Growing Cyber Threats Lead Businesses Like Google to Ready for Cyber Warfare

Tech companies like Google and Facebook are tapping national intelligence services and government agencies for cyber talent.

By: Rodrigo Amaral | February 8, 2019

Topics: Cyber Risks | Global Risk

At the end of January, Airbus reported that it was the victim of a data breach caused by hackers, joining an ever-growing list of corporations that have fallen victim to sophisticated cyber aggression in recent years.

Late in 2018, for instance, the Marriott hotel group disclosed an attack that exposed the data belonging to as many as 500 million guests. Smaller firms and government entities do not seem to be any safer, with reports of new attacks, successful or not, popping up in the media every day.

Crooks, Spies or Both?

The higher frequency and sophistication of cyber attacks have become a trend that organizations of any size cannot afford to ignore. And long gone are the times when the typical hacker was a bored teen working from their parents’ couch.

Nowadays companies are more likely to face well-organized multinational criminal gangs of hackers or state-sponsored cyber terrorist groups that could either look for financial rewards or wreak havoc on a country’s infrastructure, and sometimes both.

Ransomware, for instance, is a one of the tools of choice for crooks to siphon money from marks. But investigators found out that the big WannaCry ransomware attack of 2017 was actually perpetrated by North Korean spooks.

An Arms Race for Cyber Talent

In an environment where risk matrixes start to read like the screenplay of a “Mr. Robot” episode featuring Jack Reacher, the most exposed companies are strengthening cyber security teams with the kind of experts who were once the exclusivity of intelligence agencies.

In fact, tech companies like Google and Facebook are tapping national intelligence services and government agencies for talent. Some people even believe that, with massive investments in cyber security, a global reach and a unique wealth of data, the likes of Google, Microsoft, Apple and Facebook could even be better positioned than governments to fend off virtual terrorist acts. There have already been instances where tech giants have helped U.S. agencies in this quest.

As the suspicion that the Chinese government has enrolled China’s own tech champions in their geopolitical designs, the cyber warfare stakes are getting ever higher in the corporate world.

Losses in the Billions

The problem when crime mixes with spying and geopolitics is that the line between the good and bad guys get blurrier, especially for companies with billions of investments in several parties involved in the hostilities: China and Russia, two large emerging markets, are among the U.S. main virtual foes.

In any case, multinational organizations surely have a common interest when it comes to ensuring they can do business in a safe cyber realm.

A study by Aon, Lloyd’s and a Singaporean university simulated a global cyber attack against 600,000 organizations that would cost companies up to a whopping $193bn, with $27bn covered by the global insurance sector.

American companies alone would face losses of $89bn. Maybe it is time to start looking at those intelligence services profiles on LinkedIn. &

Rodrigo Amaral is a freelance writer specializing in Latin American and European risk management and insurance markets. He can be reached at [email protected].

The Qualities to Look for when Selecting a Financial Lines Carrier

Operating a business comes with its share of challenges, but having an insurance partner that strives to understand and align with your operations can make all the difference.

By: MSIG USA | October 31, 2024

Running a commercial business is no small feat. Leaders are often tasked with making difficult decisions — sometimes with limited data — and communicating these decisions with confidence while acknowledging their inherent uncertainty.

“Expectations are incredibly high in today’s current climate,” said David Guild, head of financial lines, MSIG USA. “Companies and their leaders must be thoughtful and controlled in their communications, conveying both competence and a clear vision on an ever-evolving world stage.

Nevertheless good leaders (whether they are in the C-suite or on the board of directors) consistently persevere and face the challenges of our evolving world, equipping themselves with the necessary tools and techniques to keep operations running.

For financial companies and commercial businesses looking to keep pace with today’s risks and better understand their own exposures, finding the right insurer need not feel like an added weight.

Below are several qualities to look for in a partner that has the experience and insights to help mitigate and navigate their insureds’ unique exposures, giving leaders the space to focus on their core operations.

