Risk Management
May 8, 2024
Intellectual Property Risks Expanding with AI Usage, Cyber Threats
Intellectual property (IP) assets are one of the greatest sources of value creation in the corporate world, yet they are increasingly vulnerable to cyber risk and lack the same level of insurance protection as tangible physical assets, according to a report by Aon. Information assets—such as customer records, employee records, financial reports, analytical data, source...
May 1, 2024
2024 Saw the Highest Q1 Ransomware Activity on Record
The first quarter of 2024 was the most active Q1 ever recorded on ransomware leak sites, a new study from Corvus found, with 1,075 victims reported. Though this is down from a peak of 1,278 victims in Q3 2023, it is a 21% increase from Q1 2023. The industries that are most frequently targeted by ransomware groups has remained pretty...
April 25, 2024
Email Is Where Most Cyber Insurance Claims Originate
This past year saw cyber insurance claims frequency up 13% year-on-year and claims severity increased 10%, according to Coalition’s 2024 Cyber Claims Report. Funds transfer frauds (FTF) and business email compromises each accounted for 28% of cyber insurance claims in 2023, according to Coalition, Inc. Ransomware accounted for 19% of claims, while other events such as...
April 18, 2024
5 Cyberthreats to Watch in 2024
Cybersecurity is paramount to preserving the financial integrity and consumer trust of insurance companies and the businesses and personal finances of policyholders. The 2024 Cybersecurity Benchmarking Survey by ACA Aponix and the National Society of Compliance Professionals (NSCP) asked compliance professionals what they perceive to be the top threats this year and found email phishing...
April 9, 2024
3 Ways to Improve Cyber Hygiene
Cybercriminals may target insurers because the company files contain sensitive policyholder information and they believe insurance companies have deep pockets to extort. Most insurers and insured business owners understand the gravity of falling victim to a cyberattack but may not prioritize good cyber hygiene in everyday practices, which could have devastating consequences. Cyber hygiene protects the...
April 6, 2024
Prescribing Care: How Risk Management Can Support Health Care Workers
Stressed out, overworked, understaffed, burnt out: It almost reads like a prescription side-effects list. But for a good portion of health care workers, these labels are more than that. They’re the lived experience of physicians, nurses and staff who hold lives in their hands every day. Health care workers’ wellbeing cannot be ignored. “We are...
April 2, 2024
Don’t Overlook These Small Business Risks
Half of small businesses have had at least one workplace injury in the last five years, says a recent survey on small business safety from Pie Insurance. The survey consisted of over 1,000 small business owners (of companies with 1-500 employees), and nearly one-third of these owners said that they wished they had known to put a higher...
March 26, 2024
Is 2024 a Major Turning Point for Risk?
Is the current year a major turning point for risk? If trends such as important elections, economic uncertainty, and an uptick in violent conflicts are to be believed, then we may be at the cusp of unprecedented instability. In its 2024 geopolitical risk report titled “2024: a turning point?”, global insurer Howden outlines a complex and volatile risk...
March 21, 2024
Regulator Urged to Promote New Code for Cyber Governance
A recent survey conducted by Airmic revealed that a substantial majority (89%) believe that entities like the Financial Reporting Council (FRC) should champion the adoption of a newly proposed voluntary cyber governance code. The insight came from Airmic’s contribution to a consultation initiated by the Department for Science, Innovation and Technology (DSIT) on its draft...
March 14, 2024
How Insurers and Insureds Can Reduce Fire Risks in 2024
Global Risk Consultants released its 2024 trends for fire risk management, offering new guidance for insurers and insureds, including why proper evaluations and safety engineering reports are critical. U.S. industrial and manufacturing facilities are most at risk, suffering $1.2 billion in damages annually, according to the National Fire Protection Association (NFPA). However, cost is not the...