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For those in the real estate industry—including real estate owners, developers, property managers, real estate investment trusts (REITs), hospitality groups, and investment managers—cyber risks are more complicated because of the multilayered environment and multiple stakeholders who are involved.
An exterior view of the Anthem Health Insurance headquarters. Also, “they may not have known that they were hacked for a period of time if their internal surveillance tools are deficient.”. The OCR audit found the insurer failed to respond to a detected breach, in addition to insufficient technical controls over their systems.
Company reputation is not only of interest to current and potential customers, but it’s also important to market analysts, lenders, and insurance companies. Poor cybersecurity reports can impact analyst recommendations and raise costs for loans and cyberinsurance ,” said Taylor.
The impact will be felt well beyond the involved countries of Canada, USA, Mexico, and China," said Kenrick Bagnall , Founder, KONCYBER & RB-Cyber Assurance; Royal Candian Mounted Police (RCMP) Contractor/Instructor; Toronto Police Service (Cybercrime Unit) (Ret.). " RELATED: AI Diffusion Rule to Protect U.S.
These challenges include bias and discrimination embedded in algorithms, privacy violations due to enhanced surveillance capabilities, and the difficulty of assigning accountability for decisions made by AI systems. CyberInsuranceCyberinsurance will become an essential component of risk management strategies.
INSURING THE INSURERS One brief but interesting section of the strategy titled “Explore a Federal CyberInsurance Backdrop” contemplates the government’s liability and response to a too-big-to-fail scenario or “catastrophic cyber incident.”
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