Cybersecurity remains a core concern worldwide.  Leading experts in the field have cited the following areas warranting particular attention in 2024:

Artificial Intelligence (AI)

ChatGPT and generative artificial intelligence have made AI mainstream, but its long-term effect remains difficult to forecast. Experts expect cyberattacks to become increasingly automated and personalized, as well as cheaper and faster to unleash. On a positive note, it is anticipated that AI capabilities will also increasingly augment the efforts of cyber defenders. 

Ransomware

Ransomware remains the dominant risk and loss driver. Advances have led to stronger ransomware groups, including ransomware-as-a-Service (RaaS) models, driven by AI capabilities reaching multiple regions simultaneously.  Extortion methods are expanding beyond encryption, toward exploitable data for sale, potentially targeting employees, suppliers, customers and other third parties.

Email Compromises

A sharp increase in email attacks are anticipated, where employees are deceived into performing harmful actions, such as making unauthorized payments or sharing sensitive data externally. As scammers seek to prey on comparatively low-hanging fruit, email remains a top attack target, especially since it requires virtually no technical knowledge while reaping very high rewards.

Data Breaches

By the end of 2024, 75% of consumer data worldwide will be covered by privacy regulation, but 60% of all regulated global entities will struggle to comply with intensifying data protection regulation and privacy requirements.  It remains critical to remember that value and criticality of data will only encourage more groups offering hack-for-hire and data theft services. 

Supply Chain Vulnerabilities

Dependence on software and hardware supply chains and digital services will continue to increase, which will continue to attract attackers. Businesses can also expect a greater number of “supply chain attacks as a service,” opening this field to less tech-savvy hacker groups.

The professionals at Evergreen Insurance can work with your business to fashion the best protection coverage for your particular cybersecurity needs.

Copyright 2024 Evergreen Insurance, LLC

Evergreen Insurance, LLC provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

The very nature of a transaction means it has an end point.  One side provides a product or service, the other side provides payment, the exchange occurs, and that’s the end of it.

It can be easy to assume that insurance works within that same transactional formula.  The policyholder pays a premium, the insurance provider stands ready to process a claim – if one should ever be filed – and the transaction occurs on a predetermined basis until either side decides to stop.

But insurance as a simple transaction leaves so much missed value on the table.  In the best relationships, advocacy fills those gaps.

Take just one example of advocacy in action.  When a business is considering major changes to its structure, or operations, or business model, or any other significant variable, the insurance aspect needs to be considered as early as possible.  The insurance agent should be consulted with as much urgency and credence as an attorney.  Getting a comprehensive understanding of changes being considered needs to be the first step in the insurance agent ensuring proper protection and coverage.

Say a company plans to transfer ownership to another entity.  The time to bring in the insurance provider is as soon as the idea arises.  Waiting until 30 days before the scheduled transfer only causes undue pressure, opening the door to potential gaps in coverage, holding up progress and causing delays that didn’t need to happen.

Evergreen Insurance practices a stewardship approach to customer support.  We never see relationships with our customers as transactions, and we do not think of our service to you as a commodity.  It has been a central tenet of our business approach to serve as your advocate, a valuable resource, serving your interests in a comprehensive manner.

Regardless of who provides your insurance coverage, make sure they also demonstrate an eagerness to serve as your advocate.

Copyright 2024 Evergreen Insurance, LLC

Evergreen Insurance, LLC provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.