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Guest Post: 5 Shocking Cyber Crime Facts

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Crime has changed in a big way over the years thanks to our insatiable appetite for technology. Bigger, faster, more efficient and more all encompassing online access means one thing to cyber criminals: easy pickings.

Not only has technology changed the crimes committed, it has also radically changed the face of the actual criminal. No longer just the shady character in the background, cyber crimes, everything from embezzlement to identity theft and money laundering, are happening at the hands of everyone from the professional in the desk beside you to the quiet neighbor across the street. Because cyber crime lacks the face to face aspect of say a robbery or an assault, the most unlikely people are turning to a life of crime. Anonymity seems to allow behaviors that would have once been abhorrent.

With these factors, cyber crime is definitely on the rise. Think I’m exaggerating? Take a look:

  1. Between 2008 and 2009 cyber crime complaints went up more than 22%
  2. In 2010 the IC3 (internet crime complaint center) logged its two millionth complaint. Given that a large portion of society will not even lodge a complaint due to embarrassment over being “scammed,” this is really only a fraction of the cyber crimes committed.
  3. Referred financial cases received by the IC3 (to local, state or federal law enforcement agencies) totaled more than $550 million in 2009
  4. Enrollment in programs such as a cyber security degree have skyrocketed in line with increased cyber crime.
  5. Cyber criminals are becoming so tech savvy that institutions such as the IC3 have had to implement new methods of categorizing cyber crimes due to their ever widening scope.
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As a whole, we have certainly benefited from the internet and the technologies that go along with it, but don’t kid yourselves, so have criminals. We’ve had to change how we view crime and also how we go about securing ourselves from it.

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Banks, government agencies, private business and the general public are all potential targets for cyber criminals, and the increase in those holding a cyber security degree are desperately trying to stay one step ahead and safeguard those most vulnerable. The frightening part is that as technology expands, so do the schemes and scams of cyber criminals.

RIMS Report Reveals a Possible Soft Market Nadir

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Many have speculated that the loooong stretch of favorable pricing that insurance buyers have enjoyed may soon be coming to a close. To many analysts, all of the disasters of 2011 combined with some other market-turning pressures have finally reached a head. A market turn is inevitable and the start of the hard market may not be far off. (Although all lines are unlikely to be affected the same way.)

Today, we got some confirmation of that fact from the RIMS Benchmark Survey. (Note: RIMS publishes this blog and pays of my salary.)

A lack of substantive change in average renewal premiums for three of four lines tracked by the RIMS Benchmark Survey™ in the second quarter suggests that the soft commercial lines insurance market may be close to its bottom. General liability, property and workers’ compensation all fell by less than 1 percent on average, while directors & officers liability policies renewed 4.5 percent lower. The survey, which is administered by Advisen Ltd., tracks changes in policy renewals as reported by risk managers.

It couldn’t last forever, I guess.

A RIMS board member offers some additional, disheartening thoughts about just how quick a market turn could come if any hurricanes make landfall in the next few months.

“Insurance buyers continue to benefit from a competitive insurance market, but the situation could change quickly,” says Frederick Savage, FCII, ARM, RIMS Board of Directors. “Hurricane season is underway in the US and forecasters continue to call for above-average activity. One or two very large storms on top of the catastrophe losses in the first half of the year could be enough to spark higher premiums, at least for property risks.”

Don’t worry, insurance buyers. All is not lost.

The path may be rockier, but there are ways to navigate the transitional market ahead.

The World Is Becoming a Riskier Place — But That Isn’t Always a Bad Thing for Companies

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That the world is getting riskier should be pretty obvious to anyone who has been paying attention since 9/11 kicked off a horrible decade that included Enron, Katrina, the Great Recession, the Gulf oil spill and whatever it is that is going on right now in Washington, London, Southern Europe and on Wall Street.

Nevertheless, Property Casualty 360 has asked 36 risk professionals to answer the question: “Is the World Becoming a Riskier or Safer Place?”

I haven’t read all of the responses yet, but I have talked with most of these people in the past so I presume the consensus agrees that the world is riskier now than ever before. (In a business sense anyway. Indeed, the MAD threat during of the Cold War era was pretty … umm … risky back then. Black Death was also a little scarier than anything I can think of.)

Carol Fox of RIMS had a good take on the question, which (not surprisingly given her role here at RIMS, which, if you didn’t know, is the organization that pays my salary) shows a more nuanced outlook that notes the strategic advantages that risks can provide.

