Tag: millennials

  • As Cybercriminals Act More Like Businesses, Insurers Must Think More Like Criminals

    April 20, 2022

    Tags: ,

    Cyber­se­cu­ri­ty is no longer an emerg­ing risk but a clear and present one for orga­ni­za­tions of all sizes, pan­elists on a pan­el at Triple‑I’s Joint Indus­try Forum (JIF) said. This is due in large part to the fact that cyber­crim­i­nals are increas­ing­ly think­ing and behav­ing like businesspeople.

    “We’ve seen a large increase in ran­somware attacks for the sen­si­ble eco­nom­ic rea­son that they are lucra­tive,” said Mil­li­man man­ag­ing direc­tor Chris Beck. Cyber­crim­i­nals also are becom­ing more sophis­ti­cat­ed, adapt­ing their tech­niques to every move insur­ers, insureds, and reg­u­la­tors make in response to the lat­est attack trends. “Because this is a lucra­tive area for cyber bad actors to be in, spe­cial­iza­tion is hap­pen­ing. The peo­ple behind these attacks are becom­ing bet­ter at their jobs.”

    As a result, the chal­lenges fac­ing insur­ers and the cus­tomers are increas­ing and becom­ing more com­plex and cost­ly. Cyber insur­ance pur­chase rates reflect the grow­ing aware­ness of this risk, with one glob­al insur­ance bro­ker find­ing that the per­cent­age of its clients who pur­chased this cov­er­age rose from 26 per­cent in 2016 to 47 per­cent in 2020, the U.S. Gov­ern­ment Account­abil­i­ty Office (GAO) stat­ed in a May 2021 report.

    Pan­el mod­er­a­tor Dale Por­fil­io, Triple‑I’s chief insur­ance offi­cer, asked whether cyber is even an insur­able risk for the pri­vate mar­ket. Pan­elist Paul Miskovich, glob­al busi­ness leader for the Pan­go Group, said cyber insur­ance has been prof­itable almost every year for most insur­ers. Most cyber risk has been man­aged through more con­trols in under­writ­ing, changes in cyber­se­cu­ri­ty tools, and mod­i­fi­ca­tions in IT main­te­nance for employ­ees, he said.

    By 2026, pro­jec­tions indi­cate insur­ers will be writ­ing $28 bil­lion annu­al­ly in gross writ­ten pre­mi­um for cyber insur­ance, accord­ing to Miskovich. He said he believes all the pieces are in place for insur­ers to adapt to the chal­lenges pre­sent­ed by cyber and that part of the industry’s evo­lu­tion will rely on recruit­ing new talent.

    “I think the first step is bring­ing more young peo­ple into the indus­try who are more facile with tech­nol­o­gy,” he said. “Where insur­ance com­pa­nies can’t move fast enough, we need part­ner­ships with man­ag­ing gen­er­al agents, with tech­nol­o­gy and data ana­lyt­ics, who are going to bring in data and new information.”

    “Rein­sur­ers are in the game,” said Cather­ine Mul­li­gan, Aon’s glob­al head of cyber, stress­ing that rein­sur­ers have been doing a lot of work to advance their under­stand­ing of cyber issues. “The attack vec­tors have large­ly remained unchanged over the last few years, and that’s good news because under­writ­ers can pay more atten­tion to those par­tic­u­lar expo­sures and can close that gap in cybersecurity.”

    Mul­li­gan said rein­sur­ers are com­mit­ted to the cyber insur­ance space and believe it is insur­able. “Let’s just keep refin­ing our under­stand­ing of the risk,” she said.

    When think­ing about the future, Milliman’s Beck stressed the impor­tance of under­stand­ing the busi­ness-dri­ven log­ic of the cybercriminals.

    If, for exam­ple, “insur­ance con­tracts will not pay if the insured pays the ran­som, the log­ic for the bad actor is, ‘I need to come up with a ran­som schema that I’m still mak­ing mon­ey’,” but the insured can still pay with­out using the insur­ance contract.

