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Deep fake insurance losses will test cyber policies, cautions CyberCube

January 15, 2021January 14, 2021 H. Cutner

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…

Ping An Insurance moves to recreate itself as a technology firm

October 29, 2019October 25, 2019 H. Cutner

Ping An Insurance - Skyscraper sunshine

The company is aiming to spend $22 billion to dump its old-school image and reputation. Ping An Insurance is changing lanes in the hopes of transforming itself into a technology company. The firm has come up with a plan to spend billions in order to recreate itself in this new way. That said, the Ping An Insurance executives have not yet managed to sway investors to see their way in spending $22 billion for this purpose. The money would be spent on everything from artificial intelligence (A.I.) to blockchain. The…

Marriott data breach costly despite cybersecurity insurance coverage

December 3, 2018December 1, 2018 Nordstrom

Marriott data breach - Marriott Hotel

The massive hotel chain’s cyberattack could affect as many as 500 million of its customers. The Marriott data breach is now believed to affect as many as 500 million of its customers. The hotel giant is protected by cybersecurity insurance, but the cost of the cyberattack’s cost could be in the billions over coming years. These types of mega-breaches are becoming more commonplace and more costly all around. Based on data from other similarly sized breaches, the Marriott data breach will come with a multi-billion dollar price tag over the…

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

August 24, 2018August 24, 2018 Nordstrom

cybersecurity insurance - cyber security - screen - lock

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…

Technology is becoming more important to the insurance industry

January 18, 2016January 17, 2016 S.Vagus

insurance industry technology idea innovation

Technology may direct the future of the insurance industry as a whole in the coming years Technology is beginning to play a very important role in the insurance industry. 2015 was the first year in which technology issues took up a significant degree of discourse within the industry. During the recent Property/Casualty Insurance Joint Industry Forum in New York, several insurance experts noted that change is coming quickly to the industry. Insurers will have to prepare to tackle challenges concerning technology in order to continue operating effectively. Volume of data…