Human error bigger threat than malicious attacks – Cyber Risks

Human error

Insider threats to cyber security may be under-reported

Statistics from the Office of the Australian Information Commissioner (OAIC) may be under-reporting the damage insider threats can cause to organisations’ cyber security.

IT expert Ahmed Khanji, CEO of Gridware Cybersecurity, told Emergence Insurance’s latest webinar for brokers that Gridware statistics suggested insider threats were a bigger risk than malicious or criminal attacks. The latest OAIC statistics found malicious attacks were responsible for 57% of notifiable data breaches (NDBs).

Gridware data showed malicious threats lagged behind insider threats. Contrary to what’s being reported to OAIC, Ahmed said Gridware found employees were the greatest threat. He urged all businesses to consider who had access to their customer lists and email contacts.

Untrained staff as the greatest cyber risk

He said a global survey found 87% of executives viewed untrained staff as the greatest cyber risk to their businesses, yet staff training was ranked high among categories to have made the least progress when measured against the US-developed, voluntary National Institute of Standards & Technology’s cyber security framework.

Ahmed said many insider threats came from “phishing” incidents where people were manipulated by emails that tricked them into disclosing or changing passwords.

Human error was responsible for 37% of NDBs

Emergence Head of Sales Gerry Power said OAIC’s latest report found human error was responsible for 37% of NDBs. “As humans, we keep finding new ways to make mistakes,” he said. “But, with sound risk management in place, many breaches can be prevented. Employees are the last line of defence, they must be educated to identify such things as dodgy emails and suspicious invoices.”

Medical data was particularly vulnerable because it sold for nine times more than financial data on the dark web.

Gerry said managing data breaches was critical to business survival. Ahmed agreed, saying reputation damage was the biggest loss. “About 85% of people won’t do business with companies that have had known data breaches. Facebook is now one of the least trusted companies in the world.”

Ahmed said organisations needed good firewalls to guard their networks; strong anti-virus software; endpoint protection for all devices; and intrusion detection and prevention systems that inspected all inbound and outbound activity and blocked suspicious activities.

“A hacker can be in your system for 200 days before being identified,” he said.

Protection methods include:

 

  • Strong passwords, long enough to prevent brute force attacks
  • Two-factor authentication
  • Not sharing passwords across multiple devices
  • Regular testing and auditing of company policies and procedures.

Emergence MD Troy Filipcevic distinguished cyber threats from social engineering, which used psychological manipulation to get people to divulge information using trickery, deception and impersonation.

He said social engineering was targeted, sophisticated fraud where trust was built and human weaknesses exploited.

Source: Emergence Insurance

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Human error

If Hackers Steal Data Who Pays

It’s Just Hackers

In 2014 Hackers stole data from Yahoo that resulted in the details of 500 million users personal details including names and emails, as well as “unencrypted security questions and answers” be taken.

The breach damaged the trust in the brand, required Yahoo to publicly disclose the cyber-breach and advise all its users to change their passwords.

However, not all users changed their password and some are still reporting loss of data

The Cost of a Cyber Breach*

The costs of a data leak or data loss are rapidly accruing, with the total average cost per data breach within Australia now sitting at $AUD2.82 million, according to a 2015 study from IBM and Ponemon Institute. Moreover, the average cost per lost or stolen record has reached $AUD144, while the average number of breached records per incident is just under 20,000.

 

But I don’t have that many clients

The high-profile breaches recently included MySpace (359 million), LinkedIn (164 million) and Adobe (152 million), however, the hacking of a Gold Coast doctor in 2012 cost $4000 dollars.

Report a cyber incident

The Australian Signals Directorate (ASD) provides government with a greater understanding of cyber threats, and the coordination of whole-of-government operational responses to cyber incidents. The Cyber Security Incident Reporting (CSIR) scheme assists ASD with this role.

The Australian Government Information Security Manual (ISM) states agencies must report cyber security incidents to ASD. Cyber security incident reports are the basis for identifying and responding to cyber security incidents across government.

Reporting cyber security incidents helps ASD to develop a threat environment picture for government systems, and assist other agencies who may also be at risk. Cyber security incident reports are also used for developing new policies, procedures, techniques and training measures to help prevent future incidents.

The types of cyber security incidents agencies should report to ASD include:

  • suspicious or seemingly targeted emails with attachments or links
  • any compromise or corruption of information
  • unauthorised access or intrusion into an ICT system
  • data spills
  • theft or loss of electronic devices that have processed or stored Australian government information
  • intentional or accidental introduction of viruses to a network
  • denial of service attacks
  • suspicious or unauthorised network activity.

