Operations/tech

Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.

The survey found that a majority of Canadian businesses consider cyber threats their top concern and also believe they will eventually fall victim to a cyberattack.

The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.

A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.

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The rate cuts will affect both new and renewal business across most products, with the biggest reductions affecting new business.

These measures are intended to create a more efficient organization, and they follow a thorough evaluation and reduction of operational expenses across Farmers, the announcement noted.

Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.

Issues with faked letters of credit are not limited to one banking provider, sources said.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

Inside P&C’s morning summary of the key stories to get you up to speed fast.