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.
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.”
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.
Safeonline Emerging Technology Risks Series
Initial Coin Offerings
To kick off our new monthly Safeonline Emerging Technology Risks Series we will be analysing the risks associated with Initial Coin Offerings which have recently become a hugely popular way of crowdfunding via cryptocurrency but have seen a range of hacking attacks and regulatory issues.
In this first part of 2 posts, Andrew Stuart Head of Political Risk at Safeonline, will be answering some of the more frequently asked questions relating to Terrorism and Political Violence insurance coverage.
“I have been providing Terrorism and Political Violence solutions for clients all over the globe since the late 1990’s. I don’t believe that there is such a thing as a ‘stupid question’ and below is a selection of the questions I have been asked over the years and the answers that I have given.
I am hoping that this insight will be useful to anyone interested in this line of coverage.”
British Airways IT failure highlights that IT infrastructure is a board level responsibility. C-Level executives need to take IT seriously.
The ‘payday’ lender Wonga suffered a significant data breach over the last week which may have affected approximately 245,000 accounts in the UK and another 25,000 in Poland. Wonga has stated on its website:
Technology Enabled Medical Care (TEC), could be the solution to many challenges facing the medical sector. Can cyber insurance help mitigate againt the portental cyber risks?