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2023-11-14 00:00:00 | Les évaluations de la cybersécurité et la fortification des défenses numériques avec CRQ évaluant les cyber-risques sont essentielles pour développer des plans d'action basés sur les données pour stimuler les défenses numériques.Découvrez quelle évaluation vous soutient le mieux pour atteindre les objectifs de cybersécurité.En savoir plus Cybersecurity Assessments and Fortifying Digital Defenses With CRQ Assessing cyber risk is critical for developing data-driven action plans to boost digital defenses. Discover which assessment best supports you in reaching cybersecurity goals. Read More (lien direct) |
The Vital Role of Cyber Assessments and Fortifying Digital Defenses âAs cyber attacks become more sophisticated and complex and regulatory bodies impose stricter cybersecurity requirements, organizations worldwide are facing mounting pressure to adopt security solutions. Understandably, many executives have reacted by implementing a multitude of security tools that supposedly complement one another and better protect organization systems.  âHowever, this strategy often falls short, preventing stakeholders from comprehensively understanding their unique cyber environments. Instead of developing an intimate knowledge of the business units most vulnerable to threats, organizations risk exposing their assets due to their adopt-as-many-tools-as-possible approach. âAfter all, providing effective protection against what remains relatively unknown is impossible.âThis widespread ignorance about the cyber environment is precisely why cyber assessments are so crucial. These evaluations offer a structured approach to identifying, analyzing, and mitigating digital vulnerabilities and provide organizations with a detailed blueprint of their most susceptible business units.âNot All Assessments Are Created Equal âWhile all cyber assessments help businesses become more aware of their cyber risk levels, itâs essential to note that not all reveal the same insights. There are various types of assessments, each tailored to meet specific goals. Some analyze overall cybersecurity posture, while others dive deeper into specific areas, such as compliance and incident response planning. âEach of the available assessments offers organizations valuable data, security leaders can leverage to make informed decisions. Before choosing which IT environment evaluation to invest in, itâs important to discuss with key stakeholders and executives what youâd like to achieve with the new information youâll discover. âDefining a Goal: Risk, Governance, or Compliance âA great place to start when determining organizational goals for the assessment is cybersecurity risk, governance, and compliance (GRC). Cyber GRC is a commonly used industry framework and set of practices that businesses of all sizes harness to manage and secure their information systems, data, and assets. Each of these components serves a specific purpose.  âRisk âA cyber risk assessment aims to identify the factors that make a company vulnerable, generate conclusions regarding the vectors most likely to be the origin of an attack (due to those vulnerabilities), and offer insights about the level of damage a cyber event would cause. âCompanies can proactively address the relevant business units by revealing threat likelihood levels. This information also helps cyber teams determine which areas they want to devote the most resources to. It\'s important to note that both qualitative and quantitative risk assessments exist. âGovernance âThe role of cyber governance is to establish a framework of policies, procedures, and decision-making processes to ensure that cybersecurity efforts are embedded within the broader company culture and align with business goals. It likewise evaluates how well cyber strategies match overall objectives, offering cyber teams an opportunity to better coordinate with other executives and teams. âAn assessment focused on governance also determines if cybersecurity responsibilities are appropriately distributed throughout the organization, such as whether employees are required to use multi-factor authentication (MFA). Other included evaluation points are training programs, incident reporting mechanisms, and event response planning, all of which directly impact an organizationâs risk level. âCompliance âOne would conduct a compliance assessment to ensure an organization | Data Breach Tool Vulnerability Threat Technical | ★★★ | |
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2022-01-19 00:00:00 | Quelles tendances émergentes de cybersécurité devraient-elles être conscientes? Alors que le monde devient plus connecté numériquement, les entreprises doivent être conscientes des risques croissants de cybersécurité. What Emerging Cybersecurity Trends Should Enterprises Be Aware Of?As the world becomes more digitally connected, enterprises need to be aware of the growing cybersecurity risks.Read More (lien direct) |
