Fast-melting glaciers are releasing staggering amounts of unknown bacteria into rivers and streams, which could transform icy ecosystems according to new research. In a study of glacial runoff from 10 sites across the northern hemisphere, researchers have estimated that continued global warming over the next 80 years could release hundreds of thousands of tonnes of bacteria into environments downstream of receding glaciers. Aberystwyth University microbiologist and author of the study Arwyn Edwards told the BBC, "We think of glaciers as a huge store of frozen water but the most important lesson from this research is that they are also ecosystems in their own right.” Dr. Edwards said studying the contents of glaciers is like opening the door to another time in history. Microbes entombed inside them could be a rich source of useful, new compounds, such as antibiotics. The researchers involved in the new study said melting glaciers are releasing tonnes upon tonnes of bacteria faster than scientists can possibly catalogue them. Finding on average tens of thousands of microbes in each millilitre of water, they estimate that more than a hundred thousand tonnes of bacteria could be expelled into glacial meltwaters over the next 80 years, not including the glaciers in the Himalaya Hindu Kush region of Asia. Source: asiainsurancereview.com

The cyber threat landscape has reached a new level of commercialization and convenience for would-be attackers, with nearly all barriers to entry for committing cyber crime removed through the expansion of cyber crime-as-a-service according to Sophos' 2023 Threat Report. The report details how ransomware remains one of the greatest cyber crime threats to organizations with operators innovating their extortion tactics, as well as how demand for stolen credentials continues to grow. Criminal underground marketplaces like Genesis have long made it possible to buy malware and malware deployment services (malware-as-a-service), as well as to sell stolen credentials and other data in bulk. Sophos principal threat researcher Sean Gallagher said, “This isn’t just the usual fare, such as malware, scamming and phishing kits for sale. Higher rung cyber criminals are now selling tools and capabilities that once were solely in the hands of some of the most sophisticated attackers as services to other actors. “The commoditization of nearly every component of cyber crime is impacting the threat landscape and opening up opportunities for any type of attacker with any type of skill level.” With the expansion of the as-a-service economy, underground cyber criminal marketplaces are also becoming increasingly commodified and are operating like mainstream businesses. Cyber crime sellers are not just advertising their services but are also listing job offers to recruit attackers with distinct skills. Some marketplaces now have dedicated help-wanted pages and recruiting staff, while job seekers are posting summaries of their skills and qualifications. Indeed, as the cyber crime infrastructure has expanded, ransomware has remained highly popular—and highly profitable. Source: asiainsurancereview.com

A majority of organizations (80%) have had to use their cyber insurance and more than 50% have used it more than once according to a new analysis by Delinea. The new analysis Cyber Insurance – If You Get It, Be Ready to Use It reveals that insurers are pulling back on covering what is most needed, with only about 30% of organizations saying their policy covers critical risks including ransomware, ransom negotiation, and decision on ransom payment. The survey, conducted among 300 US-based IT decision makers by Censuswide, found that nearly 70% of organizations have applied for cyber insurance, with 93% being approved when they applied, and 65% claiming the process took less than three months. While risk reduction is the main reason for applying (40%), one-third (33%) of respondents claimed that it was also due to requirements from executive management and boards of directors, and 25% cited recent ransomware incidents as a primary decision driver. Given the pressure coming from the top, it’s therefore no surprise that 93% received the budget required to purchase their cyber insurance policies even as 75% of respondents said premiums increased in their last renewal. Delinea CEO Art Gilliland said, “Executives and boards use cyber insurance to lower the costs associated with potential breaches. As a result, most organizations are scrambling to buy or renew a policy, even as the insurers pull back on what they will cover and simultaneously raise the price of coverage.” The analysis found that insurers are increasingly requiring organizations to implement a broader set of security controls to try to reduce the number of customers leveraging their policies. With 80% of companies leveraging their insurance policies, it is expected that more advanced solutions are needed. Other main reasons cited for applying for cyber insurance were business contract requirements (24%) and recent data breaches (17%). The largest number of respondents (48%) indicated that their policy covers data recovery, while roughly a third indicated it covers incident response, regulatory fines and third-party damages. To qualify for cyber insurance, a majority of respondents (51%) confirmed that cyber security awareness training was a requirement, with just under half (47%) stating they were required to have malware protection, antivirus software, multi-factor authentication (MFA), and backup data. Source: asiainsurancereview.com

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PIRA is the umbrella organization representing the collective interests of the non-life insurance industry in the Philippines since 1954. PIRA INITIATIVES Climate Change & Disaster Resilience Recognizing the role of insurance in risk prevention and mitigation, PIRA works in close collaboration with local and international organizations to promote and contribute to the building of a more sustainable and disaster resilient society. Read More Compliance With the changing business environment and compliance requirements from regulators, PIRA engages in activities to assist its members navigate these changes and propose tools for uniform compliance. ㅤ Read More Insurance Education We have accelerated our efforts in advancing insurance literacy to the general public and promoting training and development for insurance professionals. ㅤ Read More Legislative Advocacy As the voice of the non-life insurance industry and acting always on the majority consensus of our members, we have consistently worked for reforms, raised concerns and championed causes directly with government legislators and regulators. Read More News Majority make use of their cyber insurance 2 hours ago Regional insurtech Igloo extends Series B to US$46m 18 hours ago Find out more of the latest happenings about Insurance. View All Webinars Insurance Consciousness Week: Cyber Security Insurance Oct 15 Insurance Consciousness Week "The Importance of Insurance Vis-a-Vis Climate Change” Oct 13 Register and join in our free webinar. View All Events Celebrating Insurance Consciousness Week View the events hosted/co-hosted by PIRA. View All Publications 1/8 Browse and download the annual PIRA Fact Book. View All

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