In 2024, the FBI’s Internet Crime Complaint Center received over 859,000 reports of suspected internet crimes, with losses exceeding $16 billion—a 33% jump compared to the previous year. As cyberattacks grow more frequent and sneakier, experts agree that a solid defense system is crucial. But this defense can’t just be simple; it needs to be layered and connected, blending prevention with quick response.
Tokio Marine HCC’s Cyber & Professional Lines Group (CPLG), based in Houston, is taking that idea to heart. The group’s Cyber Threat Intelligence (CTI) and Cyber Incident Management (CIM) teams work closely, sharing real-time information to help clients spot and respond to threats quickly. Alex Bovicelli, Senior Director of Cyber Threat Intelligence, explained how this teamwork gives them a major edge. When an incident happens, the CIM team contacts the client immediately and gathers details, which they share instantly with the CTI team. This fast exchange means they don’t have to wait months for reports, and they can act right away.
Bovicelli compared the CTI team to castle archers defending the walls and the CIM team to soldiers inside the fortress dealing with attackers who get through. This collaboration recently paid off during a 2023 attack surge by the Akira ransomware group. CPLG spotted a pattern: the group targeted Cisco ASA WebVPNs, then switched to SonicWall VPNs. While the wider industry was still in the dark, CPLG warned their clients weeks in advance.
This hands-on approach sets CPLG apart from traditional insurers. They don’t just send alerts telling clients to patch vulnerabilities—they help make sure patches are applied correctly and monitor risks closely. And if a client experiences a cyber incident, they reach a real person at any hour, not a chatbot.
Experts at CPLG also stress that small businesses are often overlooked but are prime targets. Many owners think hackers won’t bother with them, but criminals actually aim at widely used technology, not just big names. Stats show that 95% of cyber incidents at small companies cost anywhere from $800 to over $650,000, with half taking more than a day to recover.
Another growing danger is attacks on backups, which hackers try to delete or encrypt to make recovery nearly impossible. Bovicelli reminds businesses to have strong backups that are properly separated and secured with multi-factor authentication on remote access. Without this, companies face catastrophic damage.
Unmanaged personal devices also pose a risk. For example, a personal laptop infected with malware can steal company VPN credentials without IT noticing. Attackers also use tricks like poisoning search results to spread malware hidden inside seemingly harmless documents.
CPLG encourages businesses to invest in cyber insurance as part of their defense strategy rather than hoping they won’t be attacked. Bovicelli and Richard Savage, Senior Director of Cyber Incident Management, regularly meet to refine their joint efforts. They aim to cut through the flood of threat intelligence and focus on what truly matters for their clients.
This blend of prevention, quick response, and constant learning offers their insureds a stronger shield against growing cyber dangers. In a world where attacks keep evolving, staying connected and informed might just be the best way to keep safe.