As the world becomes more digitally connected every year â and with the pandemic further accelerating digital transformation â all types of enterprises need to be aware of the growing cybersecurity risks that come with this shift. In Europe, for example, significant attacks on critical sectors more than doubled in 2020 compared to 2019, according to data from the European Union Agency for Cybersecurity, as reported by CNN. In 2021, the picture arguably became even bleaker around the world, with major ransomware attacks causing disruption to companies in industries ranging from energy to meat processing.In the first six months of 2021 alone, ransomware-related reported activity in the U.S. had a higher total value ($590 million) than all ransomware-related reported suspicious activity in the U.S. in 2020, according to the U.S. Department of Treasury\'s Financial Crimes Enforcement Network (FinCEN). The total number of suspicious events filed in the first six months of 2021 in the U.S. also exceeded all of what occurred in the country in 2020 by 30%, the agency reports. Yet itâs not just ransomware thatâs wreaking havoc. Enterprises also need to be prepared for cyber threats like denial of service (DoS) attacks, where a flood of network activity can interrupt servers, thereby causing business interruption. Cisco predicts that distributed denial of service (DDoS) attacks (a subset of DoS, which involves using multiple devices to send a flood of traffic, as opposed to just using one device with a DoS attack) globally will roughly âdouble from 7.9 million in 2018 to 15.4 million by 2023.âIn addition to preparing for these types of cyberattacks, enterprises will also increasingly need to be aware of and comply with privacy-related regulations. As governments around the world try to bolster their cybersecurity responses, they are passing or at least considering new rules and guidance around how companies need to handle sensitive data and privacy issues. Amidst this preparation, enterprises also need to recognize that cybersecurity plans arenât foolproof, especially as attacks evolve. That means assets could be at risk even with solid defenses in place. So, enterprises increasingly need to think about not just how to prevent cyber attacks but also consider the dollar-value cost of risk, given that events will inevitably occur. This process, known as cyber risk quantification â a form of financial quantification â helps enterprises think about and discuss cyber risk in definitive business terms. Knowing how much money is at stake and how different cyber events could affect revenue and profit can help businesses prioritize defenses and take mitigating action like securing cyber insurance. In this report, weâll take a closer look at these emerging cybersecurity trends that enterprises should be aware of. Understanding these areas can help organizations potentially improve their risk management, both from a cybersecurity and overall governance standpoint. ââEvolving Ransomware RisksWhile ransomware is not a new type of threat, the scale and intensity of ransomware continue to broaden. Enterprises large and small, across all types of industries, need to be prepared for these cyber attacks.For one, ransomware-as-a-service, âwhere ransomware variants are licensed to individuals and accomplices to execute attacks,â as Reuters explains, has been on the rise. Based on suspicious activity reports, FinCEN identified 68 ransomware variants in the first half of 2021.âThe resulting emergence of new attackers has led to increased uncertainty and volatility for companies in responding to attacks due to the lack of information on the growing number of ransomware threat actors,â adds Reuters.Part of the problem is also that ransomware attacks arenât just being launched on an ad-hoc basis by individuals. Instead, thereâs in | Ransomware Tool Threat Prediction Cloud | ★★★ | |
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2021-12-20 00:00:00 | 7 Rapports qui peuvent vous aider à comprendre l'assurance contre le paysage de cyber-assurance continue de faire face à des marges d'érodage, les assureurs ayant du mal à quantifier les risques 7 Reports That Can Help You Understand the Cyber Insurance LandscapeCyber insurance continues to face eroding margins, with insurers having trouble quantifying the risks enterprises faceRead More (lien direct) |
The explosion of ransomware attacks and cybersecurity risk as a whole have made life tough for so many organizations across industries globally. Enterprises need to face these risks in whatâs often a challenging business market anyway, and turning to potential solutions like cyber insurance comes with its own difficulties. The cyber insurance market continues to harden, with insurers facing eroding margins and often struggling to quantify the risk enterprises face. But itâs not all bad news. Cyber insurance companies and other enterprises who want to know the cyber landscape better have a wide range of resources to turn to. As the market matures, many quality research reports have emerged, including several that provide overviews and predictions for what will happen within cyber insurance and cybersecurity as a whole for 2021 and beyond. But which of these research reports should you read to strengthen your cyber knowledge and feel more prepared for what may come? In this article, weâll provide a brief overview of seven of the top cyber insurance research reports for you to consider diving into more.1) Munich Re: Cyber insurance: Risks and trends 2021In the report âCyber insurance: Risks and trends 2021,â the reinsurer Munich Re shares the results of the companyâs first âGlobal Cyber Risk and Insurance Survey.