Provides insurers the ability to generate on-demand, real-time web privacy risk reports to share with their insureds to reduce related fines, lawsuits, and breaches
REDWOOD CITY, Calif., July 23, 2024 /PRNewswire/ — LOKKER, provider of online data privacy and compliance solutions for enterprises, today released a new privacy solution for insurers: the ability to share on-demand web privacy risk reports with their insureds. These reports give insurers and the insured companies a simple view of their data privacy risk profile in eight different categories, highlighting potential issues that could lead to regulatory fines, lawsuits, or data breaches. This is the latest addition to LOKKER’s suite of insurance-focused solutions, building on the Web Privacy Risk Score, which is used by cyber insurers to identify potential losses due to privacy risks.
There has been a surge in both regulatory enforcement actions and private lawsuits against companies for online data privacy violations, with organizations being targeted multiple times under different laws. The current patchwork of state and federal data privacy laws is changing quickly and can be very difficult to follow. These risks are highest in healthcare (which is now more broadly defined to include companies in health and wellness) because of recently enacted laws in Washington, Nevada, and Connecticut. The stakes are understandably high with data privacy around medical information, and these new laws introduce new methods and standards for how companies need to handle consumer permission when collecting, storing, or sharing this data.
LOKKER’s goal is to not only provide the insurance provider with methods to identify data privacy risk, but also to give their insured companies actionable intelligence to mitigate these risks and, as a result, mitigate potential losses. Information for underwriting is transformed into a simple report giving the companies three status levels for each risk – Red, Yellow, Green – along with actionable information to investigate, confirm, and if necessary remediate data privacy risk.
“We are dedicated to providing a tailored product roadmap for the cyber insurers that not only helps to identify data privacy and security risks, but also helps to mitigate those risks,” said Ian Cohen, CEO of LOKKER. “Our newest feature for insurers allows them to provide on-demand reports to the companies they cover. This expands on our Web Privacy Risk Score for cyber insurance providers. We are committed to identifying new risks in a rapidly evolving regulatory environment. Moreover, we are committed to giving both insurers and their insureds tools to reduce risk and improve online data privacy. Obviously, we tailor these to each insurer’s specific needs.”
The web privacy risk reports deliver a high-level overview of an organization’s website privacy health in easily understandable terms across eight risk categories. A status is then assigned to each of these categories as follows:
- Remediate: Critical issues where the website may currently be violating privacy laws, such as the state wiretapping laws, WA My Health My Data Act, and a failure to honor user consent correctly. The report includes detailed information about the specific pixels, tags, and trackers causing the problems.
- Verify: Potential issues for companies to investigate and either confirm or remediate.
- Okay: Good news. No issues detected in other risk areas.
With LOKKER’s web privacy risk summary, insurers can identify specific recommendations highlighted in the report and use this data internally as well as share it to help stop unauthorized data collection and lower data privacy risks.
For more information on LOKKER’s web privacy risk summary, visit https://lokker.com/data-privacy-software-for-insurers/.
