AI may help insurers win the cyber-crime war


AI may help insurers win the cyber-crime war

mikkelwilliam /

On the back of the latest cyber-attack, hitting firms globally with ransomware, insurers are seeking the tools to understand and win the cyber war – and these vary from education of staff to levering the power of artificial intelligence.

On the back of the most recent global cyber-attack, which took the form of the so-called ‘Petyrwrap’ ransomware attack, insurers and advisers have stressed that this represents something of an opportunity for insurers and technology companies to provide solutions to their apparently increasingly vulnerable clients.

This latest cyber ransomware attack created havoc around the world as it crippled shipping giant Maersk, advertising giant WPP, Russia's biggest oil company, Ukrainian banks, a Cadbury chocolate plant in Australia and the property arm of French bank BNP Paribas.

The virus, which froze computers and demanded a ransom for their release, had a huge economic impact as it spread from Europe to the US and South America.  Losses from this week's attack and last month's WannaCry attack are estimated at $8 billion.

AI, Cyber, Ransomware, Insurance, Europe, North America, Paul Gooch, Mike Gillespie, Michelle Crorie

Intelligent Insurer