Be vigilant when you engage with third party service providers. Ultimately it is your responsibility under the GDPR when cyber attacks and data breaches occur, not solely your service providers.
Cost of cyber crime has kept on growing and the underground market is now a legitimate $114 billion economy. We need a global effort to combat this threat.
Research links three major cybercriminal gangs to 30% of all global non-credit data breaches. Two Canadian teens are presumed to be directly attributed to roughly 42% of all non-credit card related data breaches that occurred between January 2017 to June of 2020.
Crypto mining malware is now the weapon of choice for hackers worldwide. The skyrocketing prices of cryptocurrencies is driving the scale of cryptojacking attacks, and can mean very lucrative profits ranging from hundreds of dollars to twenty thousand dollars per month. Victims now include Tesla and the UK government.
Two competing visions of the future of cyber governance presented at UN with views between “state sovereignty” backed by Russia and China, and “free, open and secure” backed by U.S. and its allies.
According to Tripwire's State of Cyber Hygiene report, many organizations are simply not getting their cyber security basics right. And there is a distinct lack of focus on the proper maintenance and basic protection organizations need to put in place for cyber defense.
With number of cyberattacks climbing, having a cyber insurance with the appropriate coverage can make a difference between a company surviving an incident and shutting down because of it.
Cyber insurance only forms part of the puzzle in bolstering cyber resilience. Even with cyber insurance, businesses must not consider themselves immune from ransomware attacks. They must still implement cyber hygiene practices as part of a holistic data protection and recovery strategy.
Cyber insurers have struggled to assess and quantify the risk they are underwriting. The only way the cyber insurance industry will be able to support the market's growing demand is through trust and transparency built upon quantifying digital risk through sound data science principles.
The private sector is increasingly turning to cyber insurance to at least mitigate some of the effects of hacking, however governments across the globe seem to have been slow to take advantage. Given the severity of the cyber threats, is it time for public sector agencies to leverage cyber insurance offerings?