To report a cyber incident:

Sources: http://www.asd.gov.au/infosec/reportincident.htm *http://www.cso.com.au/

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Insider and Privilege Misuse

Cyber Claim Scenario – Insider and Privilege Misuse

An Australian logistics/freight forwarding and warehousing, with a 30M turnover, had a disgruntled ex subcontractor who hacked the company’s network multiple times with the intention of disrupting business operations.  As a result of the attacks, the Insured’s network was down for 21 days.

As the company was insured, the insurer use the services of a cyber loss adjustor, who was appointed to locate and rectify the main cause of the disruption and to facilitate the restoration of the entire network.

Have your company got a spare $280,000?

The claim resulted  in a payments of $280,000 made up of $110,000 in Defence Costs and $170,000 paid out in relation to IT expenses and lost income for the time the network was down.

Can you insurer against a Insider and Privilege Misuse Loss?

Some insurers offer Cyber Insurance to cover Insider and Privilege Misuse.

However it’s not a in all policies, if your unsure speak to one of Insure 247’s brokers on 1300 046 787

Source: Dual

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Denial of Service Attack

Cyber Claim Scenario – Denial of Service Attack (DoS attack)

In January 2012, Australia’s second-biggest online broking business, ANZ Bank’s ETrade, was forced to shut down over the New Year period by a denial of service attack launched from overseas. Following the attack, access to the site was unavailable for some customers for nearly two weeks

Former Woodside Petroleum CEO Don Voelte warned in 2011 that cyber attacks were a major concern and that the company had been attacked “from everywhere”, particularly Eastern Europe, Russia and China.

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What is a Denial of Service Attack?

A denial of service (DoS) attack is an incident in which a user or organization is deprived of the services of a resource they would normally expect to have. In a distributed denial-of-service, large numbers of compromised systems (sometimes called a botnet) attack a single target.

Although a DoS attack does not usually result in the theft of information or other security loss, it can cost the target person or company a great deal of time and money.

Typically, the loss of service is the inability of a particular network service, such as e-mail, to be available or the temporary loss of all network connectivity and services.

A denial of service attack can also destroy programming and files in affected computer systems.

In some cases, DoS attacks have forced Web sites accessed by millions of people to temporarily cease operation.

Can you insurer against a Denial of Service Attack?

Some insurers offer Cyber Insurance to cover Denial of Service Attack.

However it’s not a in all policies, if your unsure speak to one of Insure 247’s brokers on 1300 046 787

Source AIG

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Identity Theft – Know the Perpetrators

Identity Theft – Know the Perpetrators

Remember that awful Sandra Bullock movie? No, not Speed 2 – although that was outrageously bad. We’re talking about The Net. It’s a film from the nineties about a computer programmer that stumbles on a government conspiracy and has her identity stolen and replaced. Sure, the technology is laughably out of date – it was filmed in 1995 – but it was one of the first films to deal with technology-based identity theft.

About Identity Theft

Identity theft is growing at a rate of about 15-20 per cent each year, which means every one of us could be a potential victim, regardless of our age, nationality or status. Financial loss is only a part of how identify theft can affect you; there’s also the risk of reputational damage or damage to your credit rating which could take months and sometimes years to repair.

Know the Perpetrators

But who are the people behind these unseen crimes? Who are you at risk from? This infographic by Hotspot Shield shines the light on three types of crooks behind identity theft and shows us their nefarious methods of obtaining your personal information and how you can limit your risk of becoming the next victim of identity theft.

Source: knowrisk.com.au

identity-theft-infographic_small

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

10 types of cyber attacks

cyber attacks

10 types of cyber attacks

The following cyber attacks, are examples of how cyber crime can affect your business. Cyber attacks are estimated to costs Australians more than $1 billion a year.

Point of Sale (POS) intrusions Point of Sale (POS) intrusions

Where retail transactions are conducted, specifically where card – present purchases are made.

Cyber Extortion Cyber Extortion

Crime involving an attack or threat of attack against your IT infrastructure , couple with demand for money to stop the attack.

Miscellaneous Errors Miscellaneous Errors

People make mistakes! Unintentional actions directly compromised a security attribute of an information asset.

Cyber Espionage Cyber Espionage

Unauthorised network or system access linked to state affiliated actors and / or exhibiting the motive of espionage.

