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Monthly Archives: July 2017

Insurance needs to adapt to new technology

Technology-focused investments are pushing business model changes across industries. With the continuous development of technology and its applications crossing traditional boundaries, insurance policies need to adapt to rising pressures of meeting new demands.

Insurance policies within the personal lines insurance value chain, including product development, client acquisition, underwriting, and claims are being challenged to update their policies as technology changes. Digital capabilities and the arrival of new competitors carving off pieces of the insurance value chain may well drive a significant restructuring of the industry.

New innovative technologies are rooted in mobile and digital but include a wide range of categories, with fundamental changes in communication, data availability and computation. Underlying these changes are several critical enabling technologies, from connectivity to analytics to artificial intelligence.

Insurance needs to continue to adapt as technology advances. We will continue to provide information regarding technology and its relation to insurance developments.

Source: http://www.canadianunderwriter.ca/insurance/innovation-based-disruption-personal-lines-insurance-will-drive-new-business-models-conning-1004114524/

Cyber security risk: malware designed to perform attacks on power supply infrastructure

ESET Canada Inc., an IT security company, reported that its researchers have been analyzing samples of dangerous malware capable of performing an attack on power supply infrastructure.

They have named this malware Industroyer and state that is was most likely involved in the December 2016 cyber attack on Ukraine’s power grid. This attack resulted in power outages for over an hour in the capital of Kiev.

This newly discovered malware is capable of directly controlling electricity substation switches and circuit breakers. It uses industrial communication protocols used worldwide in power supply infrastructure, transportation control systems and other critical infrastructure.

The potential impact may range from simply turning off power distribution, triggering a cascade of failures, to more serious damage of equipment.

Kiev’s cyber attack is a prime example that cyber insurance should be at the forefront of your business’ budget to protect you from harm.

Source: http://www.canadianunderwriter.ca/insurance/cybersecurity-company-discovers-malware-designed-perform-attacks-power-supply-infrastructure-1004114987/