Commercial Insurance Forums

Recent trends in cyber crime

In the first half of 2023, there was a notable shift in threat trends. While traditional consumer-focused cyber threats declined slightly, social engineering and web-related threats (such as scams, phishing, and malicious advertising) increased sharply.

It is predicted that generative AI, unsecured employee behavior, third-party risks, continuous threat exposure, boardroom communication gaps, and identity-first approaches to security will shape cyber-security trends as 2024 continues.

The different types of Cyber Attacks:

1. Pandemic-Related Phishing: Scammers have exploited COVID-19 fears by sending phishing emails related to health information, vaccines, and relief efforts.

2. Ransomware Attacks: Ransomware remains a significant threat, targeting both individuals and organizations. Cyber criminals encrypt data and demand payment for its release.

Owning rental property brings exciting income opportunities, but also unique risks. Before welcoming tenants, shield yourself from financial surprises with the right insurance coverages. Here's what every landlord needs:

1. Property Insurance:

• Dwelling Coverage: Protects your rental property from major events like fire, theft, weather damage, and vandalism.

• Other Structures Coverage: Ensures detached garages, sheds, and fences are also protected.

• Loss of Rent Coverage: Pays for lost rental income if your property is uninhabitable due to a covered event.

2. Liability Insurance: ⚖️

In recent years, cyberattacks have become increasingly common and sophisticated. This is especially true for small and medium-sized businesses (SMBs), which are often seen as easy targets. As a result, cyber insurance is becoming increasingly important for SMBs.

Cyber insurance can help SMBs recover from a cyberattack by covering the costs of:

• Data recovery

• Ransomware payments

• Business interruption

• Legal fees