Cyber Attacks in the Private Sector

Cyber Attacks in the Private Sector

1. Current Insurance Offerings

   • Security & Privacy
   • Event Management
   • Network Interruption/Business Interruption
   • Cyber Extortion
   • Media Coverage
   • Cover Expenses to 1st & 3rd Party Claims
   • Cyber Crime

2. Mitigation of Losses

   • Secure Data Storage
   • Segregation of Important Data
   • Dedicated Chief Security Officer
   • Upgrade/Patch Software ASAP
   • Hire External Parties
   • Assess Vulnerabilities
   • Assess Internal & External Threats
   • Develop Immediate Response Plans to Breaches
   • Continuous Employee Education
   • Annual Penetration Assessments

3. Risk Identification

   • Human Error
     • Loss of Laptop/Smartphone - Company Data
   • External Breaches / Hacking
   • Social Engineering
   • Cyber Extortion
   • Social/Political Hacktivists
   • Loss of Private Data (Company or User)
   • Reputational Damage

4. Risk Drivers

   • Frequency
     • Depends on:
       • Company Security & Data Available
       • Employee Errors
         • 95% of Breaches due to Human Error
       • Size of Company / What They Do
         • 43% of Attacks on Small Businesses (Cybintsolutions.com)
       • Developments in Cyber Security
     • 64% of Companies Experienced Cyber Attacks
   • Severity
     • Total Cost of Cyber Crime in 2018 > $1 Trillion
     • Reputational Damage Can be Massive
     • Business Interruption at Length
     • Loss of Sensitive User/Company Data
     • Expensive Legal Fees
     • Can be Incredibly Expensive to Recover From

5. Historical Events

   • Adobe
     • Personal Information of 150 Million Users Compromised
   • Sony
     • Personal Data of 77 Million Playstation Users Leaked
     • 100 Terrabytes of Confidential Data Stolen
   • Target
     • Banking Data of 40 Million Users Stolen
   • Marriott Hotels
     • Information of Over 500 Million Guests Compromised
   • Russian Hackers
     • Stolen 1.2 Billion Passwords and Logins from over 400,000 Websites