There is much more uncertainty given the complexity and speed of change in today’s world than was the case 50, or even 20, years ago.

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The key is to understand that risk isn’t only to be avoided or mitigated. Risks are to be understood in light of an organization’s objectives for their relevance, importance and certainty so that the known risks that can “improve our position” can be exploited, and those that can “worsen our position” can be managed. Those risks that are most uncertain, whether known or unknown, become the basis for scenario planning, so that the organization can consider them in light of its overall strategy, as well as its future resilience and sustainability planning.

As is too often forgotten, without risk, there would be not opportunity. If producing oil and distributing gasoline were risk-free endeavors, every company would be Exxon. If investing in the creation of revolutionary technology to leverage the death of non-digital music carried no downside, every company would be Apple.

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Risk isn’t always bad for companies.

Head over to PC360 for the other 35 responses.

Q&A on Post-Catastrophe Fraud

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According to a recent Munich Re finding, 2011 has become the highest-ever loss year on record due to natural catastrophes. Though most of the losses were caused by the earthquake in Japan, the U.S. has seen its share of cat losses and claims — some fraudulent. To learn more about the of post-catastrophe fraud, I questioned Gary Kerney of ISO.

After the Alabama tornadoes and the Missouri River floods, was there a dramatic increase in the amount of claims fraud?

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The recovery and rebuilding processes in many of the areas affected by severe weather this spring are only just beginning. There have been no claims fraud per se detected yet. There have been reports of fraud in previous catastrophes where property owners allegedly damaged buildings to pursue insurance claims. Such allegations were usually tied to lack of insurance. For example, much flooding occurred in areas of Louisiana caused by Hurricane Katrina. Some property owners who did not have flood insurance are alleged to have subsequently and intentionally inflicted damage to their own building to make the loss appear to be wind related because there was appropriate coverage for the wind peril.

Do you have any specific examples of claims fraud from these events that stand out in your mind?

Since there have been no large scale incidents noted yet, there are none that we can comment on specifically because it is still early in the recovery phase. As noted above, though, we can look back at other events, such as Hurricane Katrina, and find instances where reports of fraud were alleged.
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Again, much of such reported fraud activity was likely due to the absence of insurance that would normally provide money to pay for repair or replacement of damaged property. Another development that followed Katrina involved cases in which jurors reportedly felt sympathy for defendants accused of fraud – who were faced with the financial inability to repair a home or business. Some jurors were reported to have concluded they might have done the same thing under the extenuating circumstances.

Why were residents compelled to commit such fraud?

Property owners, both residential and commercial, may consider committing fraud when there is a lack of insurance or the amount of insurance is insufficient to provide for full and complete replacement or repair of the damaged property. There is a need for capital to replace the damaged structure and the lost contents. If insurance cannot fully fund the recovery, some people may consider resorting to fraudulent measures to obtain the money needed. Potential fraud activities are not only directed at insurers but can also involve attempts to obtain more money in assistance grants from government agencies such as FEMA.

How can insurers prepare for and deal with post-catastrophe claims fraud?

Insurers can anticipate some fraud activity in any kind of catastrophe ranging from a hailstorm to a hurricane. Sometimes the property owner is not aware of a fraud being perpetrated since it may in fact be the contractor or repairer who commits the fraud with inflated fees or by creating additional damage to the structure.

How can they prevent it?

Insurers take actions to reduce the impact of fraud. Adjusters are trained to identify what appear to be “red flags” for fraud. Insurers can have claims analyzed by an organization such as ClaimSearch to help identify fraud or parties to prior fraudulent schemes. Not all fraud can be prevented. However, much of it can be and is reduced through vigilance and the use of tools designed to help identity it.

What are catastrophe anti-fraud plans?

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Most insurance carriers include anti-fraud training as part of the company’s catastrophe response plan. The carriers use information developed by organization such as the National Insurance Crime Bureau to inform adjusters and others involved in the claims process regarding indicators of fraud.

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Adjusters are trained to be vigilant; however, adjusters are also expected to pay rightful claims as quickly as possible so that policyholders can begin their recovery efforts as quickly as possible. In addition, carriers often include Special Investigation Units as part of the first response to a disaster so that from the beginning the carriers can identify and react to potential fraudulent activity.
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Responses by Gary Kerney, assistant vice president of ISO’s Property Claim Services® (PCS®) division. ISO (www.iso.com) is the flagship subsidiary of Verisk Analytics (www.verisk.com).