The fast pace of technological developments has introduced many opportunities and challenges for businesses and individuals alike, says Nadia Shiba, Specialist Claims Manager at specialist insurer iTOO Special Risks.
Advanced software allows organisations to streamline and fast track the execution of mundane and repetitive tasks to be more efficient and competitive. Emerging technologies such as Artificial Intelligence (AI) have brought a whole new dimension to data analysis and extraction of insights at a fraction of cost and time, says Sadiya Mather, Claims Specialist at specialist insurer iTOO Special Risks.
“The downside however is that criminal syndicates are also keeping a close watch on these developments and are going to jump on the AI bandwagon, increasing the number and sophistication of cyberattacks and the scale of damage to businesses,” adds Shiba.
Data from Interpol member countries and Gateway partners suggest that artificial intelligence is the latest technological development exploited by criminals, for example to minimize traditional phishing warning signs.
She expects the quantum and impact of cyberattacks to multiply in the next few years. “While we have not yet observed AI-aided cyberattacks for the purpose of extracting ransom payment from our claims data, it is probably a matter of time before those types of claims begin to materialise,” warns Shiba.
“We are already seeing the influence of AI in creating deep fakes, making it almost impossible for a person to distinguish between AI-generated content and reality”, says Mather.
Cyberattacks are a crime, a major disruptor to business operations as well as being economic weapons of mass destruction with the ability to shave off billions in gross domestic product (GDP). Shiba says “The first Interpol Africa Cyberthreat Assessment Report estimated the financial impact of cybercrime in the region of more than USD 4 billion.”
While it is prudent to take cyber cover to protect businesses against such risks, Shiba cautions businesses from rushing to pay a ransom to cyber criminals if an attack materialises. “When a business in under cyberattack, this is a time of great stress, and executives may panic. Business leaders’ instinctive reaction is to restore operations and calm. They may rush to pay a ransom to put the entire episode behind them, protect the business’ reputation and their client’s confidential information,” says Shiba.
However, Shiba advises that certain steps are essential for an effective claims process. “To proceed with a claim, we need to confirm compliance with policy terms related to preventative measures and ensure that the cyberthreat has been fully eliminated from the environment,” says Shiba.
Mather advises that businesses continue to remain vigilant through preparation, awareness of emerging threats and be ready to deploy countermeasures.
As a specialist insurer, iTOO works with teams of specialists from Forensic Investigators, bringing a completely different set of skills to IT professionals who will be part of the team, as well as legal experts and negotiators to assist in establishing the legitimacy of the cyberattack, extent of the compromise as well as ensuring that the threat is isolated from the business environment.