âSome of the key findings include that amidst rapid digitization within companies, approximately four out of five C-suite executives do not think their company has adequate cyber threat protection. The top cyber threats feared by this group include fraud, data breaches and ransomware. The survey also finds gaps in cyber insurance knowledge, but the market could soon grow, with 35% of C-level respondents likely to soon take out a policy.Munich Re also notes the importance of cyber risk accumulation. While the company mentions its own accumulation models, âit is important to monitor the market and seek external expertise from different vendors in order to assure state of the art accumulation management,â the company says.2) Aon: Cyber Insurance Market Insights Q1 2021In one report from Aon, âCyber Insurance Market Insights Q1 2021,â the firm highlights how the cyber insurance industry is changing amidst evolving cyber risks. In particular, the company highlights how issues such as ransomware, silent cyber exposure and the SolarWinds event have affected the cyber insurance market.With SolarWinds, for example, the âtheft of investigative tools from a globally recognised cyber security and forensics firm is likely to lead to improved hacking tools in the hands of cyber criminals,â notes Aon.Amidst this backdrop, Aon sees more hardening within the market through 2021 and 2022. Insurers are looking closely at their underwriting practices while also assessing retention, limits and premiums to figure out the right mix to make cyber insurance viable. 3) Aon: 2021 Cyber Security Risk ReportAnother report by Aon, the â2021 Cyber Security Risk Report,â focuses more on the overall risk landscape from an enterprise perspective. In particular, Aon highlights four main cyber-related risks facing organizations today:Digitization: As companies rapidly digitize, particularly with Covid-19 changing the way many companies work, only 40% say they have âadequate remote work strategies to manage this risk.âThird-Party Risk: Organizations need to be aware of risks in their supply chains and among the various vendors they work with, yet only 21% have implemented âbaseline measuresâ to oversee third-party risk.Ransomware: Ransomware attacks have been prevalent and damaging recently, and many are unprepared. Less than one-third of organizations say theyâve implemented âadequate business resilience measuresâ to handle this risk.Regulation: As stronger data security laws come into place, o | Ransomware Tool Threat Prediction | ★★★ | |
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2021-10-06 00:00:00 | Using CRIMZON⢠to assess cybersecurity hazards with an insurance portfolioThe CRIMZON⢠framework allows insurance carriers to gain insights into the hazard of cyber without needing to run external scans.Read More (lien direct) | In recent years, the rise to prominence of cyber risk, both as a peril and as a line of business, has created opportunities and threats to insurance companies in equal measure. Insurance executives, exposure managers and underwriters need now more than ever to understand, quantify and manage their exposures, in order to sustain profitability and to protect their balance sheets. By definition, cyber events occur due to vulnerable technology. It is therefore tempting to conclude that understanding these exposures requires knowing the full map of technologies and service providers an insured relies upon, including the granular details on how data is stored and accessed. The issue with this approach is that while this information is certainly valuable to assess the risk, it is challenging to obtain atscale due to the difficulties that arise from accessing and analyzing the data properly. Help in solving this dilemma is provided by using techniques to analyze the cyber footprint of an insured,mapping the technologies and service providers most exposed to the external world. The premise being that such analysis provides insurers with the same point of view of potential threat actors. It is fair to say this is currently the gold standard of cyber hazard analysis. Insurance carriers with large affirmative cyberbooks rely on external scans for underwriting as well as for portfolio management, often augmenting this data with information provided by the insured, mostly from third-party vendors. A direct relationship with the insured is the best way forward to understand their level of risk, however,itâs disingenuous to assume every stakeholder in the insurance industry is able to access the same level of data. Within the same company, portfolio managers often donât have access to the same level of details as underwriters, and across entities reinsurers rely on their clients passing on data, which requires overcoming hurdles around data confidentiality as well as technical limitations on data volumes.Moreover, external scans are expensive and might not be a viable option when cyber coverage is offered as an endorsement on other lines of business.Assessing hazard insured by insured is therefore not always possible and cannot be expected to be the only way. Kovrr has developed an open framework, CRIMZON, which allows insurance stakeholders to understand hazard without running expensive analysis tools and collecting only a minimum amount of data points. This framework is designed to answer basic questions on cyber risk accumulations and estimates of Probable Maximum Loss (PML). It allows full flexibility around the type of risk analyzed,whether the focus is ransomware or cyber liability, and is consistent and compatible with the catastrophe model methodology deployed in our probabilistic cyber risk quantification solution.