Business email compromise (BEC) has overtaken ransomware and data breach by hackers as the main driver of AIG EMEA cyber claims, according to the latest cyber claims statistics.
Nearly a quarter of reported incidents in 2018 were due to business email compromise (BEC), up significantly from 11% in 2017. Ransomware, data breach by hackers and data breach due to employee negligence were the other main breach types in 2018.
Find out how to protect your petroleum retail assets from cyber attacks and discover 6 steps to take once you uncover a hack, how to notify data breach victims, what to do if you discover malware, red flags to watch for on social media, and more!
Cyber Defense for SMBs offers guidance to help small and medium-sized businesses identify the most cost-effective best practices to help improve their business’s cybersecurity posture. Published by the Florida Center For Cybersecurity and written by cybersecurity experts from academia, private industry, government and the military.
Application security meetup data privacy_27052021lior mazor
"Application Security Meetup - Data Privacy", hear about Data Protection and Privacy in Modern times, recent Cyber Fraud attacks and data theft, and practical methods of implementing Data Protection in the process development life cycle.
This presentation covers the current and future exposures that construction-related firms face related to cyber incidents. In addition, it covers how insurance carriers view underwriting cyber risks in the current market. Finally, the presentation provides an overview on how firms can prevent and repsond to cyber incidents.
Solving the Encryption Conundrum in Financial ServicesEchoworx
Encryption has gone mainstream!
The encryption debate has captured the world’s attention. And coupled with the inevitability of another notable data breach, awareness of encryption as a tool to mitigate threat is at an all-time high. Still confidential financial statements, mortgage documents, and investment information are regularly sent unencrypted.
This white paper sets out some of the key rules, guidelines, best practices and associated risks for FINRA member firms and suggests ways that organizations can use encryption to protect themselves, their customers and representatives. In addition, it looks at some of the issues enterprises encounter when enabling email encryption technologies and ways to avoid them.
Find out how to protect your petroleum retail assets from cyber attacks and discover 6 steps to take once you uncover a hack, how to notify data breach victims, what to do if you discover malware, red flags to watch for on social media, and more!
Cyber Defense for SMBs offers guidance to help small and medium-sized businesses identify the most cost-effective best practices to help improve their business’s cybersecurity posture. Published by the Florida Center For Cybersecurity and written by cybersecurity experts from academia, private industry, government and the military.
Application security meetup data privacy_27052021lior mazor
"Application Security Meetup - Data Privacy", hear about Data Protection and Privacy in Modern times, recent Cyber Fraud attacks and data theft, and practical methods of implementing Data Protection in the process development life cycle.
This presentation covers the current and future exposures that construction-related firms face related to cyber incidents. In addition, it covers how insurance carriers view underwriting cyber risks in the current market. Finally, the presentation provides an overview on how firms can prevent and repsond to cyber incidents.
Solving the Encryption Conundrum in Financial ServicesEchoworx
Encryption has gone mainstream!
The encryption debate has captured the world’s attention. And coupled with the inevitability of another notable data breach, awareness of encryption as a tool to mitigate threat is at an all-time high. Still confidential financial statements, mortgage documents, and investment information are regularly sent unencrypted.
This white paper sets out some of the key rules, guidelines, best practices and associated risks for FINRA member firms and suggests ways that organizations can use encryption to protect themselves, their customers and representatives. In addition, it looks at some of the issues enterprises encounter when enabling email encryption technologies and ways to avoid them.
An assessment of UK cyber resilience across the commercial sector. The report highlights information disclosure, as used by hackers to construct attack intelligence.
Latin america cyber security market,symantec market share internet security,m...Ashish Chauhan
Get Ken Research Latest report on Brazil Cyber Security Market which covers Cyber Crimes Losses in Brazil,Future Endpoint Security Market,Symantec Market Share Internet Security,Avast Total Security Competition,McAfee Antivirus Market Share,Trustwave Competition Antivirus,Latin America Cyber Security Market,Cybercrime in Brazil
By David F. Larcker, Peter C. Reiss, and Brian Tayan
Stanford Closer Look Series, November 16, 2017
The board of directors is expected to ensure that management has identified and developed processes to mitigate risks facing the organization, including risks arising from data theft and the loss of information. Unfortunately, recent experience suggests that companies are not doing a sufficient job of securing this data. In this Closer Look, we examine they types of cyberattacks that occur and how companies respond to them.
We ask:
• What steps can the board take to prevent, monitor, and mitigate data theft?
• What data, metrics, and information should board members review to satisfy themselves that management has taken proper steps to minimize cyber risks?
• What qualifications should a board member have in order to constructively contribute to boardroom discussions on cybersecurity?
• How difficult is it to find board candidates with these skills?
company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Are you worried about cyber attacks on your business, and the possible effects of being breached? Let us provide you a professional assessment, and make sure you're secure as possible.
The FBI is the lead federal agency for investigating malicious cyber activity by criminals, nation-state adversaries, and terrorists. To fulfill this mission, the FBI often develops resources to enhance operations and collaboration. One such resource is the FBI’s Internet Crime Complaint Center (IC3) which provides the public with a trustworthy and convenient mechanism for reporting information concerning suspected Internet-facilitated criminal activity. At the end of every year, the IC3 collates information collected into an annual report.
Credit is due to all original authors and no financial gain was made from the blog, Simply sharing an interesting story for educational purposes,
This report solely belongs to Symantec. Credit is due to all original authors and no financial gain was made from the report, Simply sharing for educational purposes,
How can we better protect our customers?
It’s official: consumers do not feel their private data is being kept private. Looking around at the headlines, where high profile breach after high-profile breach is documented, the lack of trust in data security is no surprise.
In this graphical report, we delve into the fears surrounding online security and the economic impact of losing your customers’ trust.
Many of the early adopters of cyber risk transfer were based in the US, (owing to the extremely strict legal requirement to notify all customers affected by a data breach). However recent developments are showing that cyber risks are not just a US problem. The past 18 months Aon has seen a dramatic increase in the number of companies outside the US purchasing cyber risk transfer.
An assessment of UK cyber resilience across the commercial sector. The report highlights information disclosure, as used by hackers to construct attack intelligence.
