Vehicle Thefts Surpassed 1 Million in 2022
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Vehicle thefts nationwide surpassed 1 million last year. This was a 7% increase over 2021 numbers and the first time thefts reached that total since 2008, according to a new analysis from the National Insurance Crime Bureau (NICB).
“We are seeing vehicle theft numbers that we haven’t seen in nearly 15 years, and there is very little deterrent to stop criminals from committing these acts,” David Glawe, president and chief executive of NICB, said in a statement. “We must reinvest in local law enforcement, provide the necessary resources for prosecution and community policing programs and implement early intervention programs given the high incidence of juvenile offenders involved in vehicle thefts.”
Law enforcement agencies and communities reported over 250,000 thefts in the fourth quarter of 2022. California and Texas led the nation last year with the most reported stolen vehicles at roughly 202,700 and 105,000, respectively. Among the 10 states with the most vehicle thefts, Illinois (sixth-highest overall) had the most significant year-over-year increase of 35%. Following that was Washington (third-highest overall), with an increase of 31% from 2021.
The remaining states in the top 10 were Florida, Colorado, Ohio, Missouri, New York and Georgia. NICB used data from the National Crime Information Center to conduct its analysis.
Thefts of Kia and Hyundai vehicles spiked in recent years. In September, the Highway Loss Data Institute (HLDI) called Hyundai and Kia vehicles “easy targets” since many 2015 to 2019 model-year vehicles lack electronic immobilizers.
Electronic immobilizers prevent thieves from simply breaking into a vehicle and bypassing the ignition. Immobilizers were standard on 96% of other manufacturers’ vehicles in 2015 but standard on only 26% of Hyundai and Kia models, according to IIHS.
Some insurers, including Progressive and State Farm, started refusing to write policies for Hyundai and Kia models in certain cities. Michigan’s Department of Insurance and Financial Services (DIFS) issued a bulletin reminding insurers the state requires they offer auto insurance to all residents regardless of make or model—including Kia and Hyundai vehicles.
“In other states, some insurers have attempted to deny or limit auto coverage for [Kia and Hyundai vehicles],” Anita Fox, director of Michigan’s DIFS, said in a statement. “Our new bulletin clearly states that such actions are prohibited in Michigan. DIFS will continue to ensure that every eligible Michigan driver can get the auto insurance they need to legally drive on Michigan roads.”
Insurers can respond to the “indisputably” increased risk of Kia and Hyundai thefts by charging more for comprehensive coverage or choosing not to insure them, Robert Passmore, department vice president of personal lines at the American Property Casualty Insurance Association (APCIA), said.
“That said, any action that insurer would take would have to be in accordance with state law,” Passmore said in a written statement. States have rules about rate filing, canceling, and non-renewals. Also, some states have “take all comers” requirements prohibiting insurers from denying coverage based on vehicle make and model.
Kia and Hyundai have software fixes and other anti-theft devices available to drivers. Vehicle owners should contact their local dealer for more information. And, when shopping for insurance, be sure to let the insurer know if their vehicle has had the software upgrade.
Last year’s roughly 1.02 million stolen vehicles were just under 2008’s total of 1.05 million. NICB noted that law enforcement may still report thefts from 2022, meaning the numbers may change.
NICB recommends that vehicle owners follow good security practices and that their auto insurance policies are current. Owners should roll up their windows, lock their car doors, park personal vehicles in a garage, and park in well-lit areas.
- Published in Blog
Extended Detection and Response Explained
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
Extended detection and response (XDR) is a security solution that offers organizations end-to-end visibility, detection, investigation and response across multiple security layers. Unlike endpoint detection and response (EDR), XDR provides a holistic view of threats across the entire technology landscape rather than only those within managed endpoints. This article explains what XDR is and how it works, outlines the benefits of XDR and discusses how it compares to EDR.
What Is XDR and How Does It Work?
XDR uses data collected across multiple security layers to provide IT and security teams with real-time, actionable threat information. By utilizing extended visibility, analysis and response across endpoints, workloads, users and networks, XDR can help organizations reduce blind spots, detect threats faster and jump-start threat remediation. Essentially, XDR helps security teams:
- Recognize advanced and hidden threats
- Detect and follow threats in and across various systems
- Improve the time it takes to detect and respond to threats
- Improve the threat investigation process
There are several components of XDR that provide organizations with a wider grasp of threats via the following:
- An analysis of internal and external traffic—XDR can identify cybersecurity threats even after they’ve bypassed system perimeters.
- Integrated threat intelligence—XDR learns from attacks on other systems to detect similar events in its own environment.
- Machine learning-based detection—XDR can detect zero-day and nontraditional threats that bypass signature-based methods.
The Benefits of XDR
XDR adds value to organizations by combining multiple security offerings into one incident detection and response product. Benefits of XDR include:
- Greater visibility and context—Threats that utilize legitimate software, ports and protocols can often slip past system defenses undetected. With XDR, security analysts can see threats on any security layer. It can also offer insights into how an attack happened, who was affected and how it spread.
- Improved prioritization—As cyberthreats become increasingly frequent, it can be difficult for IT and security teams to keep up with security alerts. XDR can help prioritize threats by grouping related alerts across the framework and presenting the most important ones.
- Enhanced automation—XDR’s automation abilities allow IT teams to handle a large volume of data and consistently execute complex processes.
- Faster detection and response—Since XDR is continuously monitoring the technology landscape, it enables organizations to detect and respond to threats faster than before.
- More sophisticated responses—XDR can tailor specific systematic responses and leverage other control points to minimize the overall impact of the affected endpoint.
How Does XDR Compare to EDR?
XDR is an evolution of EDR—a cybersecurity solution that continuously monitors security-related threat information and endpoint data to detect and respond to ransomware and other types of malware. However, EDR can only detect and respond to threats inside managed endpoints, which limits the scope of threats that can be detected. In contrast, XDR goes beyond the capabilities of EDR by analyzing all security layers and offering organizations a more holistic view of threats.
Conclusion
In an increasingly complex threat landscape, XDR solutions can provide organizations with flexible and efficient security enforcement and remediation. For more risk management guidance, contact us today.
- Published in Blog