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/.
About LOKKER
LOKKER (www.lokker.com) is a data privacy
software company that stops unauthorized data collection and
sharing on websites. LOKKER enables enterprises to operate their
websites without running afoul of a rapidly evolving patchwork of
data privacy laws and enforcement actions. LOKKER gives companies
complete visibility and control over third-party cloud
applications, website trackers and ad tech so they can protect
their customer privacy in real time without jeopardizing website
functionality.
LOKKER frequently helps companies facing legal actions despite
best efforts. The existing tools, like asking consumers for
consent, are not enough to control the supply chain in the ad tech
ecosystem. LOKKER was built to help businesses avoid these privacy
risks before they happen.
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SOURCE LOKKER