New Trends in Cyber Crime

New Trends in Cyber Crime

August 9, 2019 Business Insurance and Risk Management, The Beacon Blog 0 Comments

When writing about cyber threats, the cliche “I have good news and bad news” is often a good place to start. As reported in the latest Cyber Security Intelligence weekly update (https://www.cybersecurityintelligence.com):

Good news: To date in 2019 malware attacks are down 20% and phishing attacks by 18%. Bad news: malware and phishing have become more sophisticated. Attackers are using legitimate Windows and security tools to drill into networks. Phishing attacks target executive, finance and human resources departments.

More bad news: Encrypted attacks jumped 76% according to SonicWall data from over 200 countries (https://www.sonicwall.com/lp/2019-cyber-threat-report-lp/). By next year an estimated 70% of cyber attacks will be encrypted and many security tools will be unable to detect them.

Ransomware continues to be a threat, increasing 15% worldwide and 195% in the United Kingdom.

There were 13.5 million attack attempts on Internet of Things devices in the first half of 2019, an increase of almost 55%.

Financially motivated attack tools first used by North Korea are now being used by non-state cyber criminals to target financial institutions worldwide.

By all indications,things will get worse before they get better. Cyber insurance is not a cure-all, but organizations without coverage are putting their survival at risk.




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.