âââMr. Hetul Patel, Advisor to Kovrr and Chief Actuary atLiberty Mutual Re said: âCRIMZON⢠are a novel way to address the very real need for better cyber risk aggregation.Recent events have clearly highlighted that cyber loss events canât be managed through the traditional tools that reinsurers currently use. CRIMZON have the potential to create a market standard, similar to the way cresta zones are used for natural catastrophe modelling. The use of which goes beyond aggregate and risk management, and into outward reinsurance purchasing and attracting third party capital.â ââGrouping Companies Together by CRIMZONâ¢Kovrrâs open framework Cyber Risk Accumulation Zones (CRIMZONâ¢) groups companies together based on three characteristics: industry, location and entity size. This framework for grouping is based on research that shows that companies sharing these characteristics tend to share cyber risks. Cyber attacks would then be more likely to spread through companies within the same CRIMZON rather than hitting companies randomly.For example, a cyber attack might b | Ransomware Tool Threat | ★★★ | |
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2021-07-27 00:00:00 | Un été des exploits d'été des exploits de ransomware qui ont eu lieu à l'été 2021 A Summer of ExploitsA summary of ransomware exploits that took place in the summer of 2021Read More (lien direct) |
Over the past few weeks several dramatic vulnerabilities were exposed in different ubiquitous products and platforms, including the Microsoft Windows OS, the Solarwinds Serv-U Managed File Transfer and Serv-U Secure FTP products, and Kaseyaâs services.â1. Print Night Mare2. Print Nightmare Update3. Kaseya\'s Clients Important Notice4. CISA\'s public alert5. Reuters Article about Data ransom6. Microsoft\'s emergency patch fails7. SolarWinds Zero-day vulnerability8. SolarWinds alerted by Microsoft9. Kaseya restores servicesâSummary of the EventsâKaseyaWhat happened? On July 2nd, a cyber attack was launched against the IT solutions company Kaseya. Kaseya provides IT solutions including VSA, a unified remote-monitoring and management tool for handling networks and endpoints. In addition, the company provides compliance systems, service desks, and a professional services automation platform to over 40,000organizations worldwide.The cyberattack has been attributed to the REvil/Sodinikibi ransomware group whose ransomware was first detected in April 2019. The groupâs usual propagation method is phishing emails containing malicious links. Some of the groupâs most prominent victim industries in the last two years were healthcare facilities and local governments. REvil has offered a decryption key, allegedly universal - able to unlock all encrypted systems, for the âbargainâ price of $70 million via bitcoin (BTC) cryptocurrency. On July 13th, all of REvilâs online activity stopped and the groups data-dump websites were shut down without further information, leaving the victims of their latest attacks hostage with encrypted files and no valid payment address or decryption keys.Who was impacted? On July 2nd Kaseya claimed that the attack affected only a small number of on-premise clients, In a press release published on July 5th the company estimated that the number of clients impacted by the attack is between 800 and 1500 businesses.âPrintNightmareWhat happened? On June 8th, Microsoft published a CVE advisory for a vulnerability in the Windows PrintSpooler service which is enabled by default in all Windows clients and servers across almost all modern Windows versions. This vulnerability was initially categorized as a low severity local privilege escalation (LPE) vulnerability by Microsoft and a patch for it was released on June 21st. A week later, researchers published a successful PoC of the exploitation and claimed that the vulnerability is in fact a high severity RCE and PE vulnerability. On July 1st, a separate vulnerability in the same Windows Print Spooler service was discovered, similar to the first vulnerability, this new âPrintNightmareââ was also a RCE andLPE vulnerability that would allow attackers system privileges with which they could install programs; view, change, or delete data; or create new accounts with full user rights.After the high severity of the vulnerability was acknowledged, Microsoft published an out-of band patch on July 6th and claimed to have fully addressed the public vulnerability. However, on July 7th researchers presented additional successful PoCs and claimed that the patch can be bypassed.Who was impacted? This vulnerability affects all modern unpatched client and server versions of Windows.According to Kaspersky, the vulnerability was already exploited but no further information regarding victims is currently available.âSolarwindsWhat happened? On July 9th, Solarwinds published an announcement claiming that they were informed by Microsoft of an exploited zero-day vulnerability in their Serv-U Managed File Transfer and Serv-U Secure FTP products.On July 10th, Solarwinds released a patch to fix the vulnerability and claimed that this event is unrelated to the Solarwinds supply chain attack that occurred in December of 2020.The vulnerability allows an attacker to run arbitrary code with privileges, and then install programs; view, change, or delete data; or | Ransomware Tool Vulnerability Studies | ★★★ | |
