How to apply MyPy in:  Insurance

By - Tamara
05.02.20 16:04

Key Words:  insurance, access, health, finance, service platforms, regulatory compliance

MyPrivacy Core Components:  Secure Data Storage and Collaboration

Length to read:  2 minutes

MyPrivacy's technology can be applied almost anywhere information is handled – whether between people, machines or in hybrid settings. With this series we will explain each time new use cases and highlight the added value for our clients. 

This blog post addresses a complex scenario in the sector of insurance. To be more specific, we talk about the highest level of security and protection, enabling sensitive data to be stored in public clouds. Premium protection for data, with decentralized permission management for all mission-critical processes and applications. 

Due to their nature, the insurance industry requires the creation, use and storage of vast amounts of sensitive data. There are many regulatory, compliance and governance issues to be addressed, perhaps more than in most other industries. 

Insurance-related information spans every aspect of data protection, including person-related data, financial, property, health and legal documents. This makes a challenging position even worse. In addition to the risks of liability involved in managing their own data, insurance companies need to share this sensitive data externally with trusted and authorized partners. 

This sharing needs to be both direct, on the actual content, and indirect /offline, in the form of transformed, signed and sealed exported documents, in industry standard formats. 

The solution of MyPrivacy utilizes many of the same cryptographic approaches used in various Blockchain-based solutions, and some elements of edge-based computing, but has combined them in a different way, more suitable for solving the real problems our customers face. 

MyPrivacy excels as a perfect solution for these issues, due to its unique protective features:

  • All content is cryptographically protected to prevent tampering or alteration, in a way which proves the identity of the creator.
  • Access to content is possible only via the MyPrivacy’s patented cryptographic mechanism. 
  • This enables the data (protected by encryption), to be stored anywhere, whether on-premises or using cloud provided storage. 
  • File versioning, is supported. Each version is uniquely identified and retrievable, allowing for partners to add comments or content, in a controlled fashion.
  • Content owners can choose to securely share documents with their partners (customers, suppliers, peers, regulators), knowing that any changes will be impossible.
  • Content owners can also publish content to standard formats (such as PDF/A-3). We include information in the resulting published document, which links it uniquely to each target recipient. Published documents can also optionally be signed using existing digital signing mechanisms and identities, to support jurisdictions where digital signatures are legally binding. 
  • Due to our modular architecture, we support the integration of our authentication, authorization and identity management mechanisms, with those of the enterprise. This enables the trust relationship with partners, to include access and usage controls on sensitive content.
  • Every access or change within the system, is added to a secure audit log, for forensic audit support. This log can be exported and transformed to desired formats, for ease of integration with organizational security.
  • In addition to logging, MyPrivacy wishes to provide secure Event Notification and Listener support, for further integration with organizations which utilize event-driven architecture.
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