Latin america cyber security market,symantec market share internet security,m...Ashish Chauhan
Get Ken Research Latest report on Brazil Cyber Security Market which covers Cyber Crimes Losses in Brazil,Future Endpoint Security Market,Symantec Market Share Internet Security,Avast Total Security Competition,McAfee Antivirus Market Share,Trustwave Competition Antivirus,Latin America Cyber Security Market,Cybercrime in Brazil
By David F. Larcker, Peter C. Reiss, and Brian Tayan
Stanford Closer Look Series, November 16, 2017
The board of directors is expected to ensure that management has identified and developed processes to mitigate risks facing the organization, including risks arising from data theft and the loss of information. Unfortunately, recent experience suggests that companies are not doing a sufficient job of securing this data. In this Closer Look, we examine they types of cyberattacks that occur and how companies respond to them.
We ask:
• What steps can the board take to prevent, monitor, and mitigate data theft?
• What data, metrics, and information should board members review to satisfy themselves that management has taken proper steps to minimize cyber risks?
• What qualifications should a board member have in order to constructively contribute to boardroom discussions on cybersecurity?
• How difficult is it to find board candidates with these skills?
company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Are you worried about cyber attacks on your business, and the possible effects of being breached? Let us provide you a professional assessment, and make sure you're secure as possible.
The FBI is the lead federal agency for investigating malicious cyber activity by criminals, nation-state adversaries, and terrorists. To fulfill this mission, the FBI often develops resources to enhance operations and collaboration. One such resource is the FBI’s Internet Crime Complaint Center (IC3) which provides the public with a trustworthy and convenient mechanism for reporting information concerning suspected Internet-facilitated criminal activity. At the end of every year, the IC3 collates information collected into an annual report.
Credit is due to all original authors and no financial gain was made from the blog, Simply sharing an interesting story for educational purposes,
This report solely belongs to Symantec. Credit is due to all original authors and no financial gain was made from the report, Simply sharing for educational purposes,
How can we better protect our customers?
It’s official: consumers do not feel their private data is being kept private. Looking around at the headlines, where high profile breach after high-profile breach is documented, the lack of trust in data security is no surprise.
In this graphical report, we delve into the fears surrounding online security and the economic impact of losing your customers’ trust.
Many of the early adopters of cyber risk transfer were based in the US, (owing to the extremely strict legal requirement to notify all customers affected by a data breach). However recent developments are showing that cyber risks are not just a US problem. The past 18 months Aon has seen a dramatic increase in the number of companies outside the US purchasing cyber risk transfer.
Current Ransomware Trends, Ransomware Attack Survey 2022 (Colin Wright at Hor...Executive Leaders Network
Presented at Executive Leaders Network CMO/DPO/CIO/CISO Event on October 06th.
"Last year a staggering 21% of Hornetsecurity Ransomware Attack Survey respondents reported that their organisations fell victim to a ransomware attack. On top of that consider that over 22% of companies reported thinking that Microsoft 365 data cannot be impacted by ransomware attacks, or do not know if it can be impacted. How have things changed since? What is the current state of the ransomware ecosystem today?
Join us as we deep dive into the results of this year's annual ransomware survey and explore the current trends, threats, and news from the industry.
Audience Takeaways
• Current Ransomware Trends
• Ransomware and Microsoft 365
• Protection Techniques
• And More!"
Article global it systems are now even more vulnerable - paul wrightPaul Wright MSc
April 2020, Authour of the Article in the UAE Gulf Newspaper
"Global IT systems are now even more vulnerable"
https://bit.ly/3go8n7j
The effects of COVID-19 on businesses and global supply chains are being felt around the world. Aside from the economic impact, there have also been illegal and legal consequences, with an increase in cybercrime and business fraud, as cybercriminals try to take advantage of these uncertain times.
The Protected Harbor 2022 Legal Services Data Breach Trend Report (2).pdfProtected Harbor
Protected Harbor's 2022 Legal Services Data Breach Trend Report is a comprehensive analysis of the evolving cybersecurity landscape in the legal industry. This report offers valuable insights into emerging trends, challenges, and opportunities that legal professionals and firms may encounter in the year ahead. Through in-depth research and expert analysis, it sheds light on the impact of technological advancements, changing regulations, and client expectations on legal services. Stay ahead of the curve with this indispensable guide to the future of legal services.
Patrick Bourk, National Cyber Practice Leader from Hub International, discusses the various cyber policies available for mid size commercial businesses. He also showcases the various types of risk to consider when working with an insurer.
Why is cyber security a disruption in the digital economyMark Albala
As we enter the digital economy, companies will quickly realize that the differentiator in the digital economy is information and information being a valuable resource is subject to theft, hacking, phishing and a host of other issues which compromise a company’s ability to participate in the digital economy. Cybersecurity misfires compromise the trust of buyers and partners necessary to participate in the digital economy. It is up to every company to ensure that the information shared with them is protected to the best of their ability and proactively notify persons and organizations who entrust their information necessary to transact business (any personal identity information including but not limited to addresses, credit card information, social security numbers, account information, credit information, medical records, etc.) with any potential compromises which can yield harm to them by that information either being used maliciously or shared with others.
The digital economy is different than other versions of commerce because in the digital economy, information is the lifeblood of digital commerce that passes through the hands of many platforms involved in a digital event. Each of these platforms are an opportunity to wreak havoc on your well-intended but incomplete intents to protect the information contained within the network you control. In the digital economy, it is not only the network you control, but the platforms that touch the personal data entrusted to you as a means of enabling digital commerce, and several techniques have begun to emerge to protect personal information contained within your information domain and the domain of platforms participating in digital commerce.
Because the life blood of the digital economy is information, information hacked in the digital economy is akin to shrinkage in the legacy economy. Both are means to directly attack your bottom line, whether it is redirecting customers elsewhere because they don’t trust your privacy program, ransomware which makes your site or one of your partner platform sites dangerous to use or some other reason which challenges your ability to participate in the digital economy. Shrinking the potential market share because of information safety and security challenges is a disruption, making cyber-security a disruptive activity, particularly if it is not dealt with swiftly.
If your cyber-security program is focused entirely on protecting the information housed in your four walls, you have exposed yourself to problems you will have difficulty in identifying both the source and the entry point of these issues.
As more and more data is received by companies every second it is vital for them to protect their customers at the highest level. Even the biggest tech giants did not avoid the failure: Google, Facebook
But there is another field that receives tremendous amounts of very private information - hotels
Let's discover how Marriott has overcame one of the biggest data 'leakages' in the history
Or it hasn't?
7 top tips to protect your business from BEC [infographic] By StellariseElena Tatarenkova
Spear phishing attacks, including business email compromise and brand impersonation, are on the rise - these are particularly dangerous because they are designed to get around traditional email security like spam filters.
We have outlined 7 important actions you can take to protect yourself and your company from business email compromise.
