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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70 Percent of US health care companies don’t have cybersecurity insurance coverage

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Though the percentage of covered firms is rising, the vast majority are not protected from cyber attacks. A tremendous 70 percent of health care companies in the United States don’t have cybersecurity insurance. This was among the results reported by FICO in a recent study commissioned by the analytics firm. Health care is among those that could be most affected by a cyber attack such as a data breach. The FICO report showed that 7 out of every 10 firms in the American health care industry are not protected by…

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Insurance industry would prefer data security to tech innovation

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Cybersecurity is already among the top trends in many markets but especially among insurers. As the year is launched with the announcement of all new forms of technology, such as those being demoed at the Consumer Electronics Show (CES), the insurance industry is hoping that a larger focus will be placed on cybersecurity and data security. A number of high profile data breaches occurred throughout 2015, including among large insurance companies. Following the data breaches of health insurers Anthem and Premera, the insurance industry was given the evidence it needed…

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Cybersecurity insurance news buzzes with new NAIC industry guidance

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The National Association of Insurance Commissioners has now taken on twelve new regulatory guidance principles. The National Association of Insurance Commissioners (NAIC), has recently announced its adoption of twelve Principles for Effective Cybersecurity Insurance Regulatory Guidance. This is an important move from this standards setting organization which is made up of regulators from across the country. These twelve cybersecurity insurance principles have come at a time in which the threats to the industry have been receiving a tremendous amount of time in the spotlight, particularly following the Anthem data breach.…

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Cybersecurity a growing issue in the U.S.

According to U.S. cybersecurity analysts, 12 small groups of hackers from China are responsible for more than $1 billion worth of data from companies throughout the nation. These groups have been monitored by McAfee, a prestigious Internet security company, who drew upon information collected over time. Earlier this year, McAfee tracked intrusions into the U.S. energy grid back to China, where the hacker groups were finally identified after years of arduous investigation. Last month, U.S. intelligence officials formally rebuked China for its part in the intrusions, but no other action was…

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MIT report highlights the importance of cyber insurance for the U.S. energy grid

The Massachusetts Institute of Technology has released a new report that highlights the U.S.’s need for a cybersecurity shield. MIT claims that the need for protection is most apparent with the country’s energy grid, which is susceptible to attack as it is governed by a myriad of federal agencies. The report notes that there is no single insurance policy that can accommodate the massive risk inherent with such a large energy infrastructure, but the government should take steps to procure multiple policies that augment one another to ensure safety. MIT’s…

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White House Seeking Harsher Sentences for Hackers

The White House has been seeking tougher sentences for hackers who are caught breaching or attacking computer networks of the government or private homes or organizations. Though this announcement does come on the heels of a break-in by hackers into the Senate and CIA public websites, this effort had been underway well ahead of those events. In May, 2011, the Obama administration urged Congress to take greater measures to encourage cybersecurity, such as a doubling of the length of the maximum sentence for actions that risk endangering national security. This…

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