Digital insurance with AI sets the trend in the Insurtech market
12/04/2024Digital insurance, connected and driven by generative Artificial Intelligence (AI), is making a milestone in the Insurtech market, according to a report prepared by the technology consultancy NTT Data. The report, 'Insurtech Global Outlook 2024,' delves into the three waves of innovation that are reshaping the insurance sector and also offers recommendations derived from its main findings. NTT Data experts detail that, after reaching record investment figures in previous years, the sector experienced an adjustment in 2023, reflecting both the bursting of a bubble and a strategic adaptation to new global economic and political realities. Three waves of innovation in digital insurance The NTT Data report identifies "three waves of innovation" in the insurance industry: digital insurance, connected insurance, and generative insurance. The first ones, they explain, mark the entry of Insurtech companies into the market, while connected insurance leads the shift towards proactive prevention strategies and personalized approaches for the client. The latter, generative insurance linked to AI, they add, are helping insurance companies to generate high-impact models in society, while also complying with ethical regulations. In fact, according to this work, cybersecurity and AI emerge as fundamental pillars for the transformation of the sector. The report highlights, for example, an investment of 640 million dollars in cybersecurity, with a growth in the number of transactions and an increasing focus on protection against cyber risks. In addition, artificial intelligence, with investments of over 50 billion dollars, is consolidating, according to the NTT Data report, as a disruptive force, paving the way for revolutionary solutions and business models.
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Macro cyber-attack affects more than 350 companies worldwide
07/07/2021The number of companies that have suffered from the REvil macro cyberattack now exceeds 350 organizations worldwide from which the cybercriminals are demanding 70 million in bitcoins to provide them with a universal decryptor to restore their data. The attack was conducted through the update system of IT services software company Kaseya, which REvil exploited to spread and hide ransomware. The virus was leaked to TI Kaseya resellers and from there has reached all end customers using their software. The official data provided by TI Kaseya sets the number of affected companies at 350, although other sources such as the cybersecurity company ESET talk about more than 1,000, including some Spanish organizations, although no names have been disclosed. It has been made public that one of the companies most affected by the cyberattack has been the Swedish supermarket chain Coop, which has had to close its more than 800 points of sale for a few days due to the impossibility of using its cash registers or charging customers. Based on Sophos threat intelligence, REvil has been active in recent weeks and is currently the dominant ransomware gang involved in Sophos' defensively managed threat response cases. Prior to this latest attack, they were also responsible for the one suffered by meat company JBS, which forced the cancellation of all work shifts at the company's slaughterhouses in the US. JBS paid up to 11 million to restore normal operations. These macro cyber-attacks are in addition to other recent and highly significant ones, such as the one perpetrated by the hacker group DarkSide, which forced the preventive shutdown of the largest oil pipeline network in the United States, Colonial Pipeline, endangering the supply of fuel in a large part of the country, or the one suffered by the SEPE and the Ministry of Labor in Spain a few weeks ago.
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