CyberArk > Case Studies > US Insurance Firm Bolsters Security and Compliance with CyberArk

US Insurance Firm Bolsters Security and Compliance with CyberArk

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Technology Category
  • Cybersecurity & Privacy - Security Compliance
Applicable Industries
  • Finance & Insurance
  • National Security & Defense
Applicable Functions
  • Quality Assurance
Use Cases
  • Cybersecurity
  • Usage-Based Insurance
  • Cybersecurity Services
About The Customer
Federated Insurance is a national insurance company based in Owatonna, Minnesota. The company operates in 49 states and the District of Columbia, providing American businesses with customized property and casualty insurance; umbrella and life and disability income; bonding; surety; and workers compensation coverage. The company is rated A+ (Superior) by A.M. Best Company® and has been named in Ward’s 50 group of top performing insurance companies (2022). The company has total assets of USD$10.5 Billion and employs 2,800 people. Federated Insurance runs an in-house IT department with around 350 employees who support everything covering infrastructure, business users and applications.
The Challenge
Federated Insurance, a national insurance business based in Owatonna, Minnesota, was facing challenges in managing cybersecurity risks, particularly in the area of privileged access management and identity protection. The company was aware of the growing threat of cyberattacks, especially for organizations in the financial sector. A few years ago, the company reviewed its cybersecurity capability and realized that it could be improved. The company found that most passwords were written down somewhere or linked to user IDs, which posed a significant security risk. The company wanted to make privileged accounts easier to manage so people did not have to keep remembering long passwords or write them down. Additionally, the company was aware that regulations and insurance standards around cybersecurity were getting tougher, so it needed more robust privileged access and identity protection.
The Solution
Federated Insurance decided to partner with CyberArk to improve its cybersecurity capabilities. The company set up a cross-functional team to investigate privileged access management and run proof of concepts with several different vendors. The company chose CyberArk due to its ease of use and administration, and its position as a market leader in the field. Federated Insurance is using the CyberArk Identity Security platform comprising CyberArk Privileged Access Manager as a self-hosted deployment. The company's in-house IT department, which consists of around 350 employees, now uses Privileged Access Manager for their server administration and privileged accounts. To help with adoption, the company appointed CyberArk champions throughout the organization during deployment to communicate the importance of securing privileged access. The company also uses CyberArk to protect critical business and client data, including Personally Identifiable Information (PII).
Operational Impact
  • The implementation of CyberArk has significantly improved Federated Insurance's cybersecurity stance. The company's annual security assessments now regularly demonstrate a high cybersecurity stance, not only for identity protection, but also for the overall security program. The company can now articulate to auditors how it protects privileged accounts, giving them reassurance that customers and clients are being protected effectively. The use of CyberArk has also reassured insurers that the company is protecting identities, which is increasingly important as the demand for cybersecurity insurance grows. The company has also established a strong partnership with the CyberArk customer success and support teams, which has helped to solve problems quickly and gain insights and best practices about CyberArk solutions.
Quantitative Benefit
  • The company has built a market-leading privileged access and identity defense.
  • The company has delivered leading edge identity protection and security.
  • The company has transformed identity and password security control.

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