Insurance software provider Transactor Global Solutions Limited (TGSL) is prioritising Cyber Security and working towards ISO 27001 (2013) and PCI-DSS (3.2) compliance in 2016/17.
ISO 27001 protects the confidentiality, integrity and availability of the information held by a company by finding and analysing potential risks to data and defining how to avoid them. Transactor will use the initiative to build on its existing library of processes and controls in this area to further improve the management of risks to both company and client data. This helps to further assure clients of the security of the information the company holds on their behalf, wherever it resides and whoever processes it.
TGSL’s data centres which deliver the Transactor platform to its customers already include a number of security standards, including ISO27001 (2013) and PCI-DSS (3.2) compliance, but TGSL’s commitment to both of these standards will now extend to its offices and organisational processes as well. Transactor will conduct a thorough review of the use of data within the business, identifying and neutralising risks; providing new training for employees to make them aware of the importance of information security; and allocating resources (including financial resources) to help achieve standards of compliance over and above those in the two standards.
Ian Blakesley, Chief Information Officer, TGSL, said, “We believe that ISO 27001 and PCI-DSS will provide a number of benefits to the business. Firstly, and most importantly, we want to assure customers of our commitment to data security standards. This has never been more important than in the current climate.
“It also gives us a chance to review some of our own processes and make improvements where necessary. We’re using a company-wide approach rather than restricting the compliance job to our IT department, as we aim to ensure we address data security standards in all areas of our business. We work with local universities and training partners to make sure our staff have every opportunity to learn and implement the best practices in security standards from the moment they join us.
“We’ve been making a range of improvements to service, support, technology and infrastructure in the wake of our new Version 7 platform, and we hope that achieving these compliance standards will provide another chance for the business and our clients to benefit from an internal review”.
The news comes a week after Chancellor Phillip Hammond announced a range of new measures and an increased budget of £1.9bn to fund the programme until the end of 2020, and urged senior business leaders to prioritise cyber security as part of their strategic objectives. The Government stressed the importance of security and trust to the success of UK tech businesses and cited overseas threats as one of the emerging risks to the industry.
Blakesley continues, “After recent statements by the UK Government on data security, high profile hacks to household name brands and our industry’s own data outage, security is likely to be top of the agenda for insurance businesses for some time. And with BIBA and potentially the FCA taking more interest in the subject it may soon fall to insurance software providers to define and clarify their security standards. We want to be ahead of any regulatory change in our sector to make sure we are in the best position to provide our customers with the highest security standards and peace of mind.”
Transactor Global Solutions Ltd. (TGSL) is one of the top insurance software houses in the UK providing configurable insurance software to a range of insurance brokers, underwriting agencies, insurers and MGAs.
Transactor includes a range of front and back office software for any class of business and is unique in the level of flexibility it provides. Front end applications interact with back office databases reducing business costs and increasing productivity. Transactor software uses Microsoft .Net architecture making it familiar and easy to use plus systems are readily scalable, supporting multiple branches, channels, brands, affinities, languages, and currencies.
Since inception in 2003, TGSL has supported an organic growth model delivering compound annual growth of approximately 25%. It currently has over 200 staff across offices in Winchester, Milton Keynes, Elland and Krakow (Poland).
TGSL clients include Adrian Flux, the UK’s largest specialist motor insurance provider; Caravan Guard, specialist scheme broker; Cornish Mutual Assurance, personal, business, home and farm insurance specialists; UK General Insurance Group, the UK’s largest specialist Managing General Agency; Ryan Direct Group, one of the largest insurance services providers in the UK; AJ Gallagher Insurance Services, a leading UK independent insurance broker and employee benefits consultant; and PetPlan USA, specialist pet insurer.