The business landscape has changed drastically over the past several months as the world has struggled to combat and adapt to a global health crisis. Many organizations successfully pivoted their workforce to remote work, some even reporting increased productivity as a result. While there may be some positive outcomes of this forced remote environment, unintended consequences and risks may also emerge.
Read more in this recent Insurance Journal article, authored by Intact Management Liability’s Brian Lester.
PLYMOUTH, Minn., Nov. 11, 2020 /PRNewswire/ — Intact Insurance Specialty Solutions, the brand for Intact Financial Corporation’s (TSX: IFC) U.S. insurance company subsidiaries, announced today its new cyber insurance solutions delivered in partnership with program manager Resilience Insurance. By innovatively blending Resilience’s cyber analytics technology with Intact’s risk transfer capabilities, the companies are enhancing the breadth of risk mitigation available to the cyber insurance market.
“We are very pleased to be partnering with the Resilience team, whose track record and deep expertise in the cyberrisk space parallels our hallmark specialized approach to the marketplace,” said Mike Miller, President of U.S. and Intact Insurance Specialty Solutions. “Our new partnership with Resilience comes at an exciting time for us all, and positions us well for future growth and opportunity.”
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James Reiss has been appointed President of International Bond & Marine Brokerage, Ltd. (“IB&M”), a market-leading brokerage providing risk management solutions to the international trade industry, which was recently acquired by Intact Insurance Specialty Solutions, a brand of Intact Financial Corporation (TSX: IFC). Reiss will now report to Peter Weightman, Senior Vice President and Chief Underwriting Officer, Specialty Solutions, North America.
Said Weightman, “We’re thrilled to have welcomed IB&M into the Intact family in September and we’re very pleased to see James assume the leadership of IB&M’s operations. With his solid financial background and leadership skills, he is well suited to continue to build upon IB&M’s market-leading expertise and reputation. I look forward to working closely with him moving forward.”
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We’re excited to be sponsoring and participating in this year’s virtual PLUS conference beginning on Monday, 11/9. The theme this year is Navigating the New Normal, with the three main content focal areas being- Insuring Innovation, The Impact of Business, and Changes to the Workplace and Society. Members of our Management Liability team will be in attendance, and our very own Jennifer Weinstein will take part in a panel presentation: The Pressure is Rising from Inside. This session will explore how social activism is seen throughout an organization and the distinction between private and public employees and the rules effecting these different sectors. Hope to see you there!
Globally, the internet of Things (IoT) consumer market is anticipated to reach almost $1.6 trillion by 2025 according to Statista. Homes and buildings are increasingly utilizing smart technology to protect people and valuables, reduce energy costs, improve health and hygiene, and save time. Examples include security cameras, expanded entertainment options, and automation/optimization of temperature and lighting.
Statista predicts that globally 70 percent of light-duty vehicles and trucks will be connected to the Internet by 2023. Connected vehicles communicate and share Internet access and data with other devices inside and outside of them. Some benefits include real-time traffic information and route optimization, use of apps to remotely lock or start vehicles, parking assistance, emergency service requests, interface with parking meters and electric vehicle charging docks along with entertainment options. Communication with other vehicles and road infrastructure will become critical as autonomous vehicles become a reality that will increase transportation possibilities for the disabled.
The use of smart technology in urban areas around the world is growing and presents many new opportunities and challenges. Potential benefits associated with smart cities include enhanced quality of life by improving operational efficiencies, reducing costs, increasing sustainability, and creating safer surroundings. Some examples include:
- Monitor and improve public safety, health, and transportation
- Monitor vehicle traffic and provide real-time traffic reports
- Reduce road congestion by utilizing traffic signals and road sensors that adjust and respond to real-time traffic
- Monitor pedestrian traffic
- Use of cameras to determine crowd density and investigate crimes
- Maximize utilization of municipal resources and services
- Automatically dim and brighten streets lights by detecting motion based on activity
- Improve air and water quality, lessen noise pollution, decrease energy consumption, and reduce refuse and odors
- Enable citizens to interact with smart cities using apps on smart phones and mobile devices.
- Parking sensors that provide real-time info on apps to locate available parking spaces
The greater the number of connected devices in a city, the bigger the risk that a data breach could potentially expose personal data. As smart cities become more prevalent, they create new opportunities for exploitation by cybercriminals. Privacy and security challenges as well as surveillance concerns are inherent factors. The data acquired can be used for optimization of resources, infrastructure planning, and enhanced public safety; however, smart cities also collect information about citizens. Facial recognition technology is a reality, and many United States cities are banning it. Currently, Portland, OR has the most restrictive laws in the country prohibiting private and government use.
A future filled with connected devices demands that the benefits be balanced with privacy and security concerns. Regulations and laws will need to be created or strengthened to further protect citizens. And it is inevitable that cybercriminals will quickly adapt to take advantage of the evolving threat landscape.