Fidelity Life powers up data security and compliance
Fidelity Life powers up data security and compliance | Insurance Business New Zealand
Technology
Fidelity Life powers up data security and compliance
Partnership aligns with increase in company’s remote working
Technology
By
Roxanne Libatique
Fidelity Life has partnered with digital specialist Spark to bolster its data governance framework.
The joint effort focuses on improving data security and regulatory compliance through the use of Spark’s security consulting services and Microsoft Purview tools.
It aims to enhance Fidelity Life’s control and visibility over sensitive information, providing better protection across its digital landscape.
Fidelity Life’s cybersecurity measures
Fidelity Life, which recently introduced an enhanced version of its online application tool, has seen an increase in remote working – with employees using cloud services and digital platforms that connect various systems. This shift has highlighted the need for stronger data security measures that can protect information across these decentralised environments.
According to Tahira Begum, Fidelity Life’s security lead for governance, risk, and compliance, managing data effectively is a key challenge for many organisations.
“Most organisations sit on hundreds of millions of files across hybrid environments. Trying to figure out the location of data is a difficult problem to solve,” she said, adding that the insurer recognised the importance of establishing a comprehensive data protection strategy to address risks, meet regulatory requirements, and safeguard customer data.
Workshops to strengthen data management
Spark facilitated a series of data security workshops for three of Fidelity Life’s core business units. These sessions were designed to identify potential security risks, set up appropriate security controls, and prioritise compliance efforts.
Microsoft Purview tools were employed during these workshops to automate the identification of data sets such as emails and stored documents, helping to detect vulnerabilities and ensure data is classified properly.
These workshops also offered insights into the data handling practices of employees, helping to build a clearer understanding of how and where data is stored. Classifying or labelling data according to its sensitivity plays a critical role in Fidelity Life’s overall strategy to safeguard information and ensure compliance with industry standards.
Data strategy leads the way
Begum said Fidelity Life’s approach to data governance emphasises the importance of strategy before the deployment of tools.
“Our data protection strategy is the driving force. Then you’ve got your tools to roll it out,” she said, adding that the company employs Microsoft’s Data Loss Prevention (DLP) within the Purview suite to develop and implement policies that monitor and protect critical data.
Spark’s general manager for managed services, Liz Urquhart, underscored the importance of a robust data governance framework.
“Implementing a robust data governance strategy is imperative for any organisation aiming to harness the full potential of its data assets,” she said.
She said that having the right structure and tools in place allows companies to not only secure their data but also to derive insights that can sustain their competitive position in the market.
Fostering a culture of security
As Fidelity Life prepares to roll out updates to its security policies, Begum stressed the need for clear communication to ensure employees understand and support the new measures.
“Communication, understanding, and action are critical because security is so much more than ticking the box on technical controls,” she said.
The insurer plans to educate its workforce to foster a culture that prioritises data security and awareness at every level of the organization.
Begum also advised other companies to begin by thoroughly assessing their data landscape and regulatory obligations. She suggested that working with partners like Spark and using advanced tools such as Microsoft Purview can help companies better understand their data and tailor security solutions to meet their needs.
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