Running head HOW TO AVOID INTERNET SCAMS AT THE WORKPLACE 1 .docxwlynn1
Running head: HOW TO AVOID INTERNET SCAMS AT THE WORKPLACE 1
How to avoid internet scams at the workplace
Christophe Bassono
CIST3000: Advanced Composition IS&T
Amanda L. Gutierrez, M.S. & M.A.
UNO-Fall 2018
HOW TO AVOID INTERNET SCAMS AT THE WORKPLACE 2
Online Fraud: How to Avoid Internet Scams in the Workplace
This section outlines how the researcher envisions presenting the report. The outline
demonstrates the different sections in which the report will be broken into and the
information that will be contained in each section
Introduction
Definition
Online fraud refers to deceitful schemes that are done using the internet. Online fraud may
come in the form of financial theft, identity theft or a combination of both.
History of Online Fraud
An influx of online fraud began to be experienced in the 1990s with the increased technology
use and e-commerce. In the beginning, online fraud was done by using the names of famous
celebrities of the time to commit internet crimes. Over time, more technical and sophisticated
plans were developed such as creating card-generator applications with real credit card
numbers, setting up dummy merchant websites and mass identity theft. Today, despite
attempts by various governments to regulate and mitigate online fraud, more sophisticated
online fraud schemes have been established ranging from credit card fraud to phishing,
hacking, and identity theft (Saeger & Probert, 2015).
In the recent past, computer fraud has evolved through a series of advancements outplaying
the traditional security defenses such as the two-factor authentication, antivirus, and SSL
encryption in the process. Zeus and SpyEye are the most common attack tools used by
hackers since they support the gathering of vast volumes of extremely sensitive
authentication data. It has been established that no single application is immune to attacks
and the malicious attackers are focusing more on online banking accounts because they offer
HOW TO AVOID INTERNET SCAMS AT THE WORKPLACE 3
most direct payoff. Online fraud is based on three core technologies: the botnet controllers
capable of handling hundreds of thousands of bots, highly effective data collection, and
sophisticated Trojans that are updateable.
Form grabbing for PCs running IE/Windows has been a simplified approach for fraud. The
technique helps attackers to extract data within browsers. The deployment of form grabbing
on compromised PCs allowed hackers to obtain numerous numbers of online bank account
IDs and passwords. The password-based authentication was termed no longer safe for online
banking prompting the introduction of two-factor authentication (Mellinger, 2011).
Nevertheless, criminals still found the loophole that helps them to challenge the security of
two-factor authentication through web injects. Malicious attackers that promote online fraud
have created various techniques.
As telcos go digital, cybersecurity risks intensify by pwcMert Akın
globalaviationairospace.com
Cyber security for telecommunications companies
The rewards and risks of the cloud, devices, and data
The fastest growing sources of security incidents, increase over 2013
Security strategies for evolving technologies
Strategic initiatives to improve cybersecurity
As we enter the digital economy, companies will quickly realize that the differentiator in the digital economy is information and information being a valuable resource is subject to theft, hacking, phishing and a host of other issues which compromise a company’s ability to participate in the digital economy. Cybersecurity misfires compromise the trust of buyers and partners necessary to participate in the digital economy. It is up to every company to ensure that the information shared with them is protected to the best of their ability and proactively notify persons and organizations who entrust their information necessary to transact business (any personal identity information including but not limited to addresses, credit card information, social security numbers, account information, credit information, medical records, etc.) with any potential compromises which can yield harm to them by that information either being used maliciously or shared with others.
This purpose of this writing is to cover some of the core requirements for implementing cybersecurity, the accountabilities for cybersecurity risks and the information used to manage a viable cybersecurity program.
Cybersecurity Challenges in Retail 2020: How to Prevent Retail TheftIntellias
While retailers keep opening new stores, hackers continue mastering their skills.
What cybersecurity challenges should the retail industry expect in 2020? It is time to reveal trends and prepare to fight upcoming attacks.
Learn the details: https://www.intellias.com/retail-security-challenges-in-2020-in-depth-security-coverage-to-prevent-retail-theft/
Similar to Cyber Claims: GDPR and business email compromise drive greater frequencies (20)
The world stands to lose close to 10% of total economic value by mid-century if climate change stays on the currently-anticipated trajectory, and the Paris Agreement and 2050 net-zero emissions targets are not met.
Many emerging markets have most to gain if the world is able to rein in temperature gains. For example, action today to get back to the Paris temperature rise scenario would mean economies in southeast Asia could prevent around a quarter of the gross domestic product (GDP) loss by mid-century that they may otherwise suffer. Our analysis in this report is unique in explicitly simulating for the many uncertainties around the impacts of climate change. It shows that those economies most vulnerable to the potential physical risks of climate change stand to benefit most from keeping temperature rises in check. This includes some of the world's most dynamic emerging economies, the engines of global growth in the years to come. The message from the analysis is clear: no action on climate change is not an option.
Promise and peril: How artificial intelligence is transforming health careΔρ. Γιώργος K. Κασάπης
AI has enormous potential to improve the quality of health care, enable early diagnosis of diseases, and reduce costs. But if implemented incautiously, AI can exacerbate health disparities, endanger patient privacy, and perpetuate bias. STAT, with support from the Commonwealth Fund, explored these possibilities and pitfalls during the past year and a half, illuminating best practices while identifying concerns and regulatory gaps. This report includes many of the articles we published and summarizes our findings, as well as recommendations we heard from caregivers, health care executives, academic experts, patient advocates, and others.
This report covers the judicial use of the death penalty for the period January to December 2020.
As in previous years, information is collected from a variety of sources, including: official figures; judgements; information from individuals sentenced to death and their families and representatives; media reports; and, for a limited number of countries, other civil society organizations.
Amnesty International reports only on executions, death sentences and other aspects of the use of the death penalty, such as commutations and exonerations, where there is reasonable confirmation. In many countries governments do not publish information on their use of the death penalty. In China and Viet Nam, data on the use of the death penalty is classified as a state secret. During 2020 little or no information was available on some countries – in particular Laos and North Korea (Democratic People’s Republic of Korea) – due to restrictive state practice.
Aviva’s first How We Live report was published in September 2020 when the world was firmly in the grip of a global pandemic. In the UK the vaccination programme is well underway and the mood of the nation is hopeful. This latest How We Live report looks at the long-term effects of the Coronavirus outbreak and considers its impact on our future behaviours.
