Insurance Companies Need Flexibility
Companies in the insurance industry are entrusted with an array of sensitive customer information that needs to be protected to reduce risk and meet regulatory requirements. Unlike many industries, insurance companies need to collect and store two types of sensitive customer data – PII (personally identifiable information) and PHI (protected health information).
For example, to determine eligibility and what premium to charge a customer, insurance companies may need to collect and store PII such as social security numbers and financial data and PHI such as medical history. Encrypting PII data makes good business sense and assures your customers that you have their best interests in mind. Examples of PII data include:
- Full name
- Social security numbers (SSN)
- Passport number
- Driver license number
- Taxpayer identification number
- Financial Data
- - Financial Account numbers
- - Credit card numbers (PANs)
- - PINs
- Medical Records
- Intellectual Property (IP)
- Digital Identity
The Health Information Technology for Economic and Clinical Health Act (HITECH) imposes financial penalties and requires breach notification if PHI is lost or stolen. By encrypting PHI, breach notification is not required.
Prime Factors’ EncryptRIGHT® software gives you the flexibility to protect any kind of data – PII or PHI – with encryption or tokenization. Backed by a dedicated support team, EncryptRIGHT is well suited for enterprise-wide deployment because it can be applied to many different use cases including PCI compliance. It can be implemented by programmers and non-programmers alike, and lets you choose how best to encrypt or tokenize data without disrupting your operations.
The EncryptRIGHT API is simple, easy to use and requires little or no knowledge of cryptography. As a result, your programmer is free to focus on programming rather than figuring out cryptography.
EncryptRIGHT also provides a user-friendly environment in which a non-programmer can implement data encryption, tokenization and key management. EncryptRIGHT makes it easy to determine what data to protect, how to protect it, access level of employees and key management policies. Using a graphical user interface (GUI), security professionals can select which data to encrypt or tokenize, then follow prompts to insure they implement the right data security and key management for their situation.