This article was created in partnership with QBE.
October marks Cyber Security Awareness Month – a much-needed reminder for both employers and their people to practice good cyber hygiene and invest in the best cyber security coverage out there. And while there’s lots of threats out there that pose a danger to organizations, by far the biggest continuous threat are ransomware attacks. Ransomware continues to plague organizations across the globe, regardless of sector or size.
“Cybercriminals are increasingly adopting social engineering tactics to gain access to networks and sensitive datasets,” added Jack Tolliday (pictured), QBE threat intelligence specialist. “They’re moving fast once they’re in, skirting around technical defenses, and not only stealing large quantities of data but also causing serious operational disruption that can have repercussions well beyond the intended target and across broader industry sectors.”
Aside from the ongoing threat of ransomware attacks, deepfakes and AI-powered fraud are emerging as new risks. According to a QBE report, deepfakes were implicated in nearly 10% of successful cyberattacks in 2024, with fraud losses ranging from USD $250k to $20m per case. So, how can leaders go about safeguarding their data in the face of such sophisticated trickery?
“Educating employees is key,” revealed Tolliday. “Businesses need to ensure employees understand how to spot AI and deepfake attempts. Coupled with good awareness, you also need strong processes in place, for example in how you verify when someone is asking to reset their password or requesting a financial transaction for example. By doing this, you are reducing the chance of these AI-powered attacks being successful.”
Here, from an insurance perspective, QBE is continuing to adapt policies and risk services to cover these next-generation threats.
“As the cyber risk landscape changes, QBE is adapting and delivering innovative insurance solutions to cover emerging and future threats,” explained Tolliday. “Alongside industry-leading cyber insurance coverage, we have created specific policy endorsements regarding artificial intelligence and LLM-jacking coverage, two key areas of evolving risk.
“Our cyber services are centred around proactive readiness and education on the latest threat vectors. Our threat intelligence webinars and briefings are intended to provide our customers with a deep insight into these latest threats. We have also established partnerships with innovative vendors, who specialize in social engineering simulations and awareness training, which we can now offer to our clients.”
As we head on into 2026, one thing will remain universal – that as AI gives an advantage to organizational strategy and efficiency, it will extend that same helping hand to cybercriminals. In order to stay ahead of the next wave of cybercrime, leaders will have to adapt to a fundamental shift in how organizations approach both cyber risk management and cyber insurance.
“I think the shift will be to a more proactive approach in the face of the complex and evolving cyber risk landscape,” added Tolliday. “Leveraging threat intelligence to understand threat actor behaviour is key to effectively hardening systems against attacks at a technical level. It can also be used to ensure people and processes are resilient to these new types of attacks. Of course, it’s still important to execute the basic security measures, securing identity through the use of multi-factor authentication, identity access and patch management, and implementing advanced detection and response tools across as much of the environment as possible.
“Insurance is there to provide protection if something were to happen, but it’s also there to help organizations stay resilient, proactive and ready to deal with the changing risk environment.”
QBE makes no warranty, representation, or guarantee regarding the information herein or the suitability of these suggestions or information for any particular purpose. QBE hereby disclaims any and all liability concerning the information contained herein and the suggestions herein made. Moreover, it cannot be assumed that every acceptable risk transfer procedure is contained herein or that unusual or abnormal circumstances may not warrant or require further or additional risk transfer policies and/or procedures. The use of any of the information or suggestions described herein does not amend, modify, or supplement any insurance policy. Consult the actual policy or your agent for details about your coverage. QBE and the links logo are registered service marks of QBE Insurance Group Limited. © 2025 QBE Holdings, Inc.