We interviewed 4,000 adults across the UK to gather their views on a wide range of lifestyle decisions including property priorities, home-working, green living, career paths, vehicle choices and holiday plans. We also asked whether people had experienced any positive outcomes from the Covid pandemic. This report considers the practical and emotional skills which have been fostered as a result. Since the beginning of 2020, the UK has seen immense change. As we look forward to a sense of “normality” it remains to be seen which aspects of life will return to their previous states, and where we can expect changes to become permanent fixtures.
The life insurance industry provides protection against the financial consequences of the premature death of a family breadwinner, disability, or outliving one’s retirement assets. But how are life insurance products actually designed and priced?
Product committees comprising agents, underwriters, actuaries, and senior management sit and discuss what new products should be offered. The agents have vast experience visiting with policyholders to determine their needs. Underwriters set the guidelines on which policyholders will be accepted and/or rated. Smart actuaries (while most would find this redundant, some would call it an oxymoron) assess the potential risks in these products and set a potential price. Senior management listens to agents, underwriters, and actuaries and helps finalize the product design, the guidelines for accepting risks, and the price. The programmers will also have to be contacted to determine the cost of administering the products. Many iterations of these discussions may take place before a product is ready for sale. The entire process could take up to a year.
Some of these products are quite complex, taking into account long-term interest rates and probabilities of death/survival, disability, and lapse. With this lengthy and rigorous process, one would imagine that few mistakes are made. However, this is not the case. What follows are a few examples of major product mistakes which cost the life insurance industry a lot of time, money, and bad publicity.
The COVID-19 pandemic and subsequent lockdowns forced many insurers to accelerate the transition to digital business models. In many countries, this transition has been remarkably successful, however, the crisis also highlighted the critical role played by national regulatory frameworks in both hindering and facilitating the shift to digitalisation in the insurance industry. COVID-19 lockdowns highlighted the critical role of national regulatory frameworks in both hindering and facilitating the shift to digitalisation in the insurance industry. Digitalisation is not a goal in itself, but provides insurers and their customers with benefits that are particularly useful in situations where in-person interactions cannot take place, played out in its fullest form during the COVID-19-induced lockdowns. Digitalisation drives an increase in speed and efficiency, irrespective of where the customer is located, and promises improved customer service and satisfaction.
The Internet of Things (IoT) has been developing over the last 20 years and is often referred to as Industry 4.0 or the “fourth industrial revolution.” It is an umbrella term for all the digital assets and entities connected to the internet. Many of these are intangibles, such as data, human capital via artificial intelligence (AI), intellectual property (IP), and cyber; as such, they need to be made tangible to address value on a balance sheet. Others are connected entities, such as sensor devices, collecting and receiving information in an intelligent fashion across networks.
The rapid rise of online political campaigning has made most political financing regulations obsolete, putting transparency and accountability at risk. Seven in 10 countries worldwide do not have any specific limits on online spending on election campaigns, with six out of 10 not having any restrictions on online political advertising at all.
Highlights
• On average, concerns over Innovation was ranked highest, followed by Implications of Covid-19 • Respondents indicated innovation is important, but are mostly in process
• Respondents were mostly confident in implementing their innovation plans.
• Nearly half of respondents indicated their focus was on the customer experience • Most respondents expect some negative impact from Covid-19, with decreased profit indicated most, followed by decreased sales effectiveness, which are likely related
• The most common change in response to the Covid-19 impact were workplace and staffing changes, followed by technology investments
• Of the respondents, 92% indicated cyber security was important or very important.
• Continuous effort was ranked highest, and Mitigating internal threats, Identifying external threats, and Prioritizing identifying cyber risks were ranked next.
• While 95% of respondents indicated emerging threats were important or very important, 28% Indicated they were very good at responding to them
• For resiliency and sustainability, corporate ESG and R&S for internal operations were ranked as the highest priorities
iis the institutes innovation covid-19
What North America’s top finance executives are thinking - and doingΔρ. Γιώργος K. Κασάπης
Each quarter (since 2Q10), CFO Signals has tracked the thinking and actions of CFOs representing many of North America’s largest and most influential companies. All respondents are CFOs from the US, Canada, and Mexico, and the vast majority are from companies with more than $1 billion in annual revenue. The 1Q 2021 survey was open from February 8-19, 2021. A total of 128 CFOs participated, 69% from public companies and 31% from privately held companies.
Democratic watchdog organization Freedom House has released its annual ranking of the world's most free and most suppressed nations.
The report is a key barometer for global democracy and this year's edition found that global freedom has declined for the 15th straight year. 2020 was a turbulent year with the pandemic, violent conflict and economic and physical insecurity leading to democracy's defenders sustaining heavy losses against authoritarian foes which has resulted in a shift in the internatioal baance in favor of tyranny.
A total of 195 countries and 15 territories were analyzed on their levels of access to political rights and civil liberties with the number experiencing a deterioration in their freedom scores exceeding the number that saw improvement by the widest margin since 2006. In 2020, nearly 75 percent of the world's population lived under a government that saw its democracy score decline in the past year.
Women, Business and the Law 2021 is the seventh in a series of annual studies measuring the laws and regulations that affect women’s economic opportunity in 190 economies. Amidst a global pandemic that threatens progress toward gender equality, the report identifies barriers to women’s economic participation and encourages reform of discriminatory laws. This year, the study also includes important findings on government responses to the COVID-19 crisis and pilot research related to childcare and women’s access to justice.
Strong competition undoubtedly contributes to a country’s productivity and economic growth. The primary objective of a competition policy is to enhance consumer welfare by promoting competition and controlling practices that could restrict it. More competitive markets stimulate innovation and generally lead to lower prices for consumers, increased product variety and quality, more entry and enhanced investment. Overall, greater competition is expected to deliver higher levels of welfare and economic growth.
Long-erm Care and Health Care Insurance in OECD and Other CountriesΔρ. Γιώργος K. Κασάπης
This report carries out a stocktaking of what systems have in OECD and non-OECD countries for longterm care and health care, as well as the types of insurance products that are made available in these countries. It is part of a broader project that examines the complementarity of the social security network with the private insurance market, which examines how insurance could support the public sector longterm care and health care systems, as well as considering the financing of long-term care and health care.
This tenth edition of Global Insurance Market Trends provides an overview of market trends to better understand the overall performance and health of the insurance market. This monitoring report is compiled using data from the OECD Global Insurance Statistics (GIS) exercise. The OECD has collected and analysed data on insurance in OECD countries, such as the number of insurance companies and employees, insurance premiums and investments by insurance companies, dating back to the 1980s. Over time, the framework of this exercise has expanded and now includes key items of the balance sheet and income statement of direct insurers and reinsurers.
