New York State Department of Financial Services (DFS) Superintendent Linda Lacewell spoke with Elizabeth Blosfield during the most recent episode of the
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.
New York Warns of Supply Chain Attack Dangers in Recent SolarWinds Report
The next great financial crisis could come from a cyber attack.
At least, that’s according to New York State Department of Financial Services (DFS) Superintendent Linda Lacewell in a statement regarding DFS’ recent report outlining its investigation into the SolarWinds attack. The report summarizes the attack, the response by DFS-regulated companies and key measures to prevent future events of a similar nature.
“Seeing hackers get access to thousands of organizations in one stroke underscores that cyber attacks threaten not just individual companies but also the stability of the financial industry as a whole,” Lacewell said.
New Year, New Threats? Cyber Pros Say Attacks Will Continue to Increase in 2021
Although a new year is underway, many cyber professionals are saying the threat environment will only continue to ramp up in 2021.
Vince Morgan, a partner at law firm Bracewell who represents corporate policyholders in many coverage areas, including cyber, offers his best advice for policyholders and insurers among the increasing cyber risk landscape during this episode of the Insuring Cyber Podcast.
“Communication is so important in so many aspects of life, and this is a great example of it,” he says. “I think you’re going to have to see management doing it. You’re going to have to see business partners doing it – whether it’s insured to insurer or insured to IT vendor. It’s communicating about these things and how we can work together to solve a common problem.”