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Blockchain Technology Making its Mark in the Insurance Industry: Four Reasons Why This is Great News

The use of blockchain in insurance is still in its early stages of inception and implementation. The potential of blockchain technology in sharing data, process claims, and preventing fraud in the insurance industry is indeed intriguing. But companies in this sector still have a long way to go in terms of actively working with start-ups, regulators, and industry experts to figure out the best ways to navigate the potential challenges of the blockchain technology to the realities of the insurance industry. With that in place, it is undeniable thaGet More Infot the applications of blockchain in insurance will revamp the way this industry functions. Let us dive deeper into blockchain technology and the perks of blockchain in insurance.

What is blockchain technology? 

Blockchain technology has moved on from a mere buzzword to one of the notable tech trends in most industries. It is a distributed, peer-to-peer ledger of records called blocks that is virtually incorruptible.  Every block is linked using cryptography. It is self-managed and does not require coordination from an intermediary. Not just financial transactions, but blockchains can be programmed to record virtually everything of value.

Blockchain in insurance 

Not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, as insurers attract new business through higher-quality service. Industry experts at Infiniti Research have curated some of the key benefits of employing blockchain in insurance:cta ir

Improved rate of trust 

Industries like insurance and financial services run majorly on the trust between customers and the company. Customers trust these institutions with their earnings only because of the trust that a particular institution has instilled within them. But in many cases, banks and insurance companies do not reveal the exact data to their customers, building skepticism in their minds regarding any further investments. Implementing blockchain in insurance and other financial institutions helps build consumer trust as it provides transparency in transactions.

Timely fraud detection and prevention

Blockchain technology has immense potential to detect and prevent fraudulent activity, making the use of blockchain in insurance extremely compelling. Over the past several years, the insurance industry has been battling with fraudsters and hackers who have duped them of millions of dollars. Blockchain technology will help insurance companies to easily verify customers, policies, and transactions for authenticity using a decentralized repository and its historical records.

Smart contracts and better claims processing

Blockchain technology can solve several issues that both the insurer and the insured currently face. Insurance contracts are often seen as long and confusing for insured individuals, while insurance companiesAsk An Analyst_IR are working hard to protect themselves against all possible types of fraud. With the help of smart contracts and blockchain technology, both insurers and the insured would benefit from managing claims in a responsive and transparent way.

Enhanced efficiencies

It is a known fact that in the case of changing insurance companies, the data entry process to get coverage and care started is extremely slow and inefficient. Customers also often find themselves in the fear of losing their personal data to fraudsters. Blockchain provides a solution to drive security and efficiency that facilitates personal data to be controlled by an individual while the verification is registered on the blockchain.

To know more about the applications of blockchain in insurance companies

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5 Great Ways to Improve Cybersecurity in Healthcare

Cybersecurity has been an ongoing concern for several major industries. The rapid shift to digitization has given rise to several threats in cybersecurity in healthcare. Today, healthcare companies have access to enormous amounts of patient data, most of which are stored electronically. The loss or breach of data privacy due to the hacking of the records is no child’s play as far as healthcare companies are concerned. Apart from being sued, such mishaps could also tarnish the brand name and trust of patients in the company. In the past couple of years, a number of hacking and IT security incidents have been reported and several companies in the healthcare sector have struggled to protect their data and keep cybercriminals at bay. Hence, given such complexities, it becomes imperative to ensure appropriate measures for cybersecurity in healthcare. Cybercriminals are now developing highly sophisticated techniques and tools to attack healthcare organizations, gain access to their data, and hold their records and network hostage in lieu of a ransom. Earlier, cybersecurity in healthcare was lagging compared to other sectors. However, many top healthcare providers have purchased new technologies, spiked-up their cybersecurity budgets, and are getting better at blocking attacks and keeping their networks secure. Here are some of the best ways in which cybersecurity in healthcare can be improved:Request Proposal

Acknowledge the threat 

It might often seem silly for someone to hack healthcare records, but recent incidents rule out the chance to take such mishaps lightly. Healthcare data is highly lucrative for cybercriminals, especially in the area of ransomware. Ransomware refers to a type of malicious software that holds patients’ healthcare information and financial data hostage until the hackers who deploy it receive payment from the victim ( in this case healthcare companies). Cybersecurity in healthcare is now such a major threat that the FBI has issued a stern warning about the occurrence of this kind of practices to the healthcare organizations. Hence, rather than brushing such matters under the carpet, healthcare companies must recognize that without strong security measures, they are putting themselves and their patients at risk.

Staff training and development 

It is not just important for the top management officials to be warned of the importance of cybersecurity in healthcare. All healthcare staff must be informed and trained about the various threats relating to cybersecurity in healthcare. Healthcare companies must focus on providing comprehensive training to the staff on cybersecurity measures and the risks involved if they are not diligent about these measures. They must also be cautioned to report any suspicious e-mail communications or pop-ups to the IT department immediately. Also, this is not a one-time process. Employees must be regularly updated on the new threats and security measures adopted by the organization.

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Third-party audit 

Organizations are often under the misconception that they are doing it all to preserve the privacy and security of their technology. But there are chances of overlooking several critical factors for ensuring cybersecurity in healthcare companies. Hiring a third-party auditor to conduct a comprehensive assessment, test weak points, review staff training and recommend improvement strategies will help healthcare organizations make their records more secure.

Revisit and update protocols

Companies in the healthcare space might have established the security procedures that address how a staff accesses and interacts with the technology in their facilities. In most healthcare companies, the staff can access healthcare data using a multi-character password or a pin.  Implementing techniques such as two-factor identification to further assure privacy is protected adds another level of protection. Also, ensuring that the password is changed at regular intervals is a small step towards ensuring cybersecurity in healthcare companies.

To know more about the importance of cybersecurity in healthcare

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