Does AI threaten and undermine human value in the workplace more than any other technology? There have been significant advances in AI, but will their impact really be different this time?
This literature review takes stock of what is known about the impact of artificial intelligence on the labour market, including the impact on employment and wages, how AI will transform jobs and skill needs, and the impact on the work environment. The purpose is to identify gaps in the evidence base and inform future research on AI and the labour market.
The OECD has estimated that 14% of jobs are at high risk of automation.
•Despite this, employment grew in nearly all OECD countries over the period 2012-2019.
•At the country level, a higher risk of automation was associated with higher employment growth over the period. This might be because automation promotes employment growth by increasing productivity, although other factors are also at play.
•At the occupational level, however, employment growth was much lower in occupations at high risk of automation (6%) than in occupations at low risk (18%).
•Low-educated workers were more concentrated in high-risk occupations in 2012 and have become even more concentrated in these occupations since then.
•The low growth in jobs in high risk occupations has not led to a drop in the employment rate of low-educated workers. This is largely because the number of workers with a low education has fallen in line with the demand for these workers.
•Going forward, however, the risk of automation is increasingly falling on low-educated workers and the COVID-19 crisis is likely to accelerate automation, as companies reduce reliance on human labour and contact between workers, or re-shore some production.
Prescription drug prices in U.S. more than 2.5 times higher than in other cou...Δρ. Γιώργος K. Κασάπης
Prescription drugs cost an average of 2.56 times more in the United States than they do in 32 other countries, according to a new report from RAND Corporation.
That disparity is even greater for brand name drugs, with U.S. prices averaging 3.44 times those in comparison nations. The study also found that prices for unbranded generic drugs — which account for 84% of drugs sold in the United States by volume but only 12% of U.S. spending — are slightly lower in the United States than in most other countries.
‘A circular nightmare’: Short-staffed nursing homes spark Covid-19 outbreaks,...Δρ. Γιώργος K. Κασάπης
Nursing homes have suffered grievously in the coronavirus pandemic. Chronically understaffed, that’s getting worse, a new US Pirg Education Fund analysis says. The shortage of direct-care workers rose from 20% of U.S. nursing homes in May to 23% in December. Too few workers raises stress among staff, the authors argue, making them and the residents they care for more vulnerable to Covid-19 infections, reducing staff further in “a circular nightmare.”
Keeping the lights on, the water running, and the landlord at bay could turn out to be good ways to control Covid-19 infection, a new NBER (National Bureau of Economic Research) analysis suggests, based on the idea that social distancing is easier for people who can stay home. When utility shutoffs and evictions were halted, Covid-19 cases in certain counties across the country fell by 8% from March through November 2020, the report says. The study can't prove cause and effect, but the authors venture that if such measures had been implemented nationwide, eviction moratoria would have resulted in a 14% decrease in Covid-19 cases and up to a 40% decrease in deaths. Utility shutoff moratoria would have cut infections by 9% and deaths by 15%, the study estimates.
Multi-cluster Kubernetes Networking- Patterns, Projects and GuidelinesSanjeev Rampal
Talk presented at Kubernetes Community Day, New York, May 2024.
Technical summary of Multi-Cluster Kubernetes Networking architectures with focus on 4 key topics.
1) Key patterns for Multi-cluster architectures
2) Architectural comparison of several OSS/ CNCF projects to address these patterns
3) Evolution trends for the APIs of these projects
4) Some design recommendations & guidelines for adopting/ deploying these solutions.
This 7-second Brain Wave Ritual Attracts Money To You.!nirahealhty
Discover the power of a simple 7-second brain wave ritual that can attract wealth and abundance into your life. By tapping into specific brain frequencies, this technique helps you manifest financial success effortlessly. Ready to transform your financial future? Try this powerful ritual and start attracting money today!
1.Wireless Communication System_Wireless communication is a broad term that i...JeyaPerumal1
Wireless communication involves the transmission of information over a distance without the help of wires, cables or any other forms of electrical conductors.
Wireless communication is a broad term that incorporates all procedures and forms of connecting and communicating between two or more devices using a wireless signal through wireless communication technologies and devices.
Features of Wireless Communication
The evolution of wireless technology has brought many advancements with its effective features.
The transmitted distance can be anywhere between a few meters (for example, a television's remote control) and thousands of kilometers (for example, radio communication).
Wireless communication can be used for cellular telephony, wireless access to the internet, wireless home networking, and so on.
ER(Entity Relationship) Diagram for online shopping - TAEHimani415946
https://bit.ly/3KACoyV
The ER diagram for the project is the foundation for the building of the database of the project. The properties, datatypes, and attributes are defined by the ER diagram.
2. Business email compromise (BEC) has overtaken ransomware and data breach by hackers
as the main driver of AIG EMEA1
cyber claims, according to the latest cyber claims statistics.
Nearly a quarter of reported incidents in 2018 were due to business email compromise
(BEC), up significantly from 11% in 2017. Ransomware, data breach by hackers and data
breach due to employee negligence were the other main breach types in 2018.
Business email compromise
Ransomware
Data breach by hackers
Data breach due to employee negligence
(e.g. sending data to the wrong person)
Impersonation fraud
Other virus/malware infections
System failure/outage
Physical loss or theft of information assets
(e.g. stolen laptop)
Other*
Other cyber extortions (non-ransomware)
23%
18%
14%
14%
8%
6%
5%
5%
4%
3%
Fig 1 Cyber Claims received by AIG EMEA (2018) – By reported incident
*Denial of Service Attacks, Legal/Regulatory Proceedings based on violations of data privacy regulations
At a Glance
• Business Email Compromise (BEC) is
now the top cause of loss for cyber
claims followed by ransomware
which is becoming increasingly
targeted and disruptive, affecting
business interruption costs. All cyber
attack impacts are still greatly
influenced by human error.
• Professional Services is now the
sector hardest hit by cyber claims,
followed by Financial Services.
However, incidents continue to
spread among a range of sectors,
indicating that no industry is immune
to cyberattack.
• The long term trend of increasing
claims frequency continued in 2018
with around as many claims as the
previous two years combined.
BEC2
has entered the report this year under a new category given the high number
of BEC-related claims received by AIG over the past 12 months.
In most cases the compromise can be traced back to a phishing email containing
a link or attachment. If the recipient engages with the content of a phishing email it
may allow intrusion into the user’s inbox. The majority of users are familiar with the
concept of phishing emails but there remains a high number of incidents where the
user follows a link directing the recipient to a bogus login screen. As soon as the
victim enters their credentials, they are captured by the cyber-criminal who then
has the necessary information to login to the victim’s email account.
