cyber
November 19, 2024
The Role of Coinsurance and Sublimits in Cyber Insurance
Cybercriminals increasingly use sophisticated methods to infiltrate businesses’ computer systems and networks, putting sensitive data and personally identifiable information at risk. With cyberthreats evolving in scope and complexity, businesses of all sizes and industries face potentially devastating financial and reputational damages. To manage these risks, leaders should adopt robust cyber defenses and follow cyber hygiene...
October 3, 2024
Navigating Cybersecurity Challenges in the Construction Industry
The construction industry is continuously moving toward digitization, adopting advanced technology such as artificial intelligence, the Internet of Things (IoT) and Building Information Modeling software. These innovations help to automate tasks, reduce waste and improve efficiency, productivity and safety. However, this shift also brings significant cybersecurity risks. As construction companies increasingly rely on digital tools...
July 3, 2024
2024 Midyear Market Outlook: Cyber Insurance
Heightened claim frequency and severity have created a volatile cyber insurance market in recent years, with most policyholders facing ongoing premium increases. Fortunately, the segment experienced underwriting profitability in 2022, allowing conditions to soften in 2023. Yet, many insureds are still experiencing coverage restrictions, underwriting scrutiny and exclusions for certain losses. In 2024, a report...
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...
February 29, 2024
The Human Firewall: How Employees Can Find Empowerment in the Fight Against Cybercrime
You’ve been hacked. It’s a sentence that can stop any organization dead in its tracks. And the potential of a breach has cemented itself as one of the most devastating risks an organization could endure. An estimated 2,200 cyberattacks occur each day, equivalent to one attack every 39 seconds. This surge in cybercrime carries an astronomical...
February 13, 2024
Debunking 5 Common Cybersecurity Myths
Also known as IT security, cybersecurity refers to the act of safeguarding internet-connected systems, critical data and other digital assets from potential cyberthreats—threats that may attempt to exploit sensitive information, steal funds or disrupt normal business operations. In other words, cybersecurity consists of the strategies implemented to help protect people, processes and technology from cyberattacks...
November 15, 2023
Common Social Engineering Tactics to Watch For
Social engineering refers to a cyberattack method in which a cybercriminal preys on key human behaviors (e.g., trust of authority, fear of conflict and promise of rewards) to obtain unwarranted access to targets’ technology, systems, funds or data. These attacks can be deployed through various tactics, such as digital impersonation, deceitful messages or malicious software...
November 6, 2023
The 2023 Cyber Year in Review
When everyone thinks of cyber, first-party ransomware claims spring to mind, but this year there has been a more significant rise in third-party liability claims driven by pixel and tracking software-related matters. As more U.S. states pass laws against the collection of personally identifiable information, tracking software claims have evolved. This new trend follows other data privacy trends that...
October 11, 2023
Insurance Innovation Necessary Amid New Digital Risks
In its latest sigma study, Swiss Re Institute finds that potential digitalization benefits across countries and throughout the insurance value chain are far from exhausted. According to the reinsurer’s “The economics of digitalization in insurance” sigma report, digitalization is a source of new growth, new risks, and new efficiencies for the insurance industry. Digital value creation has...
August 9, 2023
Closing the Gaps on Cyber Risks
Cyber risks are constantly evolving, and while there had been a lull in the frequency of ransomware attacks, that respite has clearly ended. In an interview last month on NPR, Jackie Burns Koven of Chainalysis, a blockchain data platform that provides insights on cyber risks and attacks, said that 2023 is shaping up to be...
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