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2021-04-22 00:00:00 | Travailler à domicile: une année en revue les entreprises sont obligées de permettre à leurs employés de travailler à distance, la surface d'attaque devient plus large. Working From Home: A Year in ReviewAs companies are obliged to allow their employees to work remotely, the attack surface becomes broader.Read More (lien direct) |
Cyber Trends, Risks and the Global PandemicAs we mark a year of working from home through the global pandemic, this is a good time to discuss and delve into the IT changes and trends in our day-to-day work environment and their implications for user privacy, corporate cyber security and cyber insurance. The 3 main categories of software and applications that saw a significant increase in usage over the past year include:Video Conferencing and online communication platformsVPNs and Remote Desktop (RDP) softwaresTwo Factor (2FA) and Multiple Factor Authentication (MFA) applicationsWorking from home has increased the usage of the aforementioned technologies as well as other similar applications, broadened the attack surface and provided new opportunities for various malicious actors as there are more external-internal connections compared to the past, meaning more types of services to keep track of and monitor. This also implies a heavier traffic load due to video streaming, database connections and more. âEasier communication, but at what cost?Away from our colleagues and offices, employees have had to adapt quickly to various methods of online communication and meetings in order to keep things running, whether itâs Zoom, Webex, Microsoft Teams, Google meet or any other platform, co-workers are now able to chat, share video and documents easily from computers and phones. Right from the start of the pandemic, Zoom solidified itself as the dominant platform for video conferencing with an increase of 67% in usage between January and the middle of March 2020. By April 2020 it already had more than 300 million daily Zoom meeting participants in comparison to 10 million meeting participants in December 2019.(1)Number of daily Zoom users, December 2019 - April 2020This convenience comes with significant underlying risks to users and corporate networks, as poorly implemented encryption protocols and other security measures can result in unauthorized participants access to otherwise personal or confidential calls. This sort of intrusion, commonly referred to as âZoom Bombingâ, can be at best innocent trolling and cause annoyance but at worst allow access to a malicious actor who can gather sensitive information on the company for espionage purposes(2), harvest participants\' credentials and other PII and leak the callâs content and video as well as use the meeting chat to send phishing links which could escalate to a full-blown ransomware attack on the company\'s network(3). This sort of attack can be carried out by an attacker exploiting vulnerabilities such as (or similar to) CVE-2019-13450(4) which would allow them to forcefully join a meeting. âMultiple Factor Authentication - double the safety but not without risks Multiple Factor Authentication (MFA) and Two Factor Authentication (2FA) have been adopted in recent years as an additional security tool to ensure the safety of oneâs accounts and personal information. As previously mentioned, the migration to a remote work routine necessitated a secure and verified method for each employee to access their companyâs assets online on a daily basis. This basic work necessity came with restrictions and guidelines such as remote desktop applications to create a virtual work environment and 2FA applications in an attempt to strengthen the companyâs cybersecurity posture. By May 2020, around 70% of British businesses were already using some type of MFA and a VPN for better cyber security risk management of the changed work environment(5).There are numerous ways by which MFA or 2FA methods can be bypassed, either through brute force (if the requested code is between 4-6 numbers), social engineering or a conventional session management in which attackers use the password reset function. This is due to the fact that 2FA is often not implemented on the systemâs login page after a password reset.VPNs and RDPs - work from anywhere and be attacked from anywhereVi | Ransomware Data Breach Malware Tool Vulnerability | ★★★ | |
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2021-02-02 00:00:00 | (Déjà vu) Mélanges clés de la montée des ransomwares en 2020: Ransomware-as-a-service et double extorse. Key Drivers of Rise of Ransomware in 2020: Ransomware-as-a-Service and Double ExtortionThe key drivers in the rise of ransomware have been double extortion and RaaS.Read More (lien direct) |