Denial of Service Denial of Service

Intended to compromise the availability of networks and systems. Includes both network and application layer attacks.

Physical Theft and Loss Physical Theft and Loss

Any incident where an information asset went missing, whether through misplacement or malice.

Insider and Privilege Misuse Insider and Privilege Misuse

Any unapproved or malicious use of organisations resources. Mainly insider misuse or external (through collusion)

cyber-claims Web App Attacks

This includes exploits of a code – level vulnerabilities in the application as well as thwarting authentication mechanisms.

Payment Card Skimmers Payment Card Skimmers

Where a skimming device is physically implanted on an asset that reads magnetic stripe data from a payment card

Crimeware Crimeware

A form of malware. Primary goal is to gain control of systems to steal credentials

Source Emergence Cyber Insurance

Does your Cyber Insurance cover all these events?

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Brand Protection

Cyber Claim Scenario – Brand Protection

(First Party Claim)

Brand Protection Example Claim

A leading software provider breached its obligations to Australian customers when hackers broke into its systems in 2013 and made off with loosely encrypted passwords and credit card details. The Australian Privacy Commissioner investigated the issue and ruled the company failed to take ‘reasonable steps’ to protect the personal information of 1.7 million Australians to the level demanded by domestic privacy legislation.

RESULT

The company engaged the services of a public relations consultancy firm to limit the brand/reputation damage associated with the findings.

CGU SOLUTION

CGU Cyber Defence provides coverage for the costs associated with regulatory privacy investigations and costs to engage a public relations firm to protect the company brand.

Source CGU

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Extortion

Cyber Claim Scenario – Extortion

(First Party)

EXAMPLE

A small accounting firm’s client records were locked by ransom software. The company was only able to get files released after paying a ransom of $50,000 to hackers.

RESULT

The firm contacted law enforcement and working with law enforcement, determined the payment should be made.

• $150,000 was paid for business interruption loss, the ransom demand ($50,000) plus consultants costs to advise on handling and negotiating the ransom, and the costs to restore the network as the hackers refused to release the files despite the ransom payment.

CGU SOLUTION

CGU Cyber Defence provides coverage for the payment of extortion monies and costs involved in negotiating, mediating and crisis managing to end the security threat.

 

Source CGU

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Hacker Attack

Cyber Claim Scenario – Hacker Attack

(First Party Claim)

Cyber Insurer CGU has provided this claims scenario and how there cyber insurance responds to the scenario

EXAMPLE

A transport company discovered its servers had been infiltrated by an unidentified third party, allowing the third party to access files. This included accessing personal identifiable information including credit card information.

Unauthorised and fraudulent transactions were made on the transport company’s customers’ accounts in multiple states and countries.

RESULT

The transport company was required to notify all affected customers, their personal information had been compromised and offered affected individuals credit monitoring services. The transport company was also concerned about the possible reputational damage they could suffer, so a public relations expert was brought in to assist.

The breach resulted in costs and expenses of approximately $100,000 to identify the affected individuals, notify them, set up a call centre and respond to customer enquiries.

Another $150,000 was incurred in legal costs and expenses to determine reporting requirements and respond to regulatory investigations into the privacy breach. In addition $29,000 was spent on IT forensics costs incurred to restore the data and stop the breach, and a business income loss of $250,000 was also suffered – totalling $529,000.

CGU SOLUTION

CGU Cyber Defence provides coverage for all elements of the loss including customer notification costs, establishment of call centre for customer support, credit monitoring expenses, brand and business interruption loss.

CGU Cyber Defence

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Employee Error

Cyber Insurance Claim Scenario – Employee Error

(First Party & Third Party Claim)

Cyber Insurer CGU has provided this claims scenario and how there cyber insurance responds to the scenario

 

EXAMPLE

A retailer emailed a group of customers to promote a sale with special discounts available to them. The retailer intended to attach a copy of the flyer detailing the discounts but instead attached a copy of a spreadsheet that contained a customer list, including customer names, addresses and credit card information.

RESULT

The retailer was required to notify all affected customers of the error and offered credit monitoring services.

Several of the affected individuals began legal proceedings against the retailer. The notification and credit monitoring costs totalled $50,000, and the amount to settle the legal proceedings with the retailer’s customers combined with the associated legal costs and expenses totalled $100,000.

CGU SOLUTION

CGU Cyber Defence Insurance Policy provides coverage for breach of privacy which includes legal costs, indemnification of third parties and crisis management costs.

Source CGU

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs