Following the Brexit result two years ago, questions remain over the impact it will have on the UK’s powerful insurance industry.
In the past, ransomware has trumped other methods as the most popular form of cyber espionage. Over the past year however, there has been a spike in criminals searching for new opportunities for revenue generation. Considering the astronomical rise in the value of cryptocurrency, it is unsurprising that they have identified coin-mining as a preferable method. This term has been coined ‘cryptojacking’, and is likely to be contributing significantly to the reported 8,500% increase in detection of coin-miners (Symantec, 2018).
Cryptojacking is defined as ‘a form of cyber attack in which a hacker hijacks a target’s processing power to mine cryptocurrency on the hacker’s behalf.’
Physical characteristics (biometrics) have become increasingly popular as a method of authentication. They are static, highly resistant to alteration, non-transferable and cannot be misplaced or forgotten. According to a Spiceworks report, a professional IT network, up to 90% of organisations will be implementing biometrics by 2020. This is a reaction to the 1,579 high publicity data breaches that occurred in 2017 and exposed over 179 million personal records.
While physical biometrics have certainly been instrumental in providing a high level of authentication, it is unsurprising that they have seen a range of hacking attacks and regulatory issues.
Safeonline has spent the past year developing their online portal iQ, which enables brokers to access cyber insurance quotes and formal documentation in the space of only 20 seconds.
This is the part two of our Political Violence Insurance Q & A with Andrew Stuart, Head of Political Risk at Safeonline.
“I have been providing terrorism and political violence solutions for clients globally since the late 1990’s. I don’t believe there is such a thing as a ‘stupid question’ and below are a furthers selection of questions I have been asked and my answers. I hope that this insight will be useful to anyone interested in this line of coverage.”
This permits our broking partners to offer cyber insurance to clients from all over the world; enabling brokers to obtain quotations whether in the office, at a meeting or on the road.
We are thrilled to be named as finalists at the Tech & Innovation Awards for the ‘Technology Innovation of the Year’ category. This award represents the hard work and dedication of all Safeonline employees to constantly challenge industry norms; placing technology at the centre of all that they do.
Artificial intelligence (AI) is the processing of machines and computer systems to stimulate human intelligence; this can include learning, reasoning and self-correction. There are multiple versions of AI and they are most commonly split into two categories; weak AI, and strong AI. Weak AI is a system that is trained for a specific task, for example a virtual personal assistant such as Apple’s Siri. Strong AI on the other hand, is an AI system with generalised human cognitive abilities so that when it is presented with an unfamiliar task it has the intelligence to find a comprehensive solution.
In the past, ransomware was a tool utilised only by the smartest of hackers, in high profile and highly destructive planned attacks. While the effects have always been detrimental, the probability of being subject to a financially crippling attack was extremely low. Unfortunately, this is no longer the case. It is no secret that businesses and individuals alike are at risk of a cyber-attack, with nearly 50% of all businesses suffering a breach in some form or another.