Sustainability in All Markets

David Guild, Head of Financial Lines, MSIG USA

When looking for a financial lines insurance partner, sustainability should be top of mind. Knowing that an insurer can provide solutions in a hard market alongside the soft will not only provide peace of mind but also help build resilience.

“Leaders should have the room to concentrate on their vision for the company and what it can achieve — not be burdened by potential risks that keep them awake at night. “Your insurance partners should be able to understand the trials and tribulations of running a business, to respect that there is no single right answer to most challenges, and be prepared to assist wherever, whenever issues may arise,” Guild said.

Sustainability is proven in an insurer’s ability to come through on the promises it makes. For example, MSIG USA’s approach has earned it an A+ rating, proof that its team can back the promises it makes and see them through to completion. “We are confident in our ability to serve your insurance needs, on a global scale,” Guild added.

“Everything we speak of revolves around the credibility of our platform, which is reflected in our A+ rating, a 350-year legacy within our family of companies, and our experienced team here in the U.S.”

An Emphasis on Company and Culture

Successful partnerships are built on a solid relationship between insurer and client.

At MSIG USA, “we aim to be a stable and sustainable presence for our clients,” Guild said. “The value of long-term relationships is at the core of what MSIG USA is all about. Our underwriters deeply appreciate the importance of these connections.

“We believe that building and maintaining strong, long-lasting relationships with our customers is essential to navigating the inevitable fluctuations of the insurance market. We are confident in our abilities, and in yours.” he added.

Company culture, as Guild mentioned, is more than an internal commitment; it’s something that can also drive business relationships.

For insurance partners, analyzing and aligning with their clients’ culture helps to solidify partnerships, as well as open the lines of communication and understanding.

“Variables will change, oftentimes rapidly. From our view, what matters is the culture of that company when responding to change. It’s about trusting their character rather than just the policies and procedures in place,” Guild said.

A Source of Truth and Clear Communication

Effective communication goes a long way in clearly understanding an insured’s business and future potential. This allows for sustainable partners to develop coverage that fits and to work closely with their Claims team to understand the partnership in context.

With the amount of data available today, and the number of ways information can quickly be disseminated through different medium, a good insurance partner knows that companies must be the single source of truth for their stakeholders.

“Quarterly and annual earnings calls provide a platform to discuss financial results and respond to investor questions. Investor presentations offer a more comprehensive overview of the company’s strategy, performance and outlook,” Guild explained.

We will look at what analysts and other third parties think about the information provided to try to glean what the investor base will think and how they will act. But ultimately, it is what the company says, and the way they say it, that we will assist in defending, if need be, and so we make sure to listen and learn from the company leadership.

Bringing These Qualities Under One Roof

Leaders want to know that, at the end of the day, their business is a priority for their partners.

Clear communication, a strong relationship and emphasis on sustainability are just the start. Their insurance partners should strive to understand their business, identify areas of concern and craft coverage customized to meet their needs.

With an impressive 350-year legacy, MSIG USA is doing just that for its clients, utilizing its global presence to further its clients’ goals.

“The key elements of our approach are an intellectual pursuit of information, a well-honed practice of underwriting that identifies material aspects for risk assessment, and clear communication of our insights to our clients: brokers and buyers alike. We aim to provide a transparent and informed perspective on the risks we underwrite,” Guild said.

“We bring sustainable, predictable insurance capital and what we believe is best in class service philosophy, honed by working with some of the most sophisticated brokers and buyers of insurance in the world.”

To learn more, visit: https://www.msigusa.com/financial-lines/.

This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with MSIG USA. The editorial staff of Risk & Insurance had no role in its preparation.

MSIG North America is a member of MS&AD Insurance Group Holdings, Inc. which is the 8th largest non-life insurance group in the world by revenue. Based in Tokyo, Japan, we operate in 48 countries/regions and generated $46B in 2021 with approximately 40,000 employees globally. MSIG North America is the marketing name used to refer to MSIG Holdings (U.S.A.), Inc. (“MSIGH”), and its subsidiary companies.