cybersecurity
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...
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 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...
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 7, 2024
Cybersecurity Tips for Tax Season
Tax season cybercrime is becoming more common, with an increase in tax fraud issues from February to April — prime tax season. Business email compromise and phishing attempts are widespread during these months. Small businesses send and receive a significant amount of financial and confidential information to their accountants or tax preparers. This type of...
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...
January 25, 2024
Tailgating and Piggybacking
Tailgating and piggybacking are low-tech tactics used by malicious actors to enter secure areas. They occur when an unauthorized person gains physical access to a location with sensitive information or vulnerable IT equipment. These intrusions can have significant financial and reputational impacts on businesses, so it is essential for companies to take measures to prevent...