CHICAGO (November 17, 2015) – A poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates that more than 30%1 of insurance organizations struggle to comply with regulations that appropriately safeguard confidential and/or personally identifiable information (PII). Baker Tilly recently held an educational webinar, “The new wave of cybersecurity regulations,” to assist insurance organizations in understanding the new and emerging regulations involving cybersecurity.
“Insurers process an immense amount of personal information each day,” Christine Anderson, CPA, CITP, partner and firm leader of Baker Tilly’s financial services practice said. “With the increased use of third-party vendors to handle specialized functions involving sensitive client information and cybersecurity breaches becoming more prevalent, monitoring the protections of each vendor in addition to an organization’s own internal protections is becoming extremely complex.”
Organizations are finding that ensuring all contracted, third-party vendors have adequate safeguards in place is straining their internal resources—even with basic cybersecurity breach activity. And, when asked what insurance organizations would struggle with in the future, more than 30%2 indicated adequate vendor management processes would be their main struggle.
The Baker Tilly webinar discussed:
- Cybersecurity risks to insurance companies and policy holders
- Risks and controls evident in a cybersecurity program
- State based guidance changes and how they will affect state examinations
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
Baker Tilly Virchow Krause, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.