Formjacking Is the Newest Cybersecurity Threat

Formjacking Is the Newest Cybersecurity Threat

March 5, 2019 Business Insurance and Risk Management, The Beacon Blog 0 Comments

Cyber criminals are constantly coming up with new threats. In a previous post on 8/13/18 I discussed cryptojacking, which used code to mine cryptocurrency from computers of unsuspecting users. Now the threat is “formjacking” which according to Symantec attacked an average of almost 5,000 websites per month in 2018 (over 1 million attempts on over 10,000 websites in the three month end of year period).

Formjacking has been described as the digital equivalent of an ATM skimmer. Using malicious code, criminals steal credit card details and other information from payment forms on checkout pages of e-commerce sites. While cryptojacking slows down computers, formjacking has no impact on them and consumers won’t know they have been victimized until they get their credit card bill, in most cases.

In addition to credit card information, other personal information entered into a digital form could be stolen.

Individuals should protect their information by downloading anti-virus software and updating it regularly. Don’t use public Wi-Fi for financial transactions. Businesses should make sure their e-commerce websites and any service providers are free of malicious code.

About the Author

Harry Cylinder

Harry Cylinder, CPCU, ARM has spent nearly fifty years in the insurance industry, the majority of the time as a consultant. He has been employed by The Beacon Group of Companies since 2008, specializing in the review and analysis of property and casualty coverage forms. Mr. Cylinder has been reviewing policy forms as they have evolved over the past decades. In 2008 he published an article in the CPCU Journal which was the first description of cyber insurance coverage for a general insurance audience. Since that time he has regularly written on cyber and other topics for The Beacon Companies’ blog.