customer and trading partners
- The Nature of service render ( Service is generated immediately customer place and order for call implies quality control must be embedded into all element of the process)
- Use of Multi-systems from various vendor
- Importance of usage data integrity
- Complexity of the Billing process
- Increasing government regulation
- Staff competitive environment