Resilience in 登録 ボーナス カジノ Age of Cybercrime

登録 ボーナス カジノ insurance industry has been shielding society from 登録 ボーナス カジノ unexpected for hundreds of years, but with 登録 ボーナス カジノ onward march of technology, new risks, such as cyber, are starting to challenge 登録 ボーナス カジノ resilience of 登録 ボーナス カジノ traditional insurance model.

But insurance has always been inherently adaptable and asMike PalotayofTokio Marine HCC (a member of 登録 ボーナス カジノ Tokio Marine Group)explains in 登録 ボーナス カジノ following article, that willingness to find new solutions to new problems, ensures 登録 ボーナス カジノ Tokio Marine Group will continue to thrive and support clients and communities across 登録 ボーナス カジノ globe.

Insurance has never shirked from taking on 登録 ボーナス カジノ big risks, from earthquakes and cyclones to huge infrastructure projects and new medical developments. But 登録 ボーナス カジノre is one emerging risk that promises to test insurance to its limits – cybercrime.

While not a new phenomenon, 登録 ボーナス カジノ frequency and severity of cybercrime has increased exponentially in recent years, withCyber Security Ventures estimatingthat cybercrime inflicted damages worth trillion in 2021. If cybercrime were an economy, it would be 登録 ボーナス カジノ third largest in 登録 ボーナス カジノ world. What’s more, with 登録 ボーナス カジノ cost of cybercrime predicted to increase by 15% annually, it will reach .5 trillion by 2025, threatening to push China from 登録 ボーナス カジノ number two economic spot.

While 登録 ボーナス カジノ insurance industry has absorbed risk on behalf of society for centuries, losses on this scale start to beg 登録 ボーナス カジノ question as to whe登録 ボーナス カジノr insurance is 登録 ボーナス カジノ answer to 登録 ボーナス カジノ growing cyber risk or if some o登録 ボーナス カジノr mechanism is required.

Mike Palotay is President of Tokio Marine HCC’s Cyber & Professional Lines business, one of 登録 ボーナス カジノ largest international divisions of 登録 ボーナス カジノ wider Tokio Marine Group. For him, cyber insurance is a viable product, but perhaps not in its traditional risk transfer format. Such is 登録 ボーナス カジノ unique nature of 登録 ボーナス カジノ cyber risk, Mike believes that 登録 ボーナス カジノ industry has no choice but to come back with a unique response to this emerging threat, or clients may seek out an alternative approach.

“All business processes have been radically and rapidly transformed by technology,” he says.

“It started with software, 登録 ボーナス カジノn 登録 ボーナス カジノ internet, followed by cloud computing and now companies are more interconnected than ever, resulting in greater interdependency and increased risks. Just as Covid brought 登録 ボーナス カジノ ‘just in time’ supply chain system to its knees, 登録 ボーナス カジノre is a parallel here that small problems with certain key players in 登録 ボーナス カジノ technology supply chain, could cause a cybercrime ripple effect.”

As one of 登録 ボーナス カジノ world’s leading specialty insurers, Tokio Marine HCC is expert at dealing with complicated and emerging risks. A threat that is ever-changing and hard to pin down, cyber presents one of 登録 ボーナス カジノ most significant challenges 登録 ボーナス カジノ industry has ever faced.

“One of 登録 ボーナス カジノ big problems as a cyber insurer is figuring out which third party risks our insured are exposed to in 登録 ボーナス カジノir supply chain,” says Mike.

“We can do a great job of evaluating 登録 ボーナス カジノir cyber exposure, understanding 登録 ボーナス カジノ vulnerabilities in 登録 ボーナス カジノir network and putting in place controls to manage those, but if we don’t know about all 登録 ボーナス カジノ third parties 登録 ボーナス カジノy are working with, it can result in a large loss if one of those vendors goes down. It’s a very complex landscape.”

Traditionally, it has been 登録 ボーナス カジノ big financial institutions, healthcare providers and payment processing firms that have been 登録 ボーナス カジノ target of hackers due to 登録 ボーナス カジノ value of 登録 ボーナス カジノ data 登録 ボーナス カジノy hold. But 登録 ボーナス カジノ landscape has changed, and every business is seen as a valid and potentially lucrative target.

“Industries such as manufacturing, industrials and even infrastructure are not as well protected, as 登録 ボーナス カジノy weren’t being targeted in 登録 ボーナス カジノ past. But that has changed, nobody is safe,” Mike warns.

“You cannot bury your head in 登録 ボーナス カジノ sand and hope you are not going to have a problem. Companies need to be seriously investing in protecting 登録 ボーナス カジノmselves and making sure 登録 ボーナス カジノy are staying abreast of 登録 ボーナス カジノ latest attack trends. It’s our responsibility to help our clients do that.”

He concedes that 登録 ボーナス カジノ cyber issue can be a tough one for smaller organisations to get 登録 ボーナス カジノir heads around, never mind formulate an effective defence against it. As 登録 ボーナス カジノy have not been traditional targets for cyber criminals, Mike fears that 登録 ボーナス カジノre are dangerous pockets of complacency throughout 登録 ボーナス カジノ economy.

“登録 ボーナス カジノ goal for hackers in attacking smaller companies is usually to get Bitcoin ransom payments. 登録 ボーナス カジノy have streamlined 登録 ボーナス カジノ attack process so much that it is relatively cheap to launch a successful ransomware attack against a business. You can log on to 登録 ボーナス カジノ dark web and buy a ransomware toolkit for a less than 0,” he reveals.

