Financial Crime Compliance Costs Reach $61 Billion in U.S., Canada
Risk & Insurance
by R&I Editorial Team
16h ago
The annual True Cost of Financial Crime Compliance Study — U.S. and Canada, released by LexisNexis Risk Solutions, reveals that financial crime compliance costs have escalated for 99% of financial institutions, reaching a total of $61 billion in the U.S. and Canada. The report highlights that technology costs related to compliance and know-your-customer (KYC) software have risen in 79% of organizations over the past year. Additionally, 78% of small financial institutions have seen higher increases in compliance costs related to labor compared to their mid- and large-sized counterparts (63%). T ..read more
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SonicWall Report: Cyberattacks Surge, MSPs Crucial for Defense
Risk & Insurance
by R&I Editorial Team
16h ago
SonicWall’s Annual Cyber Threat Report for 2024 reveals a sharp rise in cyberattacks, with intrusion attempts up by 20%, ransomware attacks increasing by 27% in the second half of the year, and cryptojacking volume spiking by 659% globally, according to a press release by the company. The report highlights the growing complexity and depth of the threat landscape, with cybercriminals diversifying their tactics and platforms. SonicWall discovered 293,989 “never-before-seen” malware variants, averaging 805 a day, indicating the relentless and adaptive nature of digital threats. In response to the ..read more
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Navigating Innovation: The Intricacies of Insuring Emerging Exposures
Risk & Insurance
by Gregory DL Morris
4d ago
Between emerging risks and written coverage is a lot of science and more than a little art. There are always new exposures that owners would like to insure. Most carriers say development is just as much a push from their underwriting and claims groups as a pull from brokers and insureds. Innovation is more than just a what; it’s a how. “New and improved” gets a bad rap, but incremental enhancements to existing policies are often the fastest and easiest ways to respond to evolving risks. And fast is important. “Speed to market” was a familiar phrase among development executives. Unspoken, but i ..read more
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Growing Needs, Rising Risks: Addressing the Unique Challenges of Memory Care
Risk & Insurance
by Karen Merk
5d ago
The U.S. is witnessing a significant shift in its demographic landscape as its population ages. This year, a record number of Americans will celebrate their 65th birthday, marking an unprecedented milestone in our history. This surge in the senior population is fueling increased demand for senior living facilities, particularly memory care facilities, which play a vital role in delivering specialized care to individuals grappling with cognitive impairments such as Alzheimer’s disease and other forms of dementia. In fact, it’s projected that by 2040, nearly 12 million Americans could have demen ..read more
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Navigating the Risks: AI’s Rapid Rise in Health Care
Risk & Insurance
by Nina Luckman
6d ago
Artificial intelligence — and its supposed influence — is seemingly everywhere. For health care, an industry that houses the most sensitive data about a person, the rate of adoption is slower. But that doesn’t mean it’s not in place at your local hospital. In fact, implementation across the sector, including for patient care, is growing fast, which has both positive and negative implications for patients. “Technically, artificial intelligence is the ability or capacity for machines to look at massive amounts of data and use algorithms and a type of reasoning to come up with a kind of output ..read more
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8 Questions with Cindy Baroway, Executive Director of University of Colorado Denver’s RMI Program
Risk & Insurance
by Abi Potter Clough
1w ago
To help celebrate Women’s History Month, Risk & Insurance magazine is featuring just a few successful women in the industry. Cindy Baroway, CPCU, executive director of the Risk Management and Insurance program at the University of Colorado Denver, spoke with us about her career, how she has achieved success and the ways she shares her knowledge with the next generation. Risk & Insurance: Could you please tell us about your current role and what your typical day looks like? Cindy Baroway: In my current role as the executive director of the Risk Management and Insurance (RMI) program, I ..read more
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Unleashing Innovation In Workers’ Comp & Personal Injury Protection (PIP)
Risk & Insurance
by Horizon Casualty Services, Inc.
1w ago
No matter the industry, technology is a driving force. In the ever-evolving landscape of Workers’ Compensation (WC) and Personal Injury Protection (PIP), technology stands as a catalyst for profound transformation. A thriving company must seamlessly integrate technology into their services to allow for more efficient, cost-effective, and client focused services while simultaneously ensuring the well-being of injured workers. When having medical and administrative processes that traditionally rely on manual and paper-based systems, they often lead to inefficiencies, delays, and increased costs ..read more
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7 Questions for Archipelago’s Hemant Shah
Risk & Insurance
by Dan Reynolds
1w ago
In early January, Dan Reynolds, the editor-in-chief of Risk & Insurance®, caught up with Hemant Shah, the cofounder of modeling company RMS and now Archipelago, a tech company that is giving insureds a clearer view of their risk exposures. Risk & Insurance: What would you say was the motivation for forming Archipelago? Hemant Shah: For all those years at RMS, like many in the industry, my vantage point was from the perspective of the insurer and the reinsurer. After 25-plus years of trying to help insurers and reinsurers quantify and manage risk, I started to realize that some of the m ..read more
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Enlytened Trends Report 2024
Risk & Insurance
by Enlyte
1w ago
White Paper Summary Discover Top Auto, Casualty and Workers’ Comp Trends in 2024 What’s inside this year’s report? Opportunities and challenges of generative AI innovation (as told by GenAI) Managing the physician and provider shortage What every auto insurer, collision repairer and OEM needs to know Medical costs and inflation trends Top regulatory and compliance trends going into 2024 Register to download the full content Name* First Last Email* Title Company*   To learn more from Enlyte, please visit their website. The post Enlytened Trends Report 2024 appeared first on Risk & ..read more
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As Hard Markets Persist, Some Insureds Have Questions About Insurability
Risk & Insurance
by Courtney DuChene
1w ago
Property and casualty (P&C) insurance rates are on the rise. Again. In the first six months of last year, the U.S. P&C market saw $22 billion in underwriting losses, Swiss Re’s U.S. Property & Casualty outlook reports. Losses have been driven by a number of different lines, ranging from auto and property to cyber risks — and they’re driving carriers to push up rates with the hope of reestablishing profitability. Yet while markets like cyber and financial and professional lines are showing signs of softening as new capacity brings rates down, the hard property market has persisted a ..read more
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