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The explosive adoption of generative AI is dramatically changing the cyber-security landscape

Cyber-criminals and state-sponsored hacking teams are leveraging generative AI technologies to (1) launch targeted phishing campaigns which are far more effective and harder to defend against than ever before, as well as (2) create and deploy new malware at an astonishing rate which traditional tools are struggling to keep up with.

Highly effective and targeted 'social engineering' attacks to spread disinformation or fool users into divulging sensitive information or credentials are now massively scalable and deployable in minutes, without requiring significant technical expertise.

The rate of discovery of new software vulnerabilities and exploits continues to be high
The rate of identification of new network/application vulnerabilities remains very high.

Furthermore, according to recent statistics, credential theft, social-engineering attacks (i.e., phishing and business email compromise), web application compromises and ransomware continue to comprise the majority of incidents, with ransom demands increasing enormously.

A robust vulnerability management program now a critical requirement to obtain cyber-security/ransomware insurance
With ransomware extortion amounts at all-time highs, insurance underwriters are requiring higher and higher standards for ongoing vulnerability management, business-continuity/response, and end-user awareness practices, in order to offer coverage.
Legal liability for security breaches is now a reality
Organizations that fail to show due diligence when it comes to protecting their data assets face a real risk of legal problems, fines, or loss of customer confidence. The renewed caution comes in the wake of an escalating number of highly publicized security breaches that involved unauthorized access to confidential personal information.

Security legislation and e-commerce security standards are also driving increased demand for security services, as businesses are forced to strengthen their security posture to avoid potential legal exposure or fines. Examples of such legislation and security standards include:
Payment Card Industry Data Security Standard (PCI-DSS), a wordwide information security standard created to help organizations prevent credit card fraud through increased controls around data and its exposure to compromise.
Personal Information Protection and Electronic Documents Act - PIPEDA (Canada), which gives Canadians a degree of privacy protection and control over the personal information about them that is collected, used and traded in the private sector.
Personal Information Protection Act - PIPA (British Columbia) which governs the collection, use, disclosure and protection of personal information by organizations in British Columbia which are not covered by federal PIPEDA legislation no matter what size or type.
Healthcare Insurance Portability and Accountability Act (HIPAA) (United States), which requires (1) the standardization of electronic patient health, administrative and financial data, (2) establishment of unique health identifiers for individuals, employers, health plans and health care providers, and (3) security standards protecting the confidentiality and integrity of "individually identifiable health information," past, present or future.


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