What Are The Most Overlooked Cyber Threats?

What Are The Most Overlooked Cyber Threats?

September 12, 2019 Business Insurance and Risk Management, The Beacon Blog 0 Comments

Business consultant Chester Avey has posted a list of seven common cybersecurity issues that many businesses overlook. The post is at https://www.linkedin.com/in/chester-avey-2bb540176/; summary from Cyber Security Intelligence website.

  1. Business email compromise: this is harder to spot than a standard phishing attack because attackers access legitimate accounts and use them for fraudulent requests.
  2. Cryptojacking: using computer systems to mine for cryptocurrencies. This is hard to detect because operations are slowed but not disrupted. According to a McAfee study, coin mining malware samples grew by 414% in the four quarters ending 1st quarter 2019.
  3. Shortage of cybersecurity experts. By 2021 it is estimated 3.5 million cybersecurity positions will be unfilled. 63% of companies do not provide adequate cybersecurity training (http://searchsecurity.techtarget.com/news/252463186/Effects-of-cybersecurity-skills-shortage-worsening-new-study-says).
  4. Effects of cyber breaches on company reputation and public perception.
  5. Formjacking: the “virtual equivalent of cash point skimming” in which hackers insert code into an e-commerce site to read users’ personal information. This is difficult to detect and provides large amounts of information to the hacker.
  6. Cyber fatigue: about 30% of chief information security officers feel overwhelmed by their responsibility (https://www.cybersecurityintelligence.com/blog/professionals-say-network-security-is-getting-harder-4398.html) and this also affects IT staff members.
  7. The Internet of Things: there will be an estimated 27.1 billion connected devices by 2021, and every one is a potential weak point for a cyber attack. IoT malware grew by 154% in the four quarters ending 1st quarter 2019, according to McAfee.

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.