Technological advancements continue to transform the way we live and work. But the efficiencies and enhancements gained also open new doors for cybercriminals to cause damage. To stay safe, organizations of all shapes and sizes must understand the latest cybersecurity best practices and insurance implications.
In honor of Cybersecurity Awareness Month, here are two trends for organizations to keep an eye on:
AI has the potential to exacerbate the threat of cyber attacks through more sophisticated phishing attempts, voice cloning and deepfakes. However, it can also be leveraged to more efficiently flag phishing attempts, identify suspicious behavior and thwart attacks.
Organizations should consider adding AI experts to their information technology departments. They should also ask their cybersecurity partners about these evolving threats and defense techniques to better understand how AI can be used for and against them and how to protect themselves.
In addition to requiring companies to maintain multiple layers of security as outlined in our previous article, some carriers are starting to actively monitor policyholders’ systems to test their defenses. This helps protect the insurance company’s interests as well as alerting policyholders to possible cyber vulnerabilities. In some cases, carriers are also requiring middle and up market policyholders to prove they have specialized personnel setting cyber policy.
Cyber insurance carrier practices and requirements will continue to evolve as new cybersecurity risks emerge, making it more important than ever to work with a broker who has a deep understanding of this dynamic environment.
In such a rapidly evolving landscape, it can be difficult for organizations to stay up to date on their own. Insurance brokers with extensive cybersecurity expertise, like Conner Strong & Buckelew, regularly analyze new cyber developments and can offer advice to help you mitigate cybersecurity risks and secure the coverage you need.
For more information on how our team can help, please reach out to your Conner Strong & Buckelew representative, call us at 1-877-861-3220 or email [email protected].
