Cyber Security and Insurance

Cyber Security and Insurance

In my reading over the last week, there has been 3 articles reinforcing the importance of cyber security and cyber insurance.

Currently, one of the biggest costs to business is not ransomware, but rather phishing scams. So much so its now known with the acronym “BEC” which stands for Business Email Compromised.

The latest report says US$26billion has been stolen through this ‘BEC’ scams. This is certainly the area LMI Group are assisting client’s with the most at the moment.

Linked to this, is the disturbing news that only 1 in 5 staff members take cyber security training seriously. Until we can convince everyone of the enormous risks associated with cyber security, we are not going to beat this.

Some interesting articles that I came across and used to write this:

AZ insurance regulator warns of phishing scam targeting insurance professionals – Insurance Business Magazine US

Business Email Compromise Is a $26 Billion Scam Says the FBI – BleepingComputer

Cyber claims frequency, severity on the rise – Insurance News

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