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News alert: Beazley reports on how AI, new tech distract businesses as cyber risk intensifies

The Last Watchdog

London, July 13, 2023 — Beazley, the leading specialist insurer, today published its latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. For the insurance industry, working with clients to help them tackle these challenges is vital to ensuring businesses operate in as safe an environment as possible.

Risk 189
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The most valuable AI use cases for business

IBM Big Data Hub

But right now, pure AI can be programmed for many tasks that require thought and intelligence , as long as that intelligence can be gathered digitally and used to train an AI system. Generative AI can produce high-quality text, images and other content based on the data used for training. We’re all amazed by what AI can do.

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Generative AI use cases for the enterprise

IBM Big Data Hub

The quality of outputs depends heavily on training data, adjusting the model’s parameters and prompt engineering, so responsible data sourcing and bias mitigation are crucial. Imagine training a generative AI model on a dataset of only romance novels.

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Phishing emails and malicious attachments responsible for 34% of cyber attacks

IT Governance

The gaming and public-sector industries were mostly affected by targeted attacks, whereas the insurance and telecom industries mostly suffered opportunistic attacks. Financial and manufacturing organisations were equally affected by both. If employees aren’t fully educated on phishing, they are liable to underestimate the threat.

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Government survey reveals GDPR awareness is falling short

IT Governance

Of those surveyed: 36% of businesses and charities that were aware of the GDPR had created or changed policies and procedures; 21% of businesses and 10% of charities had provided additional staff training or communications; and. The industries with the least awareness were construction (25%) and production and manufacturing (27%).

GDPR 63
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List of data breaches and cyber attacks in August 2020 – 36.6 million records breached

IT Governance

Toronto residents’ CERB payments on hold after fraudulent employment insurance claims (700) Kentucky’s unemployment system suffers another breach (unknown) Defence supplier PULAU Corporation says it has been hacked (unknown) American Payroll Association notifying those affected by cyber attack (unknown). Cyber attacks. Hitachi Chemical Co.

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Getting ready for artificial general intelligence with examples

IBM Big Data Hub

LLMs like ChatGPT are trained on massive amounts of text data, allowing them to recognize patterns and statistical relationships within language. However, these systems lack genuine understanding and can’t adapt to situations outside their training. The skills gap in gen AI development is a significant hurdle.