Morning Briefing: Cyber risk set to intensify this year

Cyber risk set to intensify this year… Consumers opposed to Obamacare repeal… AIA chief pays tribute to retiring FIO director…

Morning Briefing: Cyber risk set to intensify this year

Insurance News


Cyber risk set to intensify this year
The need for cyber insurance coverage is set to escalate this year as attacks intensify and regulators increase their requirements for organizations.

A report from Aon plc company Stroz Friedberg predicts that nation state cyber espionage, a rise in data integrity attacks and an increase in attacks harnessing Internet of Things (IoT) devices will be 2017’s top cyber threats.

“This year we’ll see an intensification of these threats, along with new challenges and a blurring of lines between the actions and responsibilities of the state, markets, businesses and civil society,” said Ed Stroz, Co-President and Co-Founder of Stroz Friedberg. “The flood of fake news and nation state-backed attacks in this past year’s election are just a sign of things to come, as attackers find new ways to seek faster and wider access to data and exploit sensitive information.”

Employees will find that they are increasingly targeted by cyber criminals, the report says. This is because they are a weak link into businesses as ‘social engineering’ persuades them to inadvertently take action that allows entry into organizations’ systems.
Consumers opposed to Obamacare repeal
Most Americans are opposed to the Affordable Care Act being repealed, at least until details of a replacement are known.

The Kaiser Health Foundation polled more than 1,200 random consumers and found that 47 per cent were against a repeal altogether while another 28 per cent were opposed until replacement plans are known. A fifth of respondents support a repeal.

The poll revealed that around 55 per cent believe their ability to get and keep health insurance would stay the same if the ACA is repealed and 67 per cent say lowering health care costs should be a top priority for the new president and Congress.
AIA chief pays tribute to retiring FIO director
The head of the American Insurance Association has given a glowing tribute to the director of the Federal Insurance Office, who is stepping down on January 20.

Michael McRaith was appointed to the role in 2011 following the establishment of the FIO as part of the US Treasury under the Dodd-Frank reforms and Consumer Protection Act. He was previously Illinois insurance department director.

Leigh Ann Pusey, AIA president and CEO, said that McRaith’s term as the FIO’s inaugural director had propelled the agency forward in its aims to provide a centralized national resource to help represent US interests abroad on prudential insurance matters, as well as a platform for dialogue with the state regulatory community to advance an effective and efficient state-based insurance regulatory system.

“AIA thanks Director McRaith for his service. As the nation’s first Director of the Federal Insurance Office, he has been a steadfast advocate for our industry,” commented Pusey.

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