The perpetrator is then able to send and receive emails from the victim’s email
address and access all the information in the victim’s email inbox. In many cases
the BEC is exacerbated by malware that spreads the scam to contacts in the
recipient’s inbox. A relatively simple type of scam, BEC attackers often target
individuals responsible for sending payments, using spoof accounts to impersonate
the company C-suite or a supplier and requesting money transfers, tax records
and/or other sensitive data.
1
Europe, Middle East Africa
2
Previously, such attacks fell within the scope of ‘other security failure/unauthorised access’.
Methodology
AIG carried out an analysis of more
than 1,100 EMEA claims notified under
its cyber policies between 2013 and
December 2018. The results of this
analysis show general insights into this
area only. It should be noted that other
industries and sectors not highlighted in
this report may also experience frequent
and severe claims. In 2018, the number of
claims notified under AIG’s cyber policies
were broadly commensurate with AIG’s
premium growth for this product.
Page 2 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
3. Other attacks focus on the content of the recipient’s inbox,
harvesting client and employee information, including personal
data. They may also target confidential corporate information,
including trade secrets, but most are motivated by monetary gain.
“Ultimately what’s behind a lot of these compromises is organised
crime,” says Jonathan Ball, partner at Norton Rose Fulbright.
“They’re not interested in stealing personal data and selling it on
the dark web. It’s pure financial fraud.”
BEC attacks are often successful because they use social
engineering to create emails that appear legitimate. Even larger
organisations may fall for the scams, explains Jose Martinez,
vice president of financial lines major loss claims, EMEA, AIG,
suggesting more investment is needed to train staff to better
identify rogue messages. “We’re still seeing a surprisingly high
level of these forms of fraud being perpetrated and some are
affecting quite large and sophisticated clients. You may think that
every CFO at a large company would know about this by now,
but it’s still happening.”
For covered BEC and impersonation fraud claims the cyber policy
provides for the cost of an IT forensic investigation to determine
whether the insured’s system was compromised and identify
the compromised data. The policy also covers legal advice
on reporting and notification obligations to data subjects and
regulators though insurance cover for financial loss due to criminal
activity is often restricted.
“These incidents are becoming more expensive to investigate,”
notes Mark Camillo, head of cyber for EMEA at AIG. “When
a malicious actor gains access to the mailbox you have to do a
deep dive, understand what information they may have gained
access to and whether it has triggered any GDPR requirements.”
Although financial services firms were the first buyers of cyber
insurance and the largest sector, we saw professional services
firms move ahead in 2018 in the number of reported claims. This
is also the sector most vulnerable to business email compromise.
Year-on-year, the number of claims emanating from professional
services firms including law firms and accountants, increased
from 18% to 22%.
Camillo thinks such firms can be more prone to BEC because of
a lack of sophistication when it comes to cyber security. “The
criminals are going to go where they can make the most money,”
he says. “Because they are so heavily regulated you tend to
find that financial services firms have better controls than other
sectors, including professional services.”
He hypothesises that when the Revised Technical Standard as
part of the Payment Services Directive (PSD2) comes into place
in September 2019, there may be a decrease in the frequency
of BEC attacks. Under the directive, payment services providers
will be required to comply with requirements for strong customer
authentication (SCA) and third party access to bank accounts,
which should make it more difficult for fraudsters to steal and
divert funds.
Poor password hygiene is a recurring issue for firms targeted by
BEC, with cyber-criminals exploiting companies that have not
activated their Microsoft Office 365 security functions, where the
default settings do not enable all the necessary security features
such as multi-factor authentication. This remains a high frequency
incident that is reported to AIG’s cyber claims team on almost a
daily basis, according to Kathy Avery, financial lines major loss
adjuster, AIG.
Professional Services
Financial Services
Business Services
Retail / Wholesale
Manufacturing
Public Entity Non-Profit
Communications Media Technology
Hospitality Leisure
Transportation Logistics
Energy Utilities
Other Industries /Services
Healthcare (Hospitals, Pharmaceuticals)
Other*
22%
15%
12%
9%
8%
8%
7%
4%
3%
3%
3%
3%
2%
*Food Beverage, Construction, Education
Note: Figures may not add up to 100% due to rounding
Fig 2 Cyber Claims received by AIG EMEA (2018) – By industry
Page 3 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
4. “For businesses affected by BEC, it can be very damaging
reputationally,” she continues. “There is always a lot of concern
from insureds about how they are going to notify their clients.
And often they only find out about the compromise because their
clients are receiving spoof and phishing emails that appear to be
coming from the insured and they have arisen as a result of the
compromise.”
The security concern around passwords and multifactor
authentication is valid, but it remains the case that many simple
attacks can be prevented by improving staff awareness of
phishing emails and through implementing a clear protocol for
dealing with suspect emails.
Financial services is now the second sector responsible for the
most cyber claim notifications. Having previously commanded
the top spot, it is now responsible for 15% of claims in 2018,
down from 18% the previous year. However, the percentages do
not reflect the whole story. Total claim notifications from financial
services customers in fact nearly doubled between 2017 and
2018, showing the sector is still highly targeted in spite of its more
sophisticated approach to cyber risk.
The same is true for hospitality and leisure. While proportionally
down from 5% to 4% year-on-year, real claims numbers again
nearly doubled in 2018. “We see a lot of loyalty scheme
breaches, with hospitality firms and airlines typically affected,”
says Ball. “Many of the hospitality brands are franchises but they
share their member data and often anybody at any hotel in the
world can access this membership data.”
The Human Factor
Human errors and behavior continue to be a significant
driver of cyber claims. Despite encouragement by many
organisations, employees often use weak passwords or the
same passwords across multiple applications, for instance.
“One household name we insure foiled an attack after they
detected a presence in their system,” says Kathy Avery.
“They decided they should reset all the passwords and
asked all employees to adopt new passwords, but found they
could not get rid of the intruder because of this password
hygiene issue. So they had to do it a second time using
randomly-generated passwords for every user and that,
finally, succeeded in shutting down access.”
In this year’s claims statistics, claims notifications for
employee negligence doubled from seven percent to 14%.
Losses are driven by staff sending out emails containing
company data to the wrong individuals or losing laptops and
other devices. And under GDPR there has been an increase
in notifications for such incidents.
“We’re seeing issues such as where attachments to emails
are not properly checked before they are sent, and,
inadvertently, the sender of what he or she believes is a
single confidential personal data record being sent to the
relevant data subject, ends up sending out a much larger
collection of confidential personal data records of other
data subjects,” says Jonathan Ball.
Another common error involves Excel spreadsheets. “Too
many employees don’t understand how Excel works and
that, for example, it might be that you can only see certain
data on the spreadsheet on your screen, but that’s because
you’ve got the filtering button switched on,” says Ball. “And
then they send the document out without realising that if the
recipient goes to the top line and presses ‘filter off’ another
hundred thousand lines of data appear. We recently dealt
with quite a big breach incident that occurred in this way for
one of the banks.”
“You get all sorts of human error still creeping in,” he
continues. “People are still clicking on phishing emails all
the time, despite training. And one of the things that really
exacerbates the cost of dealing with incidents, including
increasing the need for and costs of notifications to regulators
and data subjects, is the use by employees of company email
for private matters, particularly private financial matters.”
Page 4 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
5. Targeted ransomware on the rise
Ransomware, the leading breach type in 2017 when it was
responsible for 26% of notifications, has become marginally less
prevalent, causing 18% of cyber claims notifications in 2018.
However, as predicted in last year’s report, there are a number of
instances that show ransomware and extortion type attacks are
becoming more targeted, with the attack on Norsk Hydro one of
the more high-profile examples.
The Norwegian aluminium smelting giant fell victim to a difficult-
to-detect strain of ransomware known as “LockerGoga”, through
which cyber-criminals gained access to the company’s networks
in a targeted attack. The company was forced to halt production
at a number of plants across Europe and the US and was forced
to switch to manual operations as it attempted to contain the issue,
causing widespread business interruption (BI) losses.
The decision whether or not to pay a ransomware or extortion
demand continues to be influenced by how well an organisation
has backed up its data, and the potential business interruption
that may ensue. “The impact of ransomware can be very much
mitigated if there is good practice with backups,” says Avery.
“But time and time again we see there are poor procedures.”
Meanwhile, the ransom requests have increased in size. While the
initial amounts demanded by WannaCry ransomware attackers
were between $300 to $600, in 2018 there have been cases
where cyber-criminals have requested tens of thousands to millions
of dollars. Meanwhile, the disruption and BI costs associated with
such attacks have risen. And in an era of GDPR, there is also the
need to establish whether sensitive data has been compromised.
“We’ve seen a higher incidence of extortion in 2018 and a bigger
expense in enabling systems to get back online,” says Camillo.
“Even if you pay a ransom in order to decrypt your files, it is a
very laborious process of double checking that the decryption
will work, and then isolating your data to make sure you don’t get
re-infected and cleaning your files before reinstalling everything.
It’s very expensive and it’s very disruptive as well as being a last
resort, where allowable by law.”
He anticipates that cyber business interruption claims will continue
to be significant going forward, as ransomware and extortion
attacks become more targeted, and as insureds become more
aware of the scope of their cover.
“We anticipate an increase in claims on a global level,” says
Camillo. “Targeted incidents, such as the attack at Norsk Hydro,
could become more of a concern in 2019. The rapid spread
of malware or attack of a critical service provider by state-
sponsored actors could cause widespread business interruption
losses and impact a wide range of industries, potentially also
causing significant physical damage.”
Page 5 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
6. Claims frequency and the GDPR effect
There has been a pronounced “GDPR effect” on the overall
claims frequency in 2018, with a spike in notifications following
implementation of the EU General Data Protection Regulation
in May 2018. The provisions of the new rules, including strict
breach notification guidelines, is resulting in timely notifications
from clients.
“There is a very strict time limit, particularly for notifying the
regulator, and the effect of that is an increase in initial costs,” says
Avery. “Under our policy, we have a 48 or 72-hour period where
we pick up the initial costs, and we’re seeing increased claim
activity for these early periods as a result of GDPR. In addition,
the legal forensic and IT costs have also increased, which can
lead to bigger payouts under the policy.”
Just under 20% of AIG’s claims received in 2018 included a
notification under the GDPR, with the adjusting costs significantly
higher in comparison to claims where there was no data breach
notification. Claim activity from our First Response hotline has
increased by over 50% for claims where data subjects and/or the
data authority were notified, with insureds receiving legal advice
and assistance in preparing their regulatory notices.
“We’re seeing a lot of work for our firm, and obviously increased
fees incurred by the insured and/or by the insurer, in managing
GDPR issues for breaches that are really quite minor,” says
Norton Rose Fulbright’s Jonathan Ball. “The kind of incidents
that pre-GDPR an organisation would probably have dealt with
themselves without external legal counsel.”
Within Europe there is a clear north/south divide when it
comes to GDPR data breach notifications, with northern Europe
responsible for the vast majority of notifications, suggesting a
difference in compliance culture. For example, where in Ireland
48% of the claims reported resulted in notification to a regulator,
less than 10% of claims reported in Spain were notified. GDPR
may also apply to clients based in jurisdictions outside of Europe.
This is borne out by an increase in notifications from the Middle
East and Africa region, where there has been more claims activity
over the past 12 months.
Breaking down AIG’s cyber claims statistics by region, it shows
there have been significant increases in notifications coming
from Belgium, the Netherlands, Germany, France and Ireland
over the past 12 months while claims from Sweden and Greece
have also grown.
Page 6 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
7. 2014
2%
2015
7%
2013
0.2%
Fig 3 Cyber Claims Received by AIG EMEA (2013-2018) - Volume
2017
28%
2016
18%
2016-17
46%
2018
45%
Looking Forward: Move towards
affirmative cover
The long-term trend of increasing claims frequency has
continued in 2018 as it did over the previous five years,
reflecting both the growth and maturity of AIG’s cyber book of
business as well as the increasing sophistication of buyers and
knowledge of the scope of the product. As cyber becomes
a growing exposure for many organisations, based on our
claims experience, anticipated losses will continue to grow in
both frequency and severity across different industries.
Camillo notes a continued move towards affirmative coverage
by clients keen to ensure that their policies respond as
anticipated. “There have been some misperceptions recently in
the press about cyber coverage.”
“What our claims numbers clearly show is that more people
are buying the coverage and the product is responding to our
clients’ needs” he continues. “It includes flexible coverage and
it is very easy to notify us about an event through the hotline.
Clients are showing a preference for affirmative cyber cover,
which will indemnify them against a wide range of covered
losses, including privacy events, cyber extortion and network
business interruption including outsourced service providers
and system failure.”
Page 7 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
8. Manufacturer pays €25,000 ransom after
suffering business interruption
An attack on the IT systems of the insured took place through
a malicious program of the ransomware type known as
“Detractor”. Three servers of the infrastructure were affected,
which were encrypted, leading to encryption of the folders.