Ransomware-as-a-Service and Double ExtortionâRansomware has been a known method for cyber attacks for more than 30 years and has significantly evolved within this timespan. The growth in the number of ransomware attacks in 2020 has marked a pivotal milestone in the ransomware evolution. According to a Check Point study, Global Surges in Ransomware Attacks, in Q3 2020 the daily average of ransomware attacks has increased by 50%, and has specifically increased by 98.1% in the United States. Additionally, the average amount of money requested by attackers in Q3 2020 increased by 178% compared to Q4 of 2019. Supporting this trend, Coalitionâs Cyber Insurance Claims Report stated that more than 40% of the cyber incident claims in Q1 and Q2 2020 were due to ransomware attacks. âTaking into account these statistics, Kovrr has conducted research that included monitoring the activity of trending threats actors, the attacks they were involved with and the victims of these operations through 2020. The research included data from various proprietary and third party data sources including leaked data from the dark web. The research revealed that ransomware attacks have evolved in the following two areas:âMethodology - unlike ransomware attacks witnessed in the past, the last half year of 2020 was characterized by adoption of a new attack method which includes - stealing the companyâs data along with encrypting the attacked companyâs data. This practice is also known as âDouble Extortionâ because the attacker not only encrypts the data but also threatens to publish the companyâs stolen data.  Ransomware as - a - service (RaaS) - a method that recently became popular, which enables potential attackers to purchase already existing ransomware and use it for their desired purposes. âKovrr has researched 16 active âdouble extortionâ ransomware attack campaigns in the last year. Of the campaigns studied, 75% use social engineering (phishing emails) to propagate, while 25% of them involve exploiting a vulnerability in remote access software. In order to fully understand the effect of the ransomware campaigns, Kovrr applied the CRIMZON⢠framework to better analyze and report findings of the research. CRIMZON are an easy to use open framework to measure and understand cyber risk exposure that focus on the minimal elements needed to describe cyber risk accumulation. Elements of the CRIMZON include location, industry, and entity size. Applying the CRIMZON framework to the ransomware campaign research found the top 5 CRIMZON exposed were: âUS_NY_I_S [United States_New York_Services_Small Company]GB_I_S [Great Britain_Services_Small Company] CA_I_S [Canada_Services_Small Company] CA_E_S [Canada_Transportation & Communications_Small Company] US_CA_I_S [United States_California_Services_Small Company]âMost of the attacked companies are located in the U.S. (more than 50% of the targets), followed by Canada, the United Kingdom, Germany and France. Within the U.S., the main states affected were California, Texas, Florida and New York. The industries to which most of the attacked companies belong to are Services (20% of the services category is attributed to educational services), Transportation and Communication, and Manufacturing. âThese findings have a significant impact on the cyber insurance market both in terms of rising claim numbers and entity of the amount claimed. The increase in attacks is more concentrated in particular combinations of location, industry, and entity size (CRIMZON), meaning certain CRIMZON are more susceptible to an attack than others. This paper addresses new ransomware trend characteristics by providing an overview of two major ransomware campaigns encountered in the research; provides examples of ways in which a portfolio can be influenced as a result of the wide a | Ransomware Data Breach Tool Vulnerability Threat Prediction | ★★★ | |
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2020-07-27 00:00:00 | (Déjà vu) Cyber Black Swansgaining Visibility dans les événements de queue lors de la gestion des portefeuilles de cyber-assurance. Cyber Black SwansGaining visibility into tail events when managing cyber insurance portfolios.Read More (lien direct) |
Gaining visibility into tail events when managing cyber insurance portfoliosâIn March 2011, a powerful earthquake hit off the coast of TÅhoku, Japan, generating a devastating tsunami that overwhelmed all flood defenses. Up until then, scientists did not expect an earthquake in that region beyond magnitude eight but this specific event exceeded all accepted scientific predictions and expectations with a magnitude nine. The event was unanticipated, caused major financial impact, and called upon scientists to review their understanding of subduction zones. Events like this have come to be known as black swans. Cyber is a relatively new peril in the insurance landscape; companies have limited experience in underwriting and modeling the risk, and the risk itself has evolved in line with the advances of technology. Moreover, cyber insurance is still a developing market:scope of coverage is not very consistent, and policy terms are evolving rapidly. Against this backdrop, the industry is still interrogating itself about what a cyber black swan might look like, and how much it would cost.Black swans were first discussed by Nassim Nicholas Taleb in his 2001 book Fooled by Randomness, which aptly concerned financial events. His definition was based on three main characteristics: unexpected; causing a major impact; and most importantly, explainable, event hough only in hindsight. Black swans are particularly undesirable events in the financial sector. Actuaries and exposure managers aim to avoid black swans, or to put it another way avoid unexpected volatility of losses. To be prepared for this kind of occurrence is key not only for an insurance companyâs survival but also for its success.Insurance professionals need to be as proficient at understanding cyber risk as they are with other types of risk. The need stems mainly from three forces at play. Firstly, the risk already resides in insurance companiesâ books in a non-affirmative form, for example claims from cyber events could affect property and casualty policies. Secondly, cyber insurance buyers are becoming more sophisticated and demanding coverage fit for their risk management needs, including limits commensurate with the potential loss. Lastly, since economies with high insurance penetration recover more quickly after a catastrophe, insurance companies have an important role to play in enhancing resilience to large cyber events in the economies where they operate.