Articles about insurance

Insurance companies exist to offer protection but they're increasingly having to protect themselves against a range of cyberattacks.

A new report from IntSights looks at the threats faced by insurance businesses and why they’ve become a particular problem in recent times.

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Research from commercial insurance provider Corvus reveals that the cost of ransomware to businesses remains high.

Ransomware claims that resulted in payments to fraudsters are down though, mostly due to improved backup processes and greater preparedness. In the third quarter of 2020, 44 percent of ransomware claims involved a successful payment, but that decreased to just 12 percent by Q3 of this year.

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The COVID-19 pandemic shone the spotlight on growing labor shortages throughout the U.S. economy. While most of the attention to find entry and mid-level workers has focused on retailers, restaurants, and other service industries, the reality is that the staff shortage is affecting Wall Street banks, construction, manufacturing, trucking, and more. The pandemic has exacerbated long-standing staffing issues for commercial insurance brokers and carriers and is driving more companies to look to technology to bridge the gaps.  

Many common dynamics are driving the overall labor shortage. As the pandemic rose and fell, more Americans reassessed which types of jobs they wanted and at what pay. The rising acceptance of remote work, elimination of the daily commute, lack of access to childcare, desire and opportunity to start a business, and simply workers choosing to leave the workforce altogether are driving the staffing gap. Experts believe the staffing challenge is not a temporary issue but, in fact, the new normal.

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Cyberattacks continue to be a problem for businesses and it's no surprise that cyber insurers are tightening up their requirements for policyholders to obtain new cover or to renew their existing cyber policies.

But in the past cybersecurity and cyber insurance have tended to operate in silos with insufficient coordination, leading to a misalignment between the cyber threats faced by an organization and the security measures needed to prevent them.

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