Cyber attacks are increasingly rapidly, from malware, data theft, distributed denial of service, to ransomware where device and data access are traded for financial gains. Of all the cyber threats, ransomware attacks are very damaging as businesses can be locked out of their own data, if current data backups are not religiously carried out.
The National Cyber Security Centre (NCSC) UK and Information Commissioner's Office (ICO) UK have asked the solicitors' community to emphasise on the point that paying a ransom to cyber criminals will not keep data safe or be viewed by the ICO as a mitigation in regulatory action.
Credential stuffing is emerging as a significant and rapidly growing cyber threat to personal information according to international data protection and privacy authorities.
A new report by S&P Global Ratings has forecast that cyber insurance premiums are likely to increase at an average 25% per year to about $22.5bn by 2025.
A new report by CyberEdge Group has revealed that the two biggest persistent problems while dealing with cyber security are not budget or technology-related, but rather people-related.
A new survey of global insurers across the UK and US has revealed that 82% of them are expecting the rise in premiums to continue, with 74% of insurers agreeing that their inability to accurately understand a customer's security posture is impacting price increases.
No organisation is immune from cyber attacks and about 94% of organisations have admitted they experienced a security incident in the last 12 months a new report by cyber security solutions company Barracuda Networks has revealed.
With respect to safety in online transactions, there seems to be a mixed response from consumers. A new survey across 20 countries has suggested that 52% of consumers were concerned about their online transactions while 42% were more concerned now than they were 12 months ago.
Most Australian cyber insurance markets have reduced their capacity by 50% (on average), amid heightened attention on client responsibility for cyber risk management, says Mr Ben Robinson, placement manager - Professional and Executive Risks, at the insurance brokerage Honan.
A new report from Lloyd's highlights the risk of cyber attacks which could inflict significant physical damage on national infrastructure and privately owned assets.