Baker Tilly Poll Finds Insurance Companies Struggle with Regulations to Safeguard Personal Data

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

A recording of the webinar is available on-demand and the presentation slides are available for download.

About Baker Tilly Virchow Krause, LLP (bakertilly.com)

Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 141 countries, with 28,000 professionals. The combined worldwide revenue of independent member firms is $3.8 billion.