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Global insurance firm AXA recently reported a number of their branches in Asia have been on the receiving end of a ransomware attack.
IT operations in Thailand, Malaysia, Hong Kong and the Philippines were targeted and three terabytes of data have been compromised, including a range of medical reports, bank statements and ID cards.
While machine learning has transformed many industries over the past decade, one area that is still playing catch-up is insurance. It’s a sector used to finding itself trailing behind other industries’ tech adoption, where high running costs of legacy systems squeeze budgets to such an extent that it’s hard for firms to stump up the cash necessary for driving innovation. While online comparison services have proliferated in recent years, signing up to and managing the policy invariably involves the pens, paper, and printers that other digitally-transformed industries have long since left behind.