Category Archives: Industry Awards & Events

JIF 2022: Cyber Criminals Shift to Softer Targets And Reputation Threats

Photo credit: Don Pollard

Cyber criminals continued to shift their tactics and adapt their techniques in 2022, according to experts speaking at the Triple-I Joint Industry Forum (JIF) last week.

Ransomware as a business model” remains alive and well, said Michael Menapace, an insurance attorney with the law firm Wiggin and Dana LLP and a Triple-I Non-resident Scholar. What has changed in recent years is that “where the bad actors would encrypt your systems and extract a ransom to give you back your data, now they will exfiltrate your data and threaten to go public with it.”

The types of targets also have changed, Menapace said, with an increased focus on “softer targets – in particular, municipalities” that often don’t have the personnel or finances to maintain the same cyber hygiene as large corporate entities.

Theresa Le, Chief Claims Officer for Cowbell Cyber, concurred with Menapace’s assessment, noting an increased tendency of cyber criminals to contact organizations’ customers or leaders as “a pressure point” for the organization to pay the ransom in order to avoid reputational harm.  

“Threat actors are focusing on the quality of the data that they can extract while they’re ‘in the house’,” Le said, “so it’s not just stealing Social Security numbers or other information they can sell on the Dark Web, as it was a few years ago. It’s really much more thoughtful and focused.”

Scott Shackelford, professor of Business Law and Ethics at Indiana University’s Kelley School of Business, reinforced Menapace’s and Le’s observations about the increased sophistication and adaptability of cyber criminals by talking about state-sponsored incursions.

“It’s not just the North Koreas of the world,” he said, adding that “a growing cadre of nation-states” are launching attacks “not just on large corporations but increasingly small and medium-sized businesses, even local governments.”

“We founded a cyber security clinic two years ago,” Schackelford said, “and the number one request we get from local government and small utilities has to do with insurance coverage. There’s a lot of need out there for better information.”

Shackelford emphasized the continuing evolution of the Internet of Things (IoT) as an “attack surface.” In the new pandemic-driven work-from-home environment, he said, “What counts as a covered computer device for some of these policies has led to litigation and remains a big vulnerability that we’ve only just begun to wrap our minds around.”

The conversation, moderated by Frank Tomasello, executive director for The Institutes Griffith Insurance Education Foundation, ranged across topics that included:

  • Deep-fake technology;
  • The importance aligning insurance pricing with the risk – and educating policyholders on how to get a better price by becoming a better risk;
  • How threats differ for different-sized organizations and for individuals; and
  • The need for better data and information sharing around cyberattacks and trends.

Learn More:

Triple-I “State of Cyber Risk” Issues Brief

JIF 2022: Leaning Forward into a Changed World

By Deena Snell, Director of Research Operations & Membership, Triple-I

Insurance industry decision makers and thought leaders gathered yesterday for the day-long Triple-I Joint Industry Forum (JIF) in New York City to discuss opportunities and challenges across the insurance landscape.

“The world is getting more risky,” Triple-I CEO Sean Kevelighan said in his opening remarks, “and when the world gets more risky people want answers and solutions.”

A recurring theme throughout the event – which featured panels on climate and cyber risk; legal system abuse; diversity, equity, and inclusion; and the impact of current economic conditions on insurers and policyholders – was the importance of moving from a focus on assessing and repairing damage to one of predicting and preventing losses and promoting policyholder resilience.

Kevelighan and State Farm CEO Michael Tipsord had a one-on-one conversation about how the events of recent years – from the COVID-19 pandemic and subsequent supply-chain disruptions to international conflict and inflation levels not seen since the 1970s – have contributed to shifting customer and employee behavior and expectations.

Watch this space next week for blogs featuring the panel discussions.

JIF 2021: Risk & the “New Normal”

Insurance industry decision makers and thought leaders gathered yesterday for the Triple-I Joint Industry Forum (JIF) in New York City to share insights on managing risk in the post-pandemic world.

The in-person, daylong program was conducted in accordance with New York City’s COVID-19 protocols. Topics ranged from climate and cyber risk and the impact of “runaway litigation” on insurer losses and policyholder premiums to the challenges and opportunities presented by “the Great Resignation” for acquiring and nurturing talent in the industry.

The panels featured speakers from across the insurance world, academia, and media. Watch this space next week for panel wrap-ups.

CNBC’s Contessa Brewer to Interview Triple-I CEO at Joint Industry Forum

CNBC business journalist Contessa Brewer will interview Triple-I CEO Sean Kevelighan at Triple-I’s Joint Industry Forum (JIF) on December 2.

“Insurance is one of the industries I cover for CNBC, so I look forward to discussing the top issues of the day at one of its premier events,” Brewer said.  “Given 2021’s extreme weather, high-profile cyberattacks, and economic volatility, insurance has been in the news constantly, so there are plenty of things to talk about.”

The 2021 JIF is being held at the New York Hilton Midtown. The in-person, daylong program, bringing together the most accomplished thinkers and leaders in insurance, will be conducted in accordance with New York City’s Covid-19 protocols.

“CNBC is a recognized world leader in business news and reaches millions of Americans across all of its platforms,” Kevelighan said, adding that he looks forward to “a robust discussion” with Brewer. The agenda also includes panels on insurance economics, insurer talent and recruitment initiatives, and the societal costs of runaway litigation. 

Click here to register.