Gangs of cyber criminals are organizing themselves along the lines of drug cartels and changing their strategy of attack in order to keep ahead of authorities' efforts to stamp them out. These cartels are formed to execute ransomware campaigns collaboratively, expanding hackers' playbooks to include so-called “double extortion," data exfiltration and data modification.
US lawmakers criticized Colonial Pipeline Co.'s cybersecurity practices as the company's chief executive officer faced his second day of questioning on Capitol Hill. “If your pipeline provides fuel to 45% of the East Coast, why are you only hardening systems after an attack? Why wasn't it done beforehand," said Representative John Katko, a Republican from New York and ranking member of the House Homeland Security Committee, which held Wednesday's hearing on lessons learned from the attack.
Insurer Nationwide has invested in an early-stage funding round for Certificial, an insurtech with a platform that issues real-time certificates of insurance and simplifies compliance management.
Customers, insurance carriers and their distribution need nonstandard auto protection for drivers now more than any time in history. Although some carriers have declined to cover higher-risk drivers in the past, that could change, partly as a result of economic turmoil caused by the COVID-19 pandemic.
A proposed bill in New York relating to unfair claims settlement practices would provide policyholders with a private right of action against insurers who refuse or delay payment of a claim. The bill comes as many policyholders have expressed frustration over business interruption claim denials in the wake of the COVID-19 pandemic.
Following a tumultuous year sorting through the fallout from the COVID-19 pandemic and a significant number of natural disasters, property and casualty (P&C) insurers stand to gain a boost from President Joe Biden's proposed $2 trillion infrastructure plan. While the scope of the proposal is expected to change as it moves through Congress, its anticipated large investments will be made to modernize the nation's highways, rebuild bridges, and upgrade ports and airports, along with other critical infrastructure needs.
Since the start of the pandemic, U.S. drivers are even more distracted and are speeding more frequently, according to the smartphone telematics platform TrueMotion. In-hand phone use specifically, including scrolling, swiping and typing, has increased by up to 15% relative to before the pandemic. And it's not just phone use that's concerning. Recently, an emergency room physician told me that early in the pandemic, he had seen an uptick in critical injuries caused by devastating crashes; with the roads empty, people in his city were drag racing on normally busy public highways.
By 2026, the global usage-based insurance (UBI) market is anticipated to increase 27.7%, compounded annually, reaching a projected value of $66.8 billion. Growth in the number of telematics-equipped vehicles hitting roads coupled with government regulations on safety and telematics services are anticipated to propel the market, the research company reports. Further, lower insurance premiums offered through UBI are expected to boost the market.