IRDAI Use Cases
Protecting Investment Data
The investment function is a vital pillar of operations and a key determinant of profitability for insurance companies. It generates confidential information related to investments, sales, trading, research, and risk management. These include research reports prepared by analysts for recommendations to the fund management team, models & valuations, trading information, meeting notes of discussions with various companies, etc. The usage of such sensitive information should be restricted and monitored. With Seclore’s seamless integration with DLP systems, sensitive data discovered on endpoints, network file shares, and emails can be automatically protected with granular usage controls. Usage controls ensure the organization can control who can access the document, what they can do with the document, where they can access the document, and for how long. Usage controls prevent data from being mishandled and ensure sensitive data does not leave the organization when an employee leaves.
Protecting Finance Reporting and Consolidation
The Finance Reporting and Consolidation team owns sensitive information such as shareholder reports, management analysis and reports, regulatory reports to insurance industry compliance,
party-specific commercial deal information, legal and compliance documents, and board packages. These documents are often stored in shared network folders that could have irreparable damage to the organization if leaked to the public or competitors. Seclore Rights Management, documents stored in shared network folders are automatically protected with persistent, granular usage controls. Only authorized users can open and perform activities on these files. The business unit power user can centrally and dynamically modify access and usage permissions on any file and can modify or remove user access as desired. Changes made to a document’s access permissions happens in real-time and come regardless of where the document resides.
Protecting Accounts Commission Information
The Commissions department manages and maintains confidential company information such as Pay-out Data, Commission MIS Reports, Regulatory and Compliance Reports, and Reports and Data to auditors and other stakeholders. This type of sensitive information is typically shared via email. Seclore’s Email Encryption Plus, automatically applies persistent, granular usage controls (view, edit, print, share, screen share) to emails and attachments when sent. Usage controls ensure only the authorized user can access the data and reduce the risk of the data being mishandled. Emails and files have in-built expiry dates, so they are automatically made un-usable after their purpose is served. At any time, usage controls applied can be modified or revoked, regardless of where the file resides.
Protecting Accounts Taxation Information
Concerns related to data leakage are centered primarily on tax MIS reports. The leakage of these reports could cause serious risk to an organization. The taxation team stores sensitive data in an enterprise content management system in an unencrypted and unsecure form. However, when documents are downloaded, all bets are off. Seclore Rights Management connects with ECM to automatically apply policy permissions to sensitive documents when downloaded from the system. The document stays protected wherever it goes. At any time, usage controls can be modified or revoked, regardless of where the file resides.