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Mitigating the impact of climate change in insurance and other financial services  

IBM Big Data Hub

According to Berenberg analysts , individual insurance companies faced total claims estimates of up to approximately USD 300 million. For other financial services firms outside of the insurance sector, property accepted as loan security might face climate-related risks as well.

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The risks and limitations of AI in insurance

IBM Big Data Hub

In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. Usage risk—inaccuracy The performance of an AI system heavily depends on the data from which it learns.

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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

When security fails, cyber insurance can become crucial for ensuring continuity. Our reliance on digital technology and the inherited risk is a key driving factor for buying cyber risk insurance. If the technology were to become unavailable, the resulting business impact could be mitigated with cyber insurance.

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Lloyd’s Will No Longer Include Nation-State Attacks in its Cyber Insurance Policies

IT Governance

Lloyd’s of London has announced that its insurance policies will no longer cover losses resulting from certain nation-state cyber attacks or acts of war. In a memo sent to the organisation’s insurance syndicates , Underwriting Director Tony Chaudhry said that Lloyd’s remains “strongly supportive” of policies that cover cyber attacks.

Insurance 105
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The business value of operating core insurance solutions on the cloud

IBM Big Data Hub

Although interest rates have increased at an unprecedented rate over the past year due to efforts by central banks to curb inflation, insurers are locked into low-yielding investments, and it will take several years for their investment yields to improve. Core modernization (processes and technology) is a top priority for every insurer.

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German IT provider Bitmarck hit by cyberattack

Security Affairs

Bitmarck, one of the largest IT service providers for social insurance carriers in Germany, announced yesterday that it has suffered a cyber attack. The incident impacted statutory health insurance companies that have their IT operated by BITMARCK. Our early warning systems have reported an attack on BITMARCK’s internal systems.

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China-linked Moshen Dragon abuses security software to sideload malware

Security Affairs

The threat actor systematically utilized software distributed by security vendors to sideload ShadowPad and PlugX variants.” ” reads the analysis published by SentinelOne. The attackers focused on the hijacking of programs belonging to security vendors, including Symantec, TrendMicro, BitDefender, McAfee and Kaspersky.

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