WhatsApp said Aug. 29 it discovered an advanced cyberespionage effort that took advantage of a chain of security vulnerabilities in the app and Apple devices to hack them.
A researcher with Amnesty International said unidentified members of civic groups appeared to be among those impacted.
In a brief statement, the Meta Platforms-owned communications service said it had patched the security vulnerability that allowed hackers to take advantage of a second vulnerability on Apple devices and hijack the machines. In a statement, WhatsApp said that fewer than 200 users worldwide had potentially been impacted.
Related: NSO Group to Pay Nearly $168M to Meta’s WhatsApp for 2019 Hacking
Donncha O Cearbhaill, who heads Amnesty’s Security Lab, told Reuters that his group was starting to collect forensic data from potential victims.
In a post on X, he said that initial signs were that the hacking “was impacting both iPhone and Android users, civil society individuals among them.” He said other apps beyond WhatsApp may also have been affected.
At its most basic, all reinsurance businesses must balance top line growth with profitability. But how can we make sure we are making the right decisions as market dynamics shift?
First, we must understand why the cycle occurs. Talk of managing the cycle has existed for multiple decades, driven by either an abundance or a shortage of capital in the industry, which itself is driven by favorable or unfavorable financial results. The lag between underwriting years and financial years masks the impact of the cycle, enabling reserve releases to bolster results as returns start to drop off.
Understanding why it occurs is only part of the solution; anticipating the cycle’s low point is equally important. Having tools in place to monitor pricing trends and changes in terms and conditions can help predict upcoming shifts.
The people who have the clearest insight into the market at any given time are, of course, underwriters. They are the ones who hold day-to-day conversations with their clients. Underwriters understand the economic challenges cedents face and the insurance protection they need to navigate often-volatile market conditions.
Prudent management teams should listen carefully to what their underwriters are telling them about the realities their clients are experiencing on the ground.
Perhaps the most difficult role is at the executive and shareholder level. Effective reinsurance executives align both underwriters and shareholders, ensuring everyone understands when to expand or contract – on one hand, resisting the temptation to reduce exposure at the first sign of falling rates, while, on the other hand, recognizing that excellent financial years are not always indicative of strong opportunities in the current underwriting year.
Achieving this cultural alignment is critical for success and a continuous internal dialogue about the status of the cycle is an important ingredient amongst executives.