Cyber Claims: GDPR and business email compromise drive greater frequencies

| August 20, 2019

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Business email compromise (BEC) has overtaken ransomware and data breach by hackers as the main driver of AIG EMEA1 cyber claims, according to the latest cyber claims statistics. Nearly a quarter of reported incidents in 2018 were due to business email compromise (BEC), up significantly from 11% in 2017. Ransomware, data breach by hackers and data breach due to employee negligence were the other main breach types in 2018.

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Hughes Insurance Group

At Hughes Insurance Group, we understand that our customers are the heart and soul of our company. As an independent insurance agency, we are not restricted to using just one insurance provider. This means that we can get the most competitive rates from many different companies, allowing us to insure virtually any type of risk at great rates. Give us a chance to show you how, at Hughes Insurance Group you are not just a another number. We value your business and look forward to the opportunity to serve all of your insurance needs.

OTHER ARTICLES

Insurance Chatbots: Optimizing Customer Experiences

Article | April 13, 2020

Artificial intelligence (AI) has changed the insurance industry – and customer service is no exception. One of the most common forms of AI are the use of chatbots, which Forbes defines as “software functionality that is designed to receive conversational input through text of voice and then generate a response that is also in natural language.” In other words, instead of interacting with a human, you’re “chatting” with a bot that’s programmed to understand your questions and direct you to the right place.

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How Is COVID-19 Impacting the Insurance Industry?

Article | March 30, 2020

As the COVID-19 situation unfolds, governments around the world have a responsibility to look after their people, and most are doing exactly that with the resources they have at hand. Apart from government bodies and healthcare establishments, in unforeseen circumstances such as this involving loss of lives or jobs and the collapse of entire businesses, people are also looking to insurance organisations for support.

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7 Business Models of the Future for Insurers

Article | March 18, 2020

The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:

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What does the landlord insurance cover?

Article | February 27, 2020

Owning real estate is a great way to build long-term wealth. For those that are in the Selden, NY area and would like to build personal equity, getting an investment property could be a great option. If you do own a rental real estate asset, you need to consider your unique insurance needs. To ensure that you and your property are properly covered by insurance, you need to get a quality landlord insurance policy. A landlord insurance policy will protect you a few different ways to ensure you and your assets are protected.

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Spotlight

Hughes Insurance Group

At Hughes Insurance Group, we understand that our customers are the heart and soul of our company. As an independent insurance agency, we are not restricted to using just one insurance provider. This means that we can get the most competitive rates from many different companies, allowing us to insure virtually any type of risk at great rates. Give us a chance to show you how, at Hughes Insurance Group you are not just a another number. We value your business and look forward to the opportunity to serve all of your insurance needs.

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