THIA AGM Keynote Sept 2013: Increasing Competitiveness while Protecting Consumers
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Increasing Competitiveness while Protecting Consumers Tony Abou-Assaleh, PhD President & CEO, TitanFile Inc. THIA AGM - Sept. 17, 2013
description
Cyber threats, internal threats, and accidental information leaks are putting confidential corporate and customer information at risk. The focus on protecting consumers, especially with regards to health information, has led to increased regulatory and compliance requirements on the insurance companies. This puts additional risks on the corporations in fines up to 1.5 million dollars per year for each breach of HIPAA. With all this additional overhead and risk, how can insurance companies today remain competitive in the market while at the same time protecting consumers and complying with regulations? This talk highlights the types of threats facing consumer’s information in the travel health insurance industry, recent changes in regulation and compliance requirements, and how can the insurance companies protect themselves, remain compliant, while maintaining a high level of efficiency and competitiveness.
Transcript of THIA AGM Keynote Sept 2013: Increasing Competitiveness while Protecting Consumers
Increasing Competitiveness while Protecting Consumers
Tony Abou-Assaleh, PhDPresident & CEO, TitanFile Inc.
THIA AGM - Sept. 17, 2013
About me
● President and CEO, TitanFile Inc.○ Enterprise file sharing and collaboration
● 10 years in security and privacy
● Passion for democratizing security
Who understands HIPAA Compliance?
HIPAA and HITECH Omnibus Rule
● What is it?
● Why should I care?
● What can I do about it?
HIPAA and HITECH Omnibus Rule
● What is it?
● Why should I care?
● What can I do about it?
Health Insurance Portability and Accountability Act
● Covered entities
● Business Associates
● Rules○ Security○ Privacy○ Breach notification○ Enforcement
HIPAA and HITECH Omnibus Rule
● What is it?
● Why should I care?
● What can I do about it?
#1 Risk for Insurance
September 23, 2013
The Numbers
Last month:● 646 significant breaches● 22MM+ patients affected
Last year:● 94% had a breach● $2.4 MM average 2-year cost● $7 billion loss
Types of Security Risks
● Theft● Unauthorized access● Loss● Third party snafus● Cyber-attack / hacking● Regulatory compliance
HIPAA and HITECH Omnibus Rule
● What is it?
● Why should I care?
● What can I do about it?
Steps that you can take TODAY to improve compliance, productivity, and protect the
consumer
Insurers
TPA
PatientsConsumers
Sales Channels Suppliers Providers
Travel Insurance Ecosystem
SecurityPrivacy Productivity
Concerns about Compliant Solutions
● Cost of training staff and support
● Licensing and maintenance cost
● Only protect what needs protecting
Security that enhances productivity
● Enterprise Integration
● Centralized management and audit trails
● Compliant partners
● Fits within existing workflows
● Remote-access, mobility, and BYOD
Stages of Compliance
