The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous regulatory body responsible for overseeing and promoting the insurance industry of India. Among its various responsibilities, IRDAI also significantly emphasizes information and cybersecurity within the insurance sector.

IRDAI’s cybersecurity guidelines aim to protect sensitive customer information, secure data management, and robust IT infrastructure within insurance organizations. These guidelines outline the necessary measures and best practices that insurance companies must adhere to mitigate cyber threats and maintain data confidentiality, integrity, and availability.

Considering the dynamic nature of data in modern business, in April 2023, IRDAI revised its Information and Cybersecurity Guidelines with data-centric security as the center.

Challenges with Perimeter-Centric Security

With the increasing popularity of global collaboration, remote or hybrid work models, and cloud adoption, traditional perimeter-centric security proves insufficient and creates an ever-widening security gap. The data security gap leaves organizations vulnerable to data theft and non-compliance with industry regulations like IRDAI and RBI Guidelines.

Seclore’s comprehensive data-centric security empowers you to know, protect, and control your valuable information, safeguarding it from unauthorized access and potential breaches. With Seclore data-centric security, organizations can:

• Know which assets are sensitive and where they are present in the organization.

• Protect the data using digital asset classification, dynamic watermarking, and AES256-bit encryption.

• Control and track access to sensitive digital assets using granular usage controls and risk insights dashboards.

Seclore’s data-centric security platform enables organizations to know where sensitive data is and apply persistent, granular controls to sensitive data, ensuring it remains protected, even when shared with external parties. It provides features such as classification, dynamic watermarking, access controls, Enterprise Digital Rights Management (EDRM), auditing capabilities, and risk insights indicators that help organizations secure their data and comply with regulatory requirements, including IRDAI’s cybersecurity guidelines.

How Seclore Helps Comply with IRDAI Cybersecurity Guidelines

Seclore can play a vital role in helping organizations comply with IRDAI’s cybersecurity guidelines in this context. Seclore offers advanced technology solutions designed to know, protect, and control the distribution of sensitive information throughout its lifecycle, both within and outside an organization’s boundaries.

By leveraging Seclore’s data-centric security, insurance companies can effectively safeguard customer data, prevent unauthorized access, monitor data usage, and enforce compliance with IRDAI’s guidelines. These measures enhance the security posture and help maintain trust with customers and regulatory authorities.

One of India’s most reputed insurance companies, Max Life Insurance, has long been a user of Seclore data-centric security. Seclore helps Max Life protect its Intellectual Property (IP) by attaching persistent, granular usage controls to the data wherever it goes. As a result, it became possible for the organization to track its data and revoke access to it as required. With Seclore data-centric security, the IT and Risk teams of Max Life Insurance have ensured that confidential policyholder and agent data remains secure even when shared externally with vendors and partners.

Download the whitepaper outlining how Seclore helps insurance companies comply with the IRDAI cybersecurity guidelines 2023.