Cyber insurance companies could lose $90 million to SolarWinds hack

SolarWinds Hack - Hacker - Computer

Insurers will need to foot the bill for many costs such as incident response and forensic services. The SolarWinds hack is expected to cost cyber insurance companies about $90 million total for covering forensic services and incident response services for compromised clients. That said, many experts are saying that this expense could have been significantly higher. “Although the SolarWinds attack is a cyber catastrophe from a national security perspective, insurers may have narrowly avoided a catastrophic financial incident to their businesses,” said BitSight director of insurance programs and partnerships, Samit…

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Deep fake insurance losses will test cyber policies, cautions CyberCube

Deep fake insurance losses - artificial intelligence - mask

A cyber analytics specialist is cautioning of the danger and cost of these videos and audio files. CyberCube, cyber analytics specialist, is cautioning the industry that deep fake insurance losses may test the strength of insurers selling cyber coverage. It pointed out that these videos and audio files are increasingly found in cyberspace and could cause a major threat to covered businesses and their insurers alike. According to the report, the threat could become a major one within the next couple of years. This technology provides cyber criminals with powerful…

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State Farm chosen as Ad Age Marketer of the Year for 2020

Ad Age Marketer of the Year - Image of Trophy

Only ten organizations receive this honor from the global media brand every year. State Farm has received the Ad Age Marketer of the Year recognition for 2020. The global media brand names only ten companies with that recognition each year. This year’s recognition spotlighted companies that were able to thrive despite the pandemic impact. In the publication announcing the Ad Age Marketer of the Year for 2020, the company identified State Farm among those businesses that “didn’t just survive the pandemic, they thrived.” This year was a difficult one for…

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Insurance customers prefer conversational AI and digital messaging communication

Conversational AI - person using computer

New research shows that customers would shop more from insurers if they communicated in this way. A survey conducted to better understand insurance customer attitudes and behaviors with insurers has found that conversational AI and online messaging are highly appealing methods of communication. The results of the research were published in the 2020 Survey of Consumer Preferences Around Insurance. The survey was conducted in October 2020. It involved the participation of over 2,500 respondents in the United States, United Kingdom and Australia. This small, preliminary research indicated that the majority…

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A Guide to Storing Your Business Insurance Documents Online

business insurance documents cloud storage

While some business owners slightly grudge paying for insurance, the value of cover suddenly becomes very clear when something goes wrong and you need to call on your policy provider for support. In these moments, having quick access to your business insurance documents is essential to help process your claim quickly and get the support you need. Your business likely already has a huge range of important internal documents stored locally. However, with the surge in popularity of cloud storage solutions, there is an increasing trend for companies to back-up…

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Impact of Technology on The Financial Sector

Fintech Financial technology in today's Market

Technology is revolutionizing the way businesses operate across every industry. Today, the traditional business model is no longer the most effective way for a business to compete in the market. Moreover, we now have machines and robots that can carry out the same tasks as humans, and that too with greater accuracy and faster speed. Like every other industry, such technological advancements continue to transform the world of accounting and finance. Below in this article, we discuss a few of the significant ways in which technology has transformed the financial…

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Insuranks.com Insurance Website Review (2020)

online insurance website

Website URL: https://www.insuranks.com  Rating: 5 stars Insuranks.com is an online insurance marketplace and educational resource with a goal of simplifying insurance decision-making for consumers through education and comparison of companies, quotes, ratings, reviews, products and services, benefits, etc. If you’re presently searching for the best insurance company, both this review and this website are going to benefit you. Based in the startup nation of Israel, Insuranks.com has blossomed into a full-scale business servicing the American market since its establishment in 2019. At present, a group of talented Israelis run this…

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