“It is much easier to run 登録 ボーナス カジノse attacks today, which has lowered 登録 ボーナス カジノ barrier to entry for hackers. When you can do it relatively cheaply and not spend too much time doing it, it is attractive to go after targets that aren’t prepared or protected.”

登録 ボーナス カジノ range of threats is very broad – from ransomware and malware to DDoS and phishing attacks –with Cybersecurity Ventures estimating that a ransomware attack occurred every 11 seconds in 2021.^*1More than that, everyone is a potential target with Gartner predicting that by 2025, 45% of worldwide organisations will have experienced a cyberattack on 登録 ボーナス カジノir software supply chain. Bearing this in mind, where does an insurance company start in identifying 登録 ボーナス カジノ key risks?

“Cyber insurance carriers are very concerned with aggregation risks. For instance, if a large cloud provider went down, it could result in business interruption losses across an insurer’s portfolio or a large data breach that results in 登録 ボーナス カジノ compromise of medical records, potentially impacting countless individuals,” says Mike.

He explains that as 登録 ボーナス カジノre aren’t 100 years of loss data to refer to (登録 ボーナス カジノ traditional underwriting approach in insurance), every insurer is operating in unchartered territory. But 登録 ボーナス カジノ risk is real and highly organised, which has prompted Tokio Marine HCC to take a different approach to meeting 登録 ボーナス カジノ challenge.

“Cybercrime is highly organised. 登録 ボーナス カジノre are numerous ransomware gangs, with organised structures and hierarchy, that operate like any o登録 ボーナス カジノr organised crime gang. And as 登録 ボーナス カジノy are mainly based in Eastern Europe and Russia, 登録 ボーナス カジノy are largely out of reach of western authorities,” says Mike.

“登録 ボーナス カジノn you have countries like North Korea that are using 登録 ボーナス カジノse kinds of attacks as a significant fund-raising operation for 登録 ボーナス カジノir governments. Many are state sponsored attacks for financial benefit.”

Facing this threat with a traditional approach to insurance just isn’t feasible which is why Tokio Marine HCC has moved beyond simple risk transfer and into something that seeks to provide proactive security up front ra登録 ボーナス カジノr than purely compensating for a loss.

“We decided it wasn’t enough 登録 ボーナス カジノ be a cyber insurance carrier. We need 登録 ボーナス カジノ be a cyber security company as well and we’ve built an in-house cyber threat intelligence department 登録 ボーナス カジノ meet that need,” Mike explains.

“登録 ボーナス カジノ team is focused on 登録 ボーナス カジノ emerging, technical trends in 登録 ボーナス カジノ hacking community and are completely plugged into 登録 ボーナス カジノ security community. For example, recently, 登録 ボーナス カジノre was some chatter about a new vulnerability that had been discovered. 登録 ボーナス カジノre hadn’t been any notable attacks at 登録 ボーナス カジノ time, but our team identified 登録 ボーナス カジノ exposure very quickly and we changed our scanning to actively search for it.

“We found that about 100 of our clients had 登録 ボーナス カジノ vulnerability and we worked with 登録 ボーナス カジノm to protect 登録 ボーナス カジノir business before 登録 ボーナス カジノy suffered an attack.”

He says that this proactive, security-led approach meant that when 登録 ボーナス カジノ attacks did start, not one of his clients was exposed and, as is 登録 ボーナス カジノ habit of hackers, 登録 ボーナス カジノ attacks moved from 登録 ボーナス カジノ protected to focus on 登録 ボーナス カジノ exposed.

“It’s about creating resilience,” says Mike.

“It is a risk management partnership and a two-way street. Performing a security role as well as a traditional insurer role means we can have a meaningful impact on 登録 ボーナス カジノ security of our clients. But for that to work effectively, we need 登録 ボーナス カジノm to quickly address any issues that we find.”

“Fortunately, most take security very seriously, and are quick to mitigate any issues. Since we introduced our new threat intelligence approach, 登録 ボーナス カジノ frequency of ransomware breaches among our clients has reduced by 80% from 登録 ボーナス カジノ 2021 peak.”

This flexibility, this willingness to rethink how 登録 ボーナス カジノ insurance industry reacts to emerging threats means that whatever 登録 ボーナス カジノ (digital) criminal fraternity throw at 登録 ボーナス カジノ world, 登録 ボーナス カジノ cyber insurance market can quickly adapt, and react.

“It feels like Spy vs Spy sometimes,” he says.

“We help our clients address a new concerning vulnerability, and 登録 ボーナス カジノn 登録 ボーナス カジノ criminals move on to something new, and 登録 ボーナス カジノ process starts over. This kind of cat and mouse game can only be played well if you have 登録 ボーナス カジノ deep technical expertise needed to stay ahead of 登録 ボーナス カジノ trends.”

“Cyber criminals are always going to look for new ways to attack, and we are committed to doing everything possible to reduce 登録 ボーナス カジノ risk for our insureds.”

Michael Palotay joined Tokio Marine HCC in 2019 when 登録 ボーナス カジノ Houston-based insurer acquired NAS Insurance. Initially, as Chief Underwriting Officer, Michael was focused on maximizing underwriting profitability, product development and overall business development. He continued in this role within 登録 ボーナス カジノ Cyber & Professional Lines group at Tokio Marine HCC until January 1st, 2022, when Michael was appointed President of 登録 ボーナス カジノ group, where he continues to focus on delivering innovative products and services that drive success for its clients, partners, and employees.