Phishing is a type of cyberattack that utilizes deceptive electronic communications to manipulate recipients into sharing sensitive information, clicking on malicious links or opening harmful attachments. While emails are the most common delivery method of phishing scams, cybercriminals may also use text messages, social media interactions, fake or misleading websites, or even phone calls. Employees...
Artificial intelligence (AI) is undergoing a fundamental shift. Systems that once served as assistive tools (e.g., predictive models and generative AI) are now evolving into agentic systems capable of planning and executing complex, multistep tasks with minimal human input. As AI systems’ ability to plan and execute tasks autonomously accelerates, so too does the potential...
Workforce cybersecurity training is a critical part of a company’s security risk management program. Cybercriminals don’t just target systems, devices and networks; they frequently target employees, who may use weak or reused passwords, fall for phishing scams, or click on dangerous links or attachments. In fact, 68% of cyber breaches involve a nonmalicious human element,...
Social engineering has long been a tactic employed in different cyberattacks against businesses, often relying on deceptive communications and programming to trick targets into divulging sensitive data, sharing corporate funds or downloading harmful software. Over the years, some social engineering methods have become increasingly sophisticated, making them more difficult to detect and spawning large-scale losses....
Health care providers have been increasingly utilizing technology and turning to digitization. Innovations such as telehealth, artificial intelligence (AI), digital billing systems and connected devices continue to reshape the industry. Although technological advancements provide several key benefits and can enhance patient care, they create additional cybersecurity exposures. They also expand the attack surface for cybercriminals...
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...
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...
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...
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...
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...
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