Industry News

​The Insurance Industry Charitable Foundation (IICF) is proud to partner with Our Military Kids to share our gratitude for the dedication, service, and sacrifice of military families. This summer, we invite you to join us and Share Your Thanks.From July 4th - September 11th, insurance industry professionals, families, and friends are invited to write a note, create a drawing, share your own story, or provide words of encouragement for the children and teens who make daily sacrifices while their parent is deployed or in recovery.Together, as a united industry, we can show our appreciation for military families!​Our Military Kids supports military children (ages 3 -…

​The Rise of C​​​yber C​artelsGangs of cyber criminals are organizing themselves along the lines of drug cartels and changing their strategy of attack in order to keep ahead of authorities' efforts to stamp them out. These cartels are formed to execute ransomware campaigns collaboratively, expanding hackers' playbooks to include so-called “double extortion," data exfiltration and data modification.​Lawmakers Criticize Colonial ​​Pipeline for Cyber WeaknessUS lawmakers criticized Colonial Pipeline Co.'s cybersecurity practices as the company's chief executive officer faced his second day of questioning on Capitol Hill. “If your pipeline provides fuel to 45% of the East Coast, why are you only hardening systems after an attack?…

BI Insurance Cases He​​lped Bu​​ild Record Wave of Class Action SuitsClass action lawsuits reached a fever pitch during the past year, with insurance coverage cases involving business interruption (BI) accounting for 21% of COVID-19-related litigation. During 2020, spending on class action litigation grew at a rate more than double that of other litigation spending, reaching a record $2.9 billion.Forgotten Your Passwords? T​​​hey Soon May Be Lost Altogether – wit​h Insurers' HelpThe most popular password in 2020 was exposed almost 24 million times and took less than a second to crack. The rise in phishing has been accompanied by significant innovations in technology and security, with…