As cyber criminals gain sophistication, insurance companies have built a multi-layered line of defence to protect customer data and savings, writes Sanhita Katyal of Axis Max Life Insurance
As paper statements and branch visits get replaced by digital dashboards and mobile apps for customers, the trade-off is a simultaneous introduction of new, critical risks around security and unauthorised access of personal data.
In the life insurance sector, safeguarding the financial future of customers begins with safeguarding their data. Regulators across the world highlight in cyber-risk advisories that data is not simply an operational asset, but a fiduciary responsibility of insurers.
In tandem, the role of in-house legal and compliance officers at life insurance companies has evolved significantly in the past decade, particularly in an environment where digital transformation, heightened regulatory scrutiny and data-driven business models intersect.
Today, this function plays a critical role in interpreting and operationalising laws including the Digital Personal Data Protection Act, 2023, sector-specific Insurance Regulatory and Development Authority of India (IRDAI)…
