John Phelps, director of business risk solutions at Blue Crossand Blue Shield of Florida (BCBSF), reports that while cyber crimeis a concern, the company's biggest privacy worry is theunintentional release of private information by employees.
|“It's possible that a mistake will be made when you're dealingwith millions of claims every week,” he says.
|To guard against such a breach, BCBSF employs a defense-in-depthstrategy that combines technology, processes and training. AlthoughBCBSF declined to provide specifics on those controls, Phelps saidthat the company utilizes an array of automated safeguards aroundnetwork integrity and data security as well as a response team thatis activated immediately upon learning of a possible securityevent.
|“In a high-transaction environment like ours, automated controlsare essential,” Phelps explains. “We can train our people to guardagainst mistakes, as well as against cyber attacks and socialengineering we see are happening today, but tomorrow we seesomething new and creative that we need to defend against.”
|Insurance has become an increasingly important part of BCBSF'scyber risk management plan in recent years. “Cyber liabilityinsurance has grown from a small cost to a significant element ofthe budget,” Phelps says.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