    This could lead to a sce­nario in which the ran­som demands become small­er, but the fre­quen­cy of attacks increas­es. Under such cir­cum­stances, insur­ers might have to respond to demand for a new kind of product.

    Orig­i­nal­ly post­ed on Insur­ance Infor­ma­tion Institute

  • Generational Myths Part 2: Millennials

    April 6, 2022

    Tags: ,

    Today’s offices poten­tial­ly span five full gen­er­a­tions rang­ing from Gen­er­a­tion Z to the Silent Gen­er­a­tion. A cowork­er could just as eas­i­ly be raised with a smart phone in hand as they could have used a type­writer at their first job. Some see dif­fer­ences between gen­er­a­tional col­leagues as an annoy­ance (“kids these days!”) and many rely on gen­er­a­tional stereo­types as fact. Truth of that mat­ter is that gen­er­a­tional stereo­types have about as many holes in them as a piece of Swiss cheese. Cur­rent research ques­tions the valid­i­ty of gen­er­a­tional stereo­types. This series uncov­ers top gen­er­a­tional myths as a strat­e­gy to sup­port a diverse and healthy employ­ee population.

    Next, we progress to a group whose eldest mem­bers reached adult­hood in the year 2000: Mil­len­ni­als (also known as Gen­er­a­tion Y). This cohort was born between 1981 and 1996. The top three myths of Mil­len­ni­als include:

    1. They are the lazi­est gen­er­a­tion at work. Mil­len­ni­als have been called the “tro­phy” gen­er­a­tion with the impli­ca­tion that they receive acco­lades for just show­ing up. The impres­sion this leaves in the work­force is that they are lack­ing moti­va­tion to go above and beyond, and may be com­fort­able phon­ing it in. The data doesn’t sup­port this crit­i­cal gen­er­al­iza­tion! Most Mil­len­ni­als are inspired by big, hairy goals at work. In fact, 59% of Mil­len­ni­als report­ed that com­pe­ti­tion is “what gets them up in the morning.”
    2. Mil­len­ni­al employ­ees need life instruc­tions on “adult­ing.” Chil­dren of the ‘80s and ‘90s were raised with a teacher, coach, or par­ent near­by to instruct or help them fig­ure out a solu­tion. For that rea­son, they often get labeled as inca­pable. This may lead you to believe that this gen­er­a­tion is lack­ing smarts, and this couldn’t be fur­ther from the truth. Close to 40% of adults aged 25 to 37 have a bach­e­lor’s degree, a per­cent­age that over­shad­ows both Baby Boomers and Gen­er­a­tion Y at this same point in their life. Mil­len­ni­als are more edu­cat­ed and more tech­nol­o­gy savvy than pri­or gen­er­a­tions. One sign of their life skills apti­tude? Check out their retire­ment accounts. Dave Ram­sey, per­son­al finance guru, summed it up like this: “Even though Mil­len­ni­als have had less 20 years to build their retire­ment wealth, they are not that far behind many of those who are clos­est to retire­ment.” Yes, they may ask a lot of ques­tions, but don’t let this fool you.
    3. They are job hop­pers. They don’t com­mit to com­pa­nies. They leave jobs at the drop of a hat. This tune may sound famil­iar because you have heard it before. A Pew Research study showed that when you freeze data for age, Gen­er­a­tions X and Mil­len­ni­als had sim­i­lar tenures at work. Work­ers in the first few decades of their career are more open to look­ing for new oppor­tu­ni­ties to explore new jobs and learn. The data show that this sen­ti­ment is more close­ly aligned with a stage in life that all gen­er­a­tions have expe­ri­enced. So, let’s give Mil­len­ni­als a break here. Just because they don’t intend to stick around at one com­pa­ny to receive a glass retire­ment plaque doesn’t mean they have any less val­ue than oth­er generations.

    Despite what you may have heard, Mil­len­ni­als are hard work­ers with the know-how to quick­ly pick up new knowl­edge or skills. They val­ue sta­bil­i­ty just as much, or more, than pri­or generations.

