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ITL On Demand

 ITL On Demand is a webinar program focused on important opportunities for innovation in risk management and insurance. Moderated by ITL Editor-in-Chief Paul Carroll, the webinars draw on experts from across the industry, from promising startups to the largest incumbents. Hot-button topics include blockchain, AI, telematics and IoT — and their potential to slash costs while opening new markets for companies across the insurance ecosystem.

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ITL Focus: AI & Machine Learning

This Month's Focus Topic 

ITL Focus on Cyber Threats

 

The cyber insurance market is full of good news and bad news, good news and bad news, good news and bad news.

Let's start with the good news.

Targets are getting smarter about how to defend themselves. That's by far the biggest bit of good news. The improved defense is partly because employees are being trained to avoid phishing and other types of attacks. There is also a shift in focus away from relying on fire walls—which aim to keep hackers outside the perimeter of IT systems but seemingly can all be breached if a hacker is determined enough, at which point the hacker has free rein. Instead, companies are adopting what's referred to as "trust no one" approach. That means that even someone who has presented credentials and is inside a firewall is assumed to be a potential danger and is continually challenged to authenticate himself. Defense has, in fact, improved to the point that the Ukrainians, in particular, and the world, in general, have blunted a wave of hacking attempts by Russians following the invasion of Ukraine in February.

Governments have begun to see cyber attacks as threats to national security, not just issues for the private sector, and are beginning to help. Among other things, they've figured out ways to track and recover the cryptocurrencies that are hackers' favored mechanism for ransom payments. Removing the anonymity should act as a deterrent.

As companies take the cyber threat more seriously, they are also protecting themselves by buying much more cyber insurance.

 

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