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COMMERCIAL INSURANCE PROFILE SEPTEMBER 2023

Cyber-Criminals are weaponising Artificial Intelligence
Artificial intelligence (AI) has become increasingly popular in recent years, offering functions that stimulate human intelligence. While AI technology offers numerous benevolent applications, it can also be weaponised by cyber-criminals. In an experiment conducted by cyber-security firm Home Security Heroes, an AI tool was able to crack 51% of common passwords in less than one minute, 65% in under one hour, 71% in one day and 81% in one month.
As this relatively new threat continues to grow, it is imperative for organisations to understand its risks and adopt strategies to mitigate these concerns. After all, cyber-criminals can weaponise AI technology to seek targets and launch attacks in numerous ways. For example, cyber-criminals may leverage this technology to conduct the following activities:

  • Create and distribute malware through chatbots and fake videos
  • Crack credentials and steal passwords
  • Deploy convincing social engineering scams that trick targets into sharing confidential information or downloading malware
    Identify exploitable software vulnerabilities (eg unpatched code or outdated security programmes)
  • Efficiency disseminate stolen data

To protect against these vulnerabilities, businesses should implement effective risk management measures. These tactics can reduce the likelihood of cyber-attacks and mitigate related losses. Here are some strategies for businesses to consider:

  • Promote the safe handling of critical workplace data and connected devices by requiring strong passwords or multifactor authentication, regularly backing up data, installing security software on networks and devices, and routinely training employees on cyber-hygiene.
  • Use automated threat detection software to monitor business networks for possible weaknesses or suspicious activity.
  • Create a comprehensive cyber-incident response plan and routinely practise it to help defend against cyber-attacks and reduce associated losses.
  • Secure adequate coverage to provide financial protection against the weaponization of AI technology.

Contact us today for additional risk mitigation and insurance guidance.

 

Creating a Green Working Environment

“Going Green” in the workplace doesn’t just involve implementing a robust recycling and compost programme; the movement also concerns the overall working environment. In fact, creating a green working atmosphere increases the overall health condition of the office and has been shown to reduce costs and heighten employee productivity. Additionally “green” initiatives can boost workers well-being, which could lead to reduced absenteeism. What’s more, employees desire for sustainability is growing rapidly. A poll conducted by Businesswaste.co.uk found that 62% of employees would be more likely to work for an organisation with strong environmental policies.

Unfortunately, 84 % of workers reported that their workplace is not currently doing enough to address climate change, the poll found. To bolster workplace well-being and fulfil employees desire for positive environmental change, consider these earth-friendly tips.

  • Avoid using noxious plastics, paints and adhesives while doing construction or maintenance work.
  • Use heating, cooling and lighting equipment responsibly. For instance, switch to energy-saving bulbs, turn off unnecessary lights and lower the thermostat in winter if employees are to warm. Also, consider renewable energy solutions or green energy tariffs.
  • Place indoor gardens and/or lots of natural foliage around the office. This will also increase air quality. Use window blinds that capture and reflect light into office spaces.
  • Consider placing mirrors or heliostats on the roof that follow the path of the sun and reflect it into the building. Situate workstations near windows so most, if not all, employees have at least some exposure to natural light. Keep windows clean to make the most of daylight.
  • Increase airflow throughout the office and make sure you are providing good ventilation for your employees. This will also help to prevent the spread of illnesses throughout the office.
  • Use non-toxic green cleaning products in office toilets and on work surfaces.
  • Send digital files in place of paper print-outs. This will eliminate clutter as well as waste.
  • Encourage employees to take the stairs rather than the lift. It saves energy and increases physical activity.

For further “green” guidance and risk management solutions, contact us today.

Legal Specific Disclaimer:
The following information is not exhaustive, nor does it apply to specific circumstances. The content therefore should not be regarded as constituting legal or regulatory advice and not be relied upon as such. Readers should contact a legal or regulatory professional for appropriate advice. Further, the law may have changed since the first publication of this information.

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