Insurers are worried about data. Very worried. One moment they are reaping the rewards of the explosion in customer data, the next they are fearful of the consequences of losing that personal information. The reluctance of major insurers to see their names mentioned in an article about data leaks says all you need to know about how sensitive an issue this is for them. Most will go no further than bland reassurances about adequate policies and procedures.
With a new EU directive concerning data security expected later this year, insurers must make sure they exceed industry standards. This article studies the implications of the impending EU directive and the key requirements for insurers.