Millions exposed to cyber risk as Microsoft Windows 7 reaches end-of-life

Microsoft | January 20, 2020

Microsoft Windows 7 and Windows Server 2008 operating systems reached their end-of-life (EOL) date on January 14, 2020. This means that Microsoft will no longer provide patches to secure, update, fix or improve these systems, and, as a result, users who decide not to upgrade or change systems could be exposed to dangerous cyber vulnerabilities. Windows 7 has long been one of the most popular Microsoft operating systems. Even today, almost 11 years after it was first launched, millions of PCs are still running Windows 7 despite Microsoft spending years of effort trying to get users to upgrade to Windows 10 free of charge. Estimates from Netmarketshare in December 2019 indicate that approximately 26.6% of all users operating Windows OS are using Windows 7, giving the recent EOL event a cyber risk profile that may be unprecedented in the history of software.

Spotlight

Opening up to new business models
As we explore in the report, leading companies recognise that it takes more than just technology to drive innovation and differentiation. They’re envisioning customer needs beyond traditional insurance and have adopted a proactive approach to talent development and strategic collaboration in support of this. They’re also defined by their readiness to embrace new business models, recognition of data as their organisation’s most critical asset, and agile approach to execution and change management.

Spotlight

Opening up to new business models
As we explore in the report, leading companies recognise that it takes more than just technology to drive innovation and differentiation. They’re envisioning customer needs beyond traditional insurance and have adopted a proactive approach to talent development and strategic collaboration in support of this. They’re also defined by their readiness to embrace new business models, recognition of data as their organisation’s most critical asset, and agile approach to execution and change management.

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RISK MANAGEMENT

JENCAP GROUP ACQUIRES INTERNATIONAL ASSURANCE OF TENNESSEE, Expands Medical Stop-Loss Capabilities

Jencap Group LLC | January 04, 2022

Jencap Group LLC (Jencap) has agreed to acquire International Assurance of Tennessee (IAT), a Managing General Underwriter (MGU) specializing in Employer and Medical Stop Loss Insurance. IAT will operate under the auspices of the Jencap Program Administrators LLC division. “The rapidly changing landscape of the insurance industry demands precision and expertise. When you integrate IAT’s niche specialization and proven success into Jencap’s established Stop Loss book of business, we will better serve the growing market demand for Stop Loss Insurance by providing additional resources and an expanded geographic footprint to our agency partners.” -John Jennings, Chief Executive Officer of Jencap IAT is one of the longest standing MGU’s in the business, with its principal office located in Franklin. “For nearly 40 years, our team at IAT has exceeded our agency partners’ expectations by staying true to our product, providing unparalleled service, and remaining consistent in our approach. Partnering with Jencap will offer amplified growth and expansion for IAT and allow us to capitalize on new Stop Loss opportunities in the marketplace.” -TN. Bob Baisden, President and Founder of IAT About International Assurance of Tennessee Founded in 1984, International Assurance of Tennessee is one of the oldest Managing General Underwriters in the business. They write Employer Stop Loss and Medical Stop Loss Insurance for prisons and jails. About Jencap Group Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 17,000 independent agency partners.

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RISK MANAGEMENT

Surefire Cyber Introduces Incident Response Company to Aid the Cyber Insurance Industry

Surefire Cyber | June 01, 2022

Surefire Cyber, a new incident response company, debuted today to assist cyber insurers, brokers, legal firms, and the enterprises they support in better managing cyber events like ransomware, email hacking, and other cybercrimes. The firm received a $10 million Series A round of funding from Forgepoint Capital. Surefire Cyber's goal is to work with our clients and partners to swiftly manage a cyber incident and then bring forward capabilities to help them become more cyber resilient. Our delivery of end-to-end digital forensics and incident response capabilities is built on a tech-enabled framework and delivered through a platform that aligns and connects an organization's executives, technical team, insurance carrier, and legal counsel." Billy Gouveia, the CEO and Founder of Surefire Cyber. Surefire Cyber is committed to being great partners to carriers, brokers, Breach Coaches®, and the clients they work together to support. We are pleased to welcome them as new contributors to the cyber insurance ecosystem who offer deep experience and a valuable perspective." Mark Greisiger, President and Founder of NetDiligence®. Based on two long-term trends: the rising cost of cyber incidents and the growing adoption of cyber insurance, industry veterans found Surefire Cyber as a purpose-built response firm that leverages a proven team and a tech-enabled platform to improve transparency, improve decision making, minimize business interruption, and guide organizations from recovery to long-term resilience. Forgepoint Capital, the world's most active early-stage cybersecurity venture capital firm, is backing Surefire Cyber. Before he started Surefire Cyber, Gouveia worked as an Entrepreneur-in-Residence at Forgepoint. There, he helped develop the company's strategy, business model, technology, and team, as well as build important partnerships with companies across the firm's portfolio.

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INSURANCE TECHNOLOGY

Milestone Partners Invests in a Holding Company for Specialty Auto Insurance

Milestone Partners | May 27, 2022

Milestone Partners announces the formation of specialty auto insurance holding company Drive Assurance Holdings LLC ("Drive Assurance"). It also announces the acquisition of GoAuto, LLC ("GoAuto") and its technology platform, Adaptive Information Technologies, LLC ("Adaptive Information Technologies") ("AIT"). GoAuto is a vertically integrated, tech-focused personal auto insurance platform that offers low-limit plans via its managing general agent and insurance carrier subsidiaries. GoAuto, which was founded in 2009 and distributes insurance directly to consumers online and through 70 captive shops, has traditionally achieved lower loss ratios and higher profitability than its industry counterparts by employing AIT's unique data analytics and underwriting technology. The dedicated balance sheet capacity of GoAuto's insurance carrier enables for better value chain capture, which is enhanced by reinsurance arrangements that enable an asset light approach and lower retained risk. GoAuto's speciality market area is expanding, highly fragmented, and anticipated to account for nearly 22% of total personal vehicle insurance premiums of $260 billion. GoAuto is Louisiana's third largest personal auto insurance, with operations expanding into Texas, Nevada, and Ohio. At GoAuto, Milestone intends to implement policies in the areas of environmental, social, and governance, as well as diversity, equity, and inclusion. GoAuto's proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader. We look forward to working with the management team on executing their strategic initiatives." Adam Curtin, Partner at Milestone. Greg Tramontin, CEO and Founder of GoAuto, shared that they are looking forward to working with Milestone as they enter the next phase of their development. They are certain that, together, they will continue to provide best-in-class vehicle protection products and customer support to their loyal customers, given their specialized sector emphasis on financial technology companies and extensive experience in automotive finance services.

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