Brokers and businessowners are being warned about the rise of credential stuffing – an illicit online activity which could be the next big cyber threat to hit Australia. First coined in 2011, credential stuffing is the term used when hackers take a username and password, then run it through different sites to see if they […]
Allianz reveals “eye-watering cost” of cyberattacks
With cyberattacks getting increasingly sophisticated, it has become one of the most significant risks for businesses, resulting in “eye-watering losses” of as much as US$600 billion ($840 billion) a year worldwide, according to global insurer Allianz. Sinead Browne, chief regions and markets officer at Allianz Global corporate and specialty, said much of this loss was […]
Chubb issues warning on potential cyberattacks against SMEs
Chubb has published an advisory which outlines that while cyberattacks on major companies often make the headlines, SMEs continue to be much more common targets. Entitled “Cyber Attack Inevitability: The Threat Small & Midsize Businesses Cannot Ignore,” the advisory noted that – according to Chubb’s claims data – 60% of all cyber events experienced by […]
Majority Are Underestimating Cyber Risk – CHUBB.
Despite the increasing frequency of cyberattacks, most people are largely unprepared and at risk should they or their family be targeted, according to a new study from Chubb. Most respondents (86%) to the 2018 Chubb Cyber Risk Survey said they were concerned about cyber incidents. However, the study found that most were either underestimating or completely […]
MEDIA & ENTERTAINMENT INDUSTRY NOT READY FOR CYBER RISK
More than half of media and entertainment firms experienced three or more cyberattacks over a 12-month period, according to a new survey from specialist insurer Hiscox. “Media and entertainment firms are uniquely vulnerable to cyber crime,” Hiscox said in a news release. “High-profile products and complex production processes, coupled with the media and entertainment industry’s […]
CYBER MARKET TO DOUBLE IN SIZE BY 2020, GLOBAL INSURER SAYS…
Munich Re has estimated that the cyber insurance market will double by 2020, thanks to an increase in the use of connected devices and the subsequent surge of complex risks associated with such systems. The German company shared its business forecast during the Rendez-Vous event – an annual meeting of reinsurers in Monaco earlier this […]
WEB-BASED CORPORATE EMAIL COMPROMISES RAPIDLY INCREASING
This article is a follow through to CFC Underwriting’s previous Cyber Warning notice in July this year. Email compromise is an issue massively on the rise, and taking a couple of risk management steps can hugely decrease your risk. The below “phases” may be written in ‘techie speak’, but we would encourage all businesses to […]
CYBER CLAIMS BEING LED BY ORGANISED CRIMINAL GANGS – CFC
Malicious malware, such as NotPetya, and nation-state hacking have cast a dark shadow over the cyber insurance landscape, and while the threats are real, that’s just the top of the pyramid of what’s driving cyber claims. CFC Underwriting’s chief innovation officer can count on one hand the number of claims that the insurance company has […]
5 TIPS TO SPOT A FAKE WEBSITE
As technology improves and our reliance on it increases, so too does the ability of scammers to con us out of paying for items that will never arrive. Fake websites that take your money while harvesting your credit card and bank details are everywhere these days and are cleverly designed to look genuine and convincing, […]
NDB SCHEME DRIVING CYBER INSURANCE TAKE-UP
CFC Underwriting has revealed it has seen 107% growth in new cyber insurance business in Australia over the past year. According to the specialist firm, the introduction of the Notifiable Data Breaches (NDB) scheme was the key driver in the take-up. “We attribute much of this growth to awareness of the impending legislation surrounding notification, […]
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