- (0:15) Key trends and risks for the cyber market
- (1:40) How Travelers support clients when cyber attacks arise
- (2:25) Threats on the horizon for 2025
- (4:17) How Travelers prepare clients to mitigate emerging threats
- (5:05) Specific risk services available to Travelers customers
- (6:52) How the Travelers' Cyber team stay ahead of the constantly evolving threat landscape
It has never been more important for businesses to protect themselves against cyber threats. While the soft market for cyber insurance has continued to drive down rates, cyber risks have evolved rapidly. In our latest InsureTV interview, James Doswell, Senior Risk Management Consultant at Travelers Europe, provides an in-depth review of the current risk landscape.
Understand cyber threats
Cyber-crime continues to expand into new kinds of attacks. By the end of 2023, 39% of all Travelers cyber claims involved phishing in some way, Doswell said. Last year there was an uptick in ransomware, as well as in the use of AI to generate malicious images, audio and video. This included interactive videos that realistically impersonated people in real time for the purposes of extracting payments.
Protect your business from cyber-crime
The rapid spread of AI in recent years has added a new wrinkle to cyber security. AI is helping cyber threat actors conduct their activities faster and more efficiently. Beyond using AI to create deep-fake content, they are harnessing it to drive fraud, discover “zero-day” threats, and combine chains of lower-level threats. AI is also helping threat actors assemble their attacks at greater speed, giving attack targets a much smaller window during which to patch their vulnerabilities.
Cybersecurity practices protect company data
The cyber threat landscape calls for layered, multifaceted protections that help insureds discourage attackers – and recover quickly if they should be a target.
Risk management plays a critical role in this protection. Travelers has extensive links to security services and shares their insights with insureds to help them manage their vulnerabilities. By providing early warnings about potential threats, Travelers alerts insureds to weaknesses in their architecture that could expose them to cyber attacks.
Employee readiness against cyber attacks
Travelers offers a proactive, complementary post bind cyber risk consultancy service designed to help insureds review and mitigate their cyber risk exposures. During service calls with clients, who range from small- to- medium-size enterprises up to global corporations, vulnerabilities and potential threats are often identified which can lead to protective action.
This service complements the comprehensive suite of resources available on the Travelers eRiskHub to help insureds strengthen their day-to-day cyber protection.
Getting through a data breach
Even the best cyber protection isn’t bulletproof. The true value of a cyber insurance policy is in the expertise it offers during and after a cyber attack. Travelers provides real-time, ‘round-the-clock’ support to clients who have experienced such an incident. This guidance helps contain the threat quickly and enables the business to resume operations as promptly as possible.
Travelers has a range of specialist partners who provide rapid response, investigation and mitigation following an attack. If and when an insured experiences a breach, they can call the Travelers cyber claims hotline. From there, Travelers provides rapid incident response and assistance with getting back up and running, as well as help in dealing with the attackers when necessary.