âThe Footprint of a Cyber EventAn effective solution for cyber risk management allows practitioners to identify drivers of lossârisks in the portfolio that are most likely to contribute to an event. Solutions need to properly capture the correlation within a portfolio, in order to distinguish which risks will be affected, and to what extent those risks will incur serious financial loss. For natural hazards, correlation is determined by geographic proximity. For example, in an earthquake, the most affected properties will be the ones closest to the epicenter. In cyber, geographic proximity is not enough because events propagate through computer connections.To better illustrate the problem, letâs consider a major bug in a very popular technology. For example, the type of vulnerability that might allow remote code execution, that is the ability for a malicious threat actor to take control of a server or any other endpoint. Millions of businesses, all around the world, are potentially at risk. A campaign exploiting this type of vulnerability will start with the specific aim of maximizing the return for the threat actors involved, meaning an initial target will be identified based on the industry sector and country the attack is most likely to succeed in. All these factors can be modeled, using a combination of game theory and cyber security knowledgeâhowever, pinpointing exactly which company will be targeted first is a challenge.Often in such cases, several companies are targeted as starting points for the cyber event. Each of these initial | Ransomware Tool Vulnerability Threat | ★★★ | |
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2020-03-31 00:00:00 | Cyber Risk - du péril au produit adoptant une nouvelle approche pour gérer le cyber-risque silencieux Lire la suite Cyber Risk - From Peril to ProductTaking a New Approach for Managing Silent Cyber RiskRead More (lien direct) |
A New Approach for Managing Silent Cyber RiskâCyber is a multifaceted peril that is both a threat and an opportunity for the insurance industry: an opportunity because of the ever-evolving needs of coverage for businesses of any size, and a threat because of the systemic risk arising from its potential for overlap with other lines of business. Silent cyber refers to covered losses triggered by cyber events in P&C policies that were not specifically designed to cover cyber risk. Affirmative cyber refers to coverages specifically provided to protect policyholders against cyber events and presents a premium growth opportunity for insurance companies. As exposures to cyber continue to grow, insurance companies need tools to quantify the impact on allocated capital for cyber risk, regardless of whether the risk is silent or affirmative.With some estimates for accumulation across commercial lines running in the hundreds of billions, exposure managers are under pressure to more accurately estimate the potential impact of cyber events to ensure appropriate capital is held for this risk and enable decision makers, investors and regulators to quantify financial returns on a risk adjusted basis. Additionally, they are being forced to provide more transparency into methods used for measuring and controlling cyber accumulations. With various stakeholders and types of practitioners involved, the topic of cyber risk often presents seemingly conflicting priorities around managing capital at risk, estimating potential losses in existing lines of business, and finding new ways to market, through pricing new cyber specific business.Cyber events across different lines of business share a common trait. The key is to build tools capable of estimating realistic losses for both silent and affirmative cyber based on these shared traits. The focus of cyber risk for insurers should be gaining unique insights into events that truly matter -events capable of generating equity depleting losses. Measuring the impact of cyber events on capital is a three step process: identify, quantify and manage.Lately, the insurance industry seeks to consolidate most cyber risk into one dedicated line of business by implementing exclusion clauses in existing policies and inviting policy holders to âbuy backâ coverage. Several different wordings for such exclusions and endorsements have been introduced to the market. While intending to clearly define the scope of a cyber event and the coverage provided, the introduction of some of these clauses has produced unintended consequences. One example of this would be coverage for damage to a server due to flooding. In this example, the common expectation would be for the physical damage to the server as well as recovery of the data to be covered under flood insurance, however, the latest trend suggests data recovery might be excluded, as it relates to âdataâ, leaving a gap in coverage for property which some sources consider excessive.