     

  • As Cybercriminals Act More Like Businesses, Insurers Must Think More Like Criminals

    April 20, 2022

    Tags: ,

    Cyber­se­cu­ri­ty is no longer an emerg­ing risk but a clear and present one for orga­ni­za­tions of all sizes, pan­elists on a pan­el at Triple‑I’s Joint Indus­try Forum (JIF) said. This is due in large part to the fact that cyber­crim­i­nals are increas­ing­ly think­ing and behav­ing like businesspeople.

    “We’ve seen a large increase in ran­somware attacks for the sen­si­ble eco­nom­ic rea­son that they are lucra­tive,” said Mil­li­man man­ag­ing direc­tor Chris Beck. Cyber­crim­i­nals also are becom­ing more sophis­ti­cat­ed, adapt­ing their tech­niques to every move insur­ers, insureds, and reg­u­la­tors make in response to the lat­est attack trends. “Because this is a lucra­tive area for cyber bad actors to be in, spe­cial­iza­tion is hap­pen­ing. The peo­ple behind these attacks are becom­ing bet­ter at their jobs.”

    As a result, the chal­lenges fac­ing insur­ers and the cus­tomers are increas­ing and becom­ing more com­plex and cost­ly. Cyber insur­ance pur­chase rates reflect the grow­ing aware­ness of this risk, with one glob­al insur­ance bro­ker find­ing that the per­cent­age of its clients who pur­chased this cov­er­age rose from 26 per­cent in 2016 to 47 per­cent in 2020, the U.S. Gov­ern­ment Account­abil­i­ty Office (GAO) stat­ed in a May 2021 report.

    Pan­el mod­er­a­tor Dale Por­fil­io, Triple‑I’s chief insur­ance offi­cer, asked whether cyber is even an insur­able risk for the pri­vate mar­ket. Pan­elist Paul Miskovich, glob­al busi­ness leader for the Pan­go Group, said cyber insur­ance has been prof­itable almost every year for most insur­ers. Most cyber risk has been man­aged through more con­trols in under­writ­ing, changes in cyber­se­cu­ri­ty tools, and mod­i­fi­ca­tions in IT main­te­nance for employ­ees, he said.

    By 2026, pro­jec­tions indi­cate insur­ers will be writ­ing $28 bil­lion annu­al­ly in gross writ­ten pre­mi­um for cyber insur­ance, accord­ing to Miskovich. He said he believes all the pieces are in place for insur­ers to adapt to the chal­lenges pre­sent­ed by cyber and that part of the industry’s evo­lu­tion will rely on recruit­ing new talent.

    “I think the first step is bring­ing more young peo­ple into the indus­try who are more facile with tech­nol­o­gy,” he said. “Where insur­ance com­pa­nies can’t move fast enough, we need part­ner­ships with man­ag­ing gen­er­al agents, with tech­nol­o­gy and data ana­lyt­ics, who are going to bring in data and new information.”

    “Rein­sur­ers are in the game,” said Cather­ine Mul­li­gan, Aon’s glob­al head of cyber, stress­ing that rein­sur­ers have been doing a lot of work to advance their under­stand­ing of cyber issues. “The attack vec­tors have large­ly remained unchanged over the last few years, and that’s good news because under­writ­ers can pay more atten­tion to those par­tic­u­lar expo­sures and can close that gap in cybersecurity.”

    Mul­li­gan said rein­sur­ers are com­mit­ted to the cyber insur­ance space and believe it is insur­able. “Let’s just keep refin­ing our under­stand­ing of the risk,” she said.

    When think­ing about the future, Milliman’s Beck stressed the impor­tance of under­stand­ing the busi­ness-dri­ven log­ic of the cybercriminals.

    If, for exam­ple, “insur­ance con­tracts will not pay if the insured pays the ran­som, the log­ic for the bad actor is, ‘I need to come up with a ran­som schema that I’m still mak­ing mon­ey’,” but the insured can still pay with­out using the insur­ance contract.