The available back-ups, which were on a different server, were
deleted (presumably by the cyber-criminals). Therefore, the
affected systems could not be restored through the back-ups.
Simultaneously, the attackers demanded that the insured pay a
ransom in order to decrypt the system. The insured’s operation
had ground to a halt as a result of not being able to restore
the affected systems. It could not deliver shipments or receive
materials and was not able to make payments or to collect
accounts receivables.
The aim of the ransomware was not to steal information and there
had not been a breach of personal information. On Event Day
10 therefore, the insured paid a ransom of €25,000 in BitCoin
and was able to restore its operations. AIG covered the cost of
the ransom, incident response costs and the extensive network
interruption, which included an increased cost of working and
cancelled orders.
Email account compromised at Financial
Services Intermediary
The insured, an SME professional services firm, was alerted to
a cyber incident after receiving notifications from various clients
who had received a suspicious email from an employee of the
firm. The email contained various links and attached a PDF
invoice requesting payment from the recipients.
Upon initial investigation it was determined that the employee’s
email account had been compromised and a phishing email
containing an attached invoice had been sent to 5,500 email
addresses. The insured was proactive in taking corrective action
regarding the phishing email, notifying the 720 email contacts
of the compromised account, urging them not to click on the
attachment PDF. The passwords of both the compromised email
account and those belonging to other employees in the firm were
changed.
AIG recommended the insured notify the ICO as a matter of
caution, despite the fact the only identifiable information from the
phishing emails was the recipients’ names and places of work.
The recommendation to notify was partly driven by the nature of
the firm’s business, including sale of cyber insurance products,
and reputational considerations.
Claims case studies*
*The scenarios described herein are offered only as examples. Coverage depends on the actual facts of each case and the terms, conditions and exclusions of each individual
policy. Anyone interested in the above product(s) should request a copy of the policy itself for a description of the scope and limitations of coverage.
Page 8 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
9. Breached network at Middle East-based
global energy and logistics firm
Late last year the insured suffered a number of brute force attacks
on their network infrastructure, which resulted in the cyber-
criminals gaining access to their network, most likely via their
email cloud host although the specific method of intrusion is still
under investigation. The insured’s network comprises roughly
5,000 end point devices and, following discovery, an initial
sweep identified approximately 2,900 units that may have been
compromised. As a result, all users were forced to change their
passwords and, subsequently, two-factor authentication was
introduced.
The insured engaged with AIG’s service providers under the
policy’s First Response 72-hour cover period. Due to government
restrictions, the insured was unable to allow their data to be
handled outside of the country and therefore IT forensics were
initially restricted to providing advice by telephone and email.
But AIG was able to provide a local IT forensics team to carry
out investigations on site, alongside the insured and their
cyber-security advisors.
The initial focus was to identify access points and ensure these
were closed to the cyber-criminals. As a result of identification
of the compromised access points, along with network traffic
analysis, it was possible to identify how the attackers had gained
access to user accounts. It was also identified that the attackers
had potentially gained access to user email accounts and in excess
of 2,000 files containing personal data, alongside confidential
company data including tenders, project details and financials.
Over six months later investigations into a potential compromise
to email accounts remains ongoing as does the examination and
analysis of compromised data. Costs are still being incurred and
to date exceed $300,000.
Retailer hit by ransomware and business
interruption
The insured is an international retailer with over 100 stores and
an online presence. Whilst they were undertaking some changes
to their IT systems and data storage they suffered what appeared
to be a targeted, sophisticated cyber attack which encrypted all
their files, including those held in the cloud. The cyber-criminals
demanded a ransom for providing a decryption code.
AIG immediately appointed forensic IT specialists who were onsite
non-stop for long periods, initially working to secure the system
and attempting to retrieve unencrypted data. This proved very
difficult and was not achievable in a timescale to allow resumption
of normal business. The shops were still able to trade using manual
tills but the attack left them unable to replenish stock in stores or
process online orders, which led to a major business interruption.
Although reluctant to engage with the cyber criminals, after
a prolonged period of being unable to fully trade the insured
decided to pay the ransom demand ($150,000 in Bitcoin). AIG
assisted the insured in sourcing Bitcoin. After the ransom was
paid the decryption code was provided but all files had to be
manually decrypted using the code, a painstaking and costly
process in terms of labour, which was paid for by AIG consistent
with the terms of the policy.
AIG also covered the cost of additional fees to the insured’s
various existing software providers for additional support and
equipment to facilitate the decryption process. The insured held
only £1M of cover, which proved inadequate and the policy
limit was paid to the insured when interim business interruption
losses exceeded £550,000. IT forensic fees alone exceeded
£500,000. On this occasion the IT investigation confirmed
that there was no evidence to suggest any personal data was
accessed or extracted, and legal advice was given to the effect
that notice to the ICO was not required. The terms of the insured’s
policy covered the cost of the legal advice IT investigation.
Page 9 GDPR and business email compromise drive greater frequenciesClaims Intelligence Series
10. www.aig.com
GBL00003595 0719
This document considers cyber claims in the context of an AIG insurance programme only. Reliance upon, or compliance with, any of the information, suggestions or recommendations contained herein in no way
guarantees the fulfilment of your obligations under your insurance policy or as may otherwise be required by any laws, rules or regulations.
The purpose of this document is to provide information only and you should not take any action in reliance on the information contained in this document. This document is not a substitute for you undertaking
your own investigations and obtaining professional or specialist advice. No warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation
contained herein. AIG does not accept any liability if this document is used for an alternative purpose from which it is intended.
American International Group, Inc. (AIG) is a leading global insurance organisation. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance,
life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals
protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com and www.aig.com/strategyupdate | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn: www.linkedin.com/company/aig.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website
at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is
subject to actual policy language. Non-insurance products and services may be provided by independent third parties.
American International Group UK Limited is registered in England: company number 10737370. Registered address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. American International Group
UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN number 781109). This information can be checked by
visiting the FS Register (www.fca.org.uk/register).
Mark Camillo
Head of Cyber
EMEA
Tel: T +44 (0)20 7651 6304
mark.camillo@aig.com
Kathy Avery
Financial Lines
Major Loss Adjuster
Tel +44 (0)20 7063 5423
kathy.avery@aig.com
José Martinez
VP, Financial Lines
Major Loss Claims, EMEA
Tel: +34 91 5677 431
jose.martinez@aig.com
CLAIMS FIRST