CLOUD SECURITY IN INSURANCE INDUSTRY WITH RESPECT TO INDIAN MARKET
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The document discusses the implementation of cloud computing in the Indian insurance industry, highlighting its security considerations, benefits, and current challenges. It outlines different cloud service models, emphasizes the need for effective cloud security strategies, and presents the potential for significant growth in the market. Additionally, it suggests that governmental support and reduced costs could facilitate broader adoption, ultimately benefiting customers with better products and services.
CLOUD SECURITY IN INSURANCE INDUSTRY WITH RESPECT TO INDIAN MARKET
- 1. CLOUD SECURITY IN INSURANCE INDUSTRY WITH RESPECT TO INDIAN MARKET Dr. Kamal Gulati
- 2. Cloud Computing concept and its usage in insurance industry in Indian Market along with Security Considerations. Security requirements considerations that are interest to customers and needed for cloud providers such as Data Prevention, Web Security, location, Identity and Access Management, Recovery, Data Loss Prevention, etc.
- 3. CLOUD COMPUTING It refers to the use of highly scalable offsite IT resources, assembled virtually, accessed over the internet, and used on demand in real-time or near real-time on a pay-per-use or subscription basis, where the workloads are shared among multiple customers along the globe. Cloud Computing is a model that makes a set of services available through the web, which are provisioned and consumed outside of the enterprises’ firewall. Cloud computing allows customers to share Data Resources Dynamically and Charged based on usage.
- 4. THREE CATEGORIES OF CLOUD COMPUTING Software as a service (SaaS): is software offered by a third-party provider, available on demand, usually via the internet configurable remotely. Examples include CRM services ,web content delivery services (Salesforce CRM, Google Docs, and so on). Platform as a service (PaaS): allows customers to develop new applications using APIs deployed and is configurable remotely. Examples are Microsoft Azure, Force and Google App engine. Infrastructure as service (IaaS): provides virtual machines and other abstracted hardware and operating systems that may be controlled through a service API. Examples include Amazon EC2 and S3, Windows Live SkyDrive and Rackspace Cloud.
- 5. CLOUD SECURITY : THREATS Availability Integrity Confidentiality Multi Tenancy Elasticity Privacy Data Leakage Attacks
- 6. INSURANCE CHALLENGES Tougher time and cost pressures Emerging market and acquisition opportunities New global market structures Need for agile and differentiated product and pricing More demanding customers The workforce is undergoing dramatic changes Evolving sales/distribution technologies Increasingly burdensome regulatory requirements
- 7. Cloud solutions These challenges can be addressed through an infrastructure cloud solution. It will boost financial flexibility, permanently reduce costs of IT ownership, and also cut operating costs by ensuring services are paid for only when they are used. Cloud also reduces the time and cost required for piloting new projects. The advantages of cloud in terms of cost, flexibility, agility and pervasive availability of unified customer information all help insurers to meet the demands of customers. The cloud enables insurers to store an enormous amount of data and put dormant data to work. It provides a cost-effective platform for developing analytics models, reports and driving business intelligence. It provides a cost-effective platform for developing analytics models, reports and driving business intelligence.
- 8. STEPS TOWARDS EFFECTIVE CLOUD SECURITY TEAM IN RESPECT TO INSURANCE INDUSTRY DEVELOP A CLOUD STRATEGY FOCUS ON A FEDERATED MODEL MOVE CLOSER TO CONTRACTS & THE BUSINESS MANAGE MULTIPLICITY SECURE THE EXIT BUILD DIVERSE TEAMS SEEK OUT SECURITY STANDARDS
- 9. FINDINGS Don’t just rely on technology to protect your data – restrict access to sensitive information and train employees to be risk aware. Identify the risk and manage the potentially very damaging losses that have a reasonably high chance of occurring. Companies need to start creating an intentional path to manage and use big data. Run regular checks to make sure controls remain in place and employees are adhering to protective strategies. Assess your exposure and the standards you need to apply in the light of reported losses in your business sector and best practice guidance.
- 10. NAME OF THE CO. TECHNOLOGY PARTNER OTHER INFORMATION AVAILABLE HDFC ERGO GEN INSURANCE ORACLE SOFTWARE NAME: HELIOS(PRIVATE CLOUD) L&T L&T INFOTECH ICEON ICICI LOMBARD --- PUBLIC CLOUD TATA AIA LIFE INSURANCE VM WARE CLOUD INFRASTRUCTURE ---- AVIVA INDIA CSC ---- APOLLO MUNICH MICROSOFT SHARE POINT SERVER 2010 www.myapollomunich.com MAX NEW YORK LIFE MICROSOFT TECHNOLOGY ---- *In addition to these there are many insurance companies which are using cloud computing but there information is not available. I have consulted many different sites and online magazines but software name & technology partner are not shared. Policy Bazaar is also a cloud concept deployed as public cloud.
- 11. PRESENT STATUS OF CLOUD COMPUTING IN INDIA A study by Nasscom and Deloitte estimates the Indian cloud computing market will reach USD 16 billion by 2020. A recent Microsoft-IDC study says that cloud computing will generate over 2 million jobs in India by 2015. For a country like India, the importance of a technology like cloud computing is manifold as a majority of small and medium enterprises who cannot afford technology in the current form can now afford to adopt the latest technologies and compete effectively in the marketplace The use of cloud computing in Insurance sector in India is yet to accomplish. It’s being used at some level but at the highest level it’s yet to be used. But when it will be used it will change the way the insurance business is done in a country of 126 crore.
- 12. SUGGESTIONS The remedial measures can be that more emphasis on reducing the overall cost of cloud computing. The government and regulator needs to make it compulsory for the insurance companies to make some part of their business through cloud computing. This will ultimately force the corporates to shift to cloud computing. This will reduce the cost and ultimately beneficiaries will be the customers with new products, less premium and tailor made products.
- 13. THE WAY FORWARD Technological driven Customer centric Risk management strategies Future decisions
- 14. LIMITATIONS This study is limited to use of cloud computing in insurance in India. There is still lot of scope for future study. Since the subject is vast and at the same time requires complete attention as many new innovations can be brought forward. The topic has been very interesting but at the same time demanded a lot more. Because of the limited time available the topic has dealt in a quite brief manner although it deserved a very elaborate study.
- 15. BIBLIOGRAPHY & REFERENCES Wayne Jansen, Timothy Grance (2011) guidelines on Security and Privacy in Public Cloud Computing Data Security; Strategic Risk, www.strategic-risk.eu , November 2011by Ace Group of Insurance and Reinsurance Companies Dr. Kamal Gulati; Role of Cloud Computing in Health Insurance Source: Cloud computing – benefits, risks and recommendations for information security, November 2009, ENISA Cloud Computing in the Property and Casualty Insurance Industry; www.capgemini.com Insurance Wikipedia, en.wikipedia.org/wiki/insurance Cloud insurance, www.cloudinsure.com Jeanne G. Harris and Allan E. Alter, Accenture (2010) How Cloud Computing will Transform Insurance , www.accenture.com Qi Zhang, Lu Cheng, Raouf Boutaba (2010) Cloud Computing: State-of-the- Art and Research Challenges
- 16. THANK YOU
Editor's Notes
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