    This could lead to a sce­nario in which the ran­som demands become small­er, but the fre­quen­cy of attacks increas­es. Under such cir­cum­stances, insur­ers might have to respond to demand for a new kind of product.

    Orig­i­nal­ly post­ed on Insur­ance Infor­ma­tion Institute

  • Generational Myths Part 2: Millennials

    April 6, 2022

    Tags: ,

    Today’s offices poten­tial­ly span five full gen­er­a­tions rang­ing from Gen­er­a­tion Z to the Silent Gen­er­a­tion. A cowork­er could just as eas­i­ly be raised with a smart phone in hand as they could have used a type­writer at their first job. Some see dif­fer­ences between gen­er­a­tional col­leagues as an annoy­ance (“kids these days!”) and many rely on gen­er­a­tional stereo­types as fact. Truth of that mat­ter is that gen­er­a­tional stereo­types have about as many holes in them as a piece of Swiss cheese. Cur­rent research ques­tions the valid­i­ty of gen­er­a­tional stereo­types. This series uncov­ers top gen­er­a­tional myths as a strat­e­gy to sup­port a diverse and healthy employ­ee population.

    Next, we progress to a group whose eldest mem­bers reached adult­hood in the year 2000: Mil­len­ni­als (also known as Gen­er­a­tion Y). This cohort was born between 1981 and 1996. The top three myths of Mil­len­ni­als include:

    1. They are the lazi­est gen­er­a­tion at work. Mil­len­ni­als have been called the “tro­phy” gen­er­a­tion with the impli­ca­tion that they receive acco­lades for just show­ing up. The impres­sion this leaves in the work­force is that they are lack­ing moti­va­tion to go above and beyond, and may be com­fort­able phon­ing it in. The data doesn’t sup­port this crit­i­cal gen­er­al­iza­tion! Most Mil­len­ni­als are inspired by big, hairy goals at work. In fact, 59% of Mil­len­ni­als report­ed that com­pe­ti­tion is “what gets them up in the morning.”
    2. Mil­len­ni­al employ­ees need life instruc­tions on “adult­ing.” Chil­dren of the ‘80s and ‘90s were raised with a teacher, coach, or par­ent near­by to instruct or help them fig­ure out a solu­tion. For that rea­son, they often get labeled as inca­pable. This may lead you to believe that this gen­er­a­tion is lack­ing smarts, and this couldn’t be fur­ther from the truth. Close to 40% of adults aged 25 to 37 have a bach­e­lor’s degree, a per­cent­age that over­shad­ows both Baby Boomers and Gen­er­a­tion Y at this same point in their life. Mil­len­ni­als are more edu­cat­ed and more tech­nol­o­gy savvy than pri­or gen­er­a­tions. One sign of their life skills apti­tude? Check out their retire­ment accounts. Dave Ram­sey, per­son­al finance guru, summed it up like this: “Even though Mil­len­ni­als have had less 20 years to build their retire­ment wealth, they are not that far behind many of those who are clos­est to retire­ment.” Yes, they may ask a lot of ques­tions, but don’t let this fool you.
    3. They are job hop­pers. They don’t com­mit to com­pa­nies. They leave jobs at the drop of a hat. This tune may sound famil­iar because you have heard it before. A Pew Research study showed that when you freeze data for age, Gen­er­a­tions X and Mil­len­ni­als had sim­i­lar tenures at work. Work­ers in the first few decades of their career are more open to look­ing for new oppor­tu­ni­ties to explore new jobs and learn. The data show that this sen­ti­ment is more close­ly aligned with a stage in life that all gen­er­a­tions have expe­ri­enced. So, let’s give Mil­len­ni­als a break here. Just because they don’t intend to stick around at one com­pa­ny to receive a glass retire­ment plaque doesn’t mean they have any less val­ue than oth­er generations.

    Despite what you may have heard, Mil­len­ni­als are hard work­ers with the know-how to quick­ly pick up new knowl­edge or skills. They val­ue sta­bil­i­ty just as much, or more, than pri­or generations.

     

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