MAY 2021 FOCUS OF THE MONTH
Cyber
FROM THE EDITOR
When I was in high school, a friend of mine had a poster on his wall that read, "Just because you're paranoid doesn't mean they aren't out to get you."
That pretty well summarizes how the world of cybersecurity and insurance works. Companies may feel paranoid for looking over their shoulder all the time, expecting something back to happen, but we all know that there are plenty of bad guys out to find all the victims they can.
Ransomware, in particular, has become an enormous problem. A few years ago, hackers would make limited strikes and hit a few computers at a company, then demand $10,000 or maybe $20,000 to unlock them. Now, though, hackers have figured out ways to combine their specialized skills and make a much broader attack that includes finding and locking up the backup servers -- which means the hackers have pretty much shut a company down and can make any ransom demand they want. Demands of $500,000 or more are common, and some reach into the many millions of dollars.
Insurance is surely part of the solution for most companies, but paranoia plays a role, too. Companies need to spend much more time focusing on how to prevent the cyber attacks in the first place, and the best insurance companies are using their expertise to help clients with that effort. New tools and techniques offer considerable hope.
Within that effort at prevention, there is room for an awful lot more cooperation. Law enforcement can work with insurers and company clients to educate them on trends and offer advice, and insurers and their clients can work together to share information on vulnerabilities and on potential solutions. As long as the bad guys are working together, the good guys need to, too.
- Paul Carroll, ITL's Editor-in-Chief
WHAT TO WATCH
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The Alarming Surge in Ransomware AttacksInsurers can help clients protect themselves – but preventive approaches aren’t yet widely implemented, leaving the door open for unscrupulous hackers. Join Michael Palotay, Chief Underwriting Officer for Tokio Marine HCC - Cyber & Professional Lines, and Paul Carroll as they continue their discussion on ransomware, cyber attacks, and how businesses can protect themselves. |
WHAT TO READ
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CISOs, Risk Managers: Better TogetherIn most large firms, risk managers buy cyber insurance--but are rarely expert in network security and may not fully understand the risk profile.
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Ransomware Grows More PerniciousThe emergence of the Maze variant creates a new threat, that stolen information will be released to the public on the internet.
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How to Fight Rise in Cyber CriminalsIT security standards have sometimes been lowered or suspended for work at home in the pandemic, resulting in cyber security exposures.
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New Enhancements for Cyber CoverageCyber insurance is probably the most rapidly evolving product on the market. Here are some of the newer enhancements.
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How CAT Models Are Extending to CyberThe approach to models used for natural catastrophes is being applied to cyber, leading to a quick maturation in understanding the risks.
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How Machine Learning Halts Data BreachesThere are four main types of data breaches that advances in machine learning can help thwart.
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WHO TO KNOW
Get to know this month's FOCUS article authors:
Evan Bundschuh |
Kelly Castriotta |
Laurel Di Silvestro |
Mark Greisiger |
Charles Pruzinsky |
Erica Sunarjo |
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