Latest reports indicated that the global cyber insurance rates fell 6% in the third quarter this year as part of overall declines in global commercial insurance rates, representing the same rate of decrease for cybersecurity as the previous two quarters of 2024.
The World Economic Forum (WEF) in a news report on Monday quoted Europe’s nominated head of tech sovereignty and security, Henna Virkkunen, as saying that her team will work towards boosting the EU’s use of artificial intelligence and “disruptive” technology to mitigate the incidents of cybercrime in Europe.
In written responses to European Parliament questions on October 23, Virkunen had said that she would prepare an AI and Cloud Development Act to counter the EU’s growing “productivity gap” with China and the United States.
According to her, the Act would also focus on energy-efficient technology, large-scale investment and security of supply and cybersecurity.
The UK has sanctioned 16 members of the Russian cybercrime gang Evil Corp, which it claimed was used by Russia in operations against NATO allies.
A report from the United Nations Office on Drugs and Crime (UNODC) has warned that Pacific Island nations remained at risk of becoming bases for global criminal gangs, including those involved in cybercrime.
Similarly, a Microsoft blog had warned that an Iranian hacking group was actively scouting US election-related websites and media outlets, suggesting preparations for more “direct influence operations”.
This is even as a new report indicated that India could face nearly 1 trillion cyberattacks yearly from 2033, and by 2047 that figure could rise to 17 trillion. Last year the country faced 79 million. However, in the first quarter of 2024 alone, India was hit by 500 million incidents.
Marlink’s Security Operations Center on cybersecurity threats report has outlined the most detected cybersecurity threats in the first half of this year. Initial access tactics – for example phishing fraud – topped the list, followed by Command and Control.
Meanwhile, Reuters had reported on October 4 this year that global commercial insurance rates fell 1% in the third quarter of 2024, the first quarterly decline recorded in seven years.
It quoted the Global Insurance Market Index by broker and risk advisor Marsh as indicating that the index tracked the change in rates at renewal across four major commercial insurance product lines, namely property, casualty, cyber and financial & professional.
Marsh reported that the fall in the composite rate, the first since the third quarter of 2017, was largely driven by increased competition among insurers in the global property market.
