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What Insurers Should Know as Ransomware Takes Center Stage insurancejournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancejournal.com Daily Mail and Mail on Sunday newspapers.
Experts Call Colonial Pipeline Attack a Wake-Up Call, Say Bigger Attacks Could Be Ahead Cyber experts are saying that the Colonial Pipeline attack, in which ransomware took down 5,500 miles of critical infrastructure along one of the nation’s largest pipelines, should be a wake up call for all companies to prioritize their cyber hygiene. “This is everyday, every company, every nonprofit, every municipality,” says Catherine Lyle, head of claims at Coalition, on this week’s episode of the Insuring Cyber Podcast. “If you’re doing business, or you’re using the internet, or you have security and you use a computer, you’re one of them.” ....
Beneath the Surface: Why Insurers Should Look Beyond “the Tip of the A.I. Iceberg” Nearly 75% of respondents in a recent survey from the Coalition Against Insurance Fraud and Shift Technology said they believe that among relevant technology, artificial intelligence (A.I.) will have the greatest impact on claims and fraud detection over the next five years. However, Coalition Against Insurance Fraud Executive Director Matthew Smith says this is likely just the beginning in terms of A.I.’s impact on the insurance industry. “We are literally at the tip of the A.I. iceberg in 2020,” he says. “Insurers are just starting to use it.” ....
What Cyber Insurers Should Know About the Federal Ransomware Advisories As the COVID-19 pandemic and the switch to remote work have highlighted cyber risks and drawn attention to the various methods cyber attackers are using, ransomware has continued to steal the spotlight. Ransomware is a type of malicious software that is designed to block access to a computer system until a ransom is paid, and these attacks have increased in severity and frequency in the past year alone. In October, 2020, the U.S. Treasury Department issued a warning that individuals or businesses, including cyber insurers, that help facilitate ransomware payments could be violating anti-money laundering and sanctions regulations. ....
Insuring Cyber Podcast: Social Engineering Risks Rising, but Cyber Coverage Still Lacks The COVID-19 pandemic has upended the work environment in many ways, and cyber experts say one unfortunate result of the switch to remote work is an increase in cyber crime, particularly around social engineering threats. “The bottom line here is similar to how in the aftermath of any kind of natural disaster or major event, it really breeds scammers and fraudsters,” says Erin Kenneally, head of Cyber Risk Analytics for property/casualty industry technology provider Guidewire, on this episode of the Insuring Cyber Podcast. “They come out of the woodwork, and the COVID-19 crisis made good on this pattern of calamities that attract these opportunistic cyber criminals.” ....