âSilent and AffirmativeThe issue with silent cyber, as with any circumstance presenting unexpected claims activity, is ensuring the premium charged is commensurate with the level of risk, usually referred to as pricing adequacy. Both cyber exposure and the potential impact of losses triggered by cyber perils continues to trend upwards annually. Unexpected claims lead to unexpectedly high loss ratios which clearly erode profits but can also lead to significant damage to an insurerâs financial stability.Insurance companies protect their balance sheets by purchasing reinsurance, but reinsurers face similar issues, they are also vulnerable to silent cyber. Therefore, insurers face the prospect of being denied recoveries from cyber losses and reinsurers are stepping up demands for clarity of coverage. Efforts to resolve the situation have taken two complementary directions: a conscious attempt to price for cyber risk and the introduction of increasingly restrictive exclusion clauses.âThe Status of Cyber ExclusionsCyber | Tool Vulnerability Threat Prediction | ★★★ | |
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2020-03-22 00:00:00 | Compter le coût d'une grande panne de service de messagerie de messagerie dans la panne de service de service de messagerie Ukmajor pourrait entraîner une perte brute brute de 3,25 milliards de dollars. Counting the Cost of a Major Email Service Provider Outage in the UKMajor email service provider outage could lead to $3.25B gross insured loss.Read More (lien direct) |
Modeling a Cyber CatastropheâCounting the Cost of a Major Email Service Provider Outage in the UKExecutive SummaryThe cyber books of many (re)insurers may be modest; however, their potential exposure to a cyber catastrophe could be very large. Even though overall cyber premiums are significantly lower than property in the UK, this report demonstrates that the potential for a multi-billion dollar insured loss is similar to the risk of floods catastrophes covered by property insurance.IntroductionEvery day 290 billion email messages are sent worldwide by 3.9billion users, facilitating a $15 trillion global economy comprised of over 150 million organizations. Email is an integral critical business service for organizations operating in the digital age. Businesses use email to communicate internally with staff and externally with their customers, clients, partners, and supply chain. Behind these huge numbers are a small number of email service providers (such as Microsoft, Google, and Rackspace) that account for the majority of all emails sent. This presents a potentially disastrous risk to the availability of this essential service if one was to suffer an outage as the result of a cyber-attack.A cyber-attack on an email service provider lasting hours, days or weeks and the resulting outage would lead to a substantial financial impact on a (re)insurance carrier. The key characteristics of this type of cyber catastrophe are high severity and low frequency, meaning, an event that does not occur regularly but entails great damage potential, effecting numerous businesses and leading to multiple claims on a (re) insurance carrier at a single point in time.âThe financial damage caused by a cyber catastrophe, such as an email outage, could also manifest through silent risk. Regulators are increasing requirements to quantify this potential silent cyber risk. In January 2019 the PRA(Prudential Regulation Authority) that regulates the UK Financial Services market (inc. the insurance market) demanded that UK insurance firms should seek risk models and expertise to estimate the potential silent (non-affirmative) cyber exposure across their portfolios and introduce robust mitigation strategies for limiting any potential risks.âThis report examines an attack on an email service provider in the UK leading to a service outage resulting from a single point of failure, an event that can lead to financial damage and claims due to affirmative cyber coverage. In this report the authors utilized Kovrrâs ability to quantify potential exposure to cyber catastrophes based on the composition of specific portfolios. Kovrrâs predictive modeling platform was used to map the underlying technologies and services used by the insured companies, enabling an understanding of the potential accumulation risks that are derived from the aggregation of their network of utilized technologies and service providers.âData Wipe Case Study: VFEmail.netOn the 11th February, 2019, hackers breached the servers of the email provider VFEmail.net and deleted all the data from its US servers, destroying all US customers data in the process. Users withVFEmail accounts were faced with empty inboxes and left with no recovery backup options. This was not the first occasion that VFEmail had been targeted. In 2015, VFEmail suffered a DDoS (DistributedDenial of Service) attack after the owner declined to pay a ransom demand from an online extortion group. The company was also forced to find a new hosting provider after a series of DDoS attacks in 2017.âAnatomy Of An AttackAn attack on an email service provider, larger thanVFEmail, could result in critical data being held hostage, altered or destroyed for multiple organizations. This analysis reflects the financial loss resulting from this large-scale business interruption event and the insured loss due to insurance claims that would be triggered in the event of an email service provider outage. In order to perform this analysis, we simulated multiple events includi | Malware Tool Vulnerability | ★★★ |
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