Modern Insurance Magazine Issue 65

INSURTECH
Munich Re
Dikla, what are some of 2024’s most exciting emerging
cybersecurity technologies?
Q
In my opinion, 2024’s key trends in cybersecurity are:
A Generative AI, adopted on both sides of the battle.
Generative AI is utilized by both attackers and defenders in
cybersecurity. It fuels an endless race between attackers, who
develop sophisticated cyber security solutions. Attackers use
it to create personalized attacks, such as phishing emails and
deepfake videos, as well as to automate the development of
malware to evade detection. On the other hand, defenders
leverage generative AI for anomaly detection, smart
authentication, automated response, and more.
Social Engineering. There is an expected increase in AIbased
predictive social engineering tactics, combining
AI capabilities with social manipulation techniques.
Cybercriminals exploit human vulnerabilities or nature to
create personalized phishing campaigns at scale, facilitated
by AI.
The Human Touch. Human activities can often serve as
the entry point for a cyber-attack. There is a shift towards
Security Behavior and Culture Programs to address human
risks effectively. Rather than solely focusing on raising
awareness, organizations are now prioritizing behavioral
change to minimize cybersecurity vulnerabilities. By
integrating human-centric security design practices, these
programs aim to reduce friction while maximizing control
adoption.
Third-Party Cybersecurity Risk Management. AI enhances
third-party risk management solutions by analyzing large
datasets to identify potential risks, automating vendor
evaluation processes, and improving incident detection
and response capabilities. By leveraging AI algorithms,
organizations can efficiently assess the cybersecurity posture
of third-party vendors and proactively address vulnerabilities
in their supply chain.
Q
I was intrigued by your recent LinkedIn post regarding the
Hartford Steam Boiler (HSB) by Munich Re’s cyber-in-auto
product announcement. The product provides coverage
for cyber threats related to personal vehicles. Why is this so
important?
As vehicles become more connected through IoT
(Internet of Things) technologies and autonomous
A driving features, the need for robust cyber security
measures has become paramount. Since the car is connected,
we need to secure private information that is stored in
personal vehicles and connected to cloud-based and wireless
communication networks. To an extent, the innovation of
modern cars has increased safety - as seen with information
technology in autonomous vehicles and telematics. Still, they
possess the danger of becoming compromised by attackers.
The pure cyber security technology in place to protect
automotives from cyber-attacks began developing 10 years
ago, and can be leveraged to insurance products.
Q
A
Can you expand on some key takeaways from the recent
cybersecurity panel you took part in at our very own
Insurtech Insights Europe conference, particularly as it
relates to cyber security and personal lines of business?
I was honored to be among the speakers for the topic
‘From Risk to Resilience: Strengthening Cyber Defense
Through User Security’. The focus was on personal
cybersecurity, particularly considering the challenges and
opportunities for personal cyber products.
Many individuals unknowingly share personal data,
highlighting the need for enhanced personal cybersecurity
and awareness. It may sound surprising, but according to
research, the average American provides personal data
to over 1,500 websites a year. Globally however, there’s
limited awareness about individual cyber insurance and its
advantages. It’s a topic that requires the insurance industry
to leverage technology and be very creative. Meaningful
products and solutions can be created to enhance personal
cybersecurity and safeguard online activities and data.
Q
Is AI a friend, foe, or both? Can AI help detect and react to
a breach in real time? Conversely, what is the threat of AI in
the hands of a cybercriminal?
The intersection of cybersecurity and artificial
intelligence is evolving rapidly, with several key areas
A of focus emerging. Firstly, there’s a requirement for
Security for AI developers to shield organizations creating
AI from potential security threats. Simultaneously, ensuring
Security for AI consumers is vital to guarantee the safety of
systems employing AI (organizations are also consumers).
Additionally, tackling Security for AI-driven attacks is
imperative as cybercriminals exploit AI capabilities more
frequently. It is a very dangerous tool in the hands of
criminals. Finally, AI to enhance security presents promising
prospects for fortifying defense mechanisms through the
utilization of AI technologies. Collectively, these domains
delineate a dynamic terrain where the amalgamation of
cybersecurity and AI continually molds digital security.
You’ve had an extraordinary career! Do you have any advice
for young women who may be just starting out in insurance?
Q
This may sound funny, but I would say that when
you are invited to a meeting, always sit at the table,
A both physically and mentally. The first step is to be
physically present, part of the discussion, not in the second
row, not near the table. Sit at the table. The second step,
when you’re ready, is to always speak out and share your
opinion, even if you are not asked to do so. Ask questions,
and be involved. I learned this from a woman I met in my past,
and I 100% believe in it.
Dikla Wagner,
Head of Tech Scouting in Israel,
Munich Re
MODERN INSURANCE | 73