There are an increasing number of criminals who hire, purchase, or acquire an ability to infiltrate computer systems with new penetration techniques. These criminals have discovered there is a huge financial gain from successfully committing a cybercrime.
These are some current cybercrime trends:
Cyber-attacks and security breaches are now more sophisticated Cyber criminals are targeting organizations with malware and anonymization techniques Current intrusion detection and anti-virus solutions provide little defense and are becoming obsolete Cyber criminals are great at leveraging innovation at a faster pace, which can’t possibly be matched by target organizations and security vendors Effective deterrents to cybercrime are not known, available, or accessible to many practitioners, many of whom underestimate the scope and severity of the problem. There are links between cybercrime and a variety of other threats; terrorism, industrial espionage, etc.
Over the past decade, a new market has been evolving – one where criminals are stealing, packaging, and reselling information. Malware authors and other cyber criminals provide skills, capabilities, products and “outsourced” services to this market.
Today’s security strategies are mainly “reactive,” and cyber criminals take advantage of that weakness. Now data breaches have occurred in many organizations which have stuck by these traditional security controls.
Here are some real-life examples of cybercrimes affecting companies where there were no Privacy/Network Security policies in place:
At a major online service provider, more than one-half million credit card accounts were put at risk by malware, to be discovered four months later Malware on an online booking system exposed some eight million personal records to risk At a major online payment facilitator, over one hundred million credit card accounts were put at risk by malware over an unknown period before discovery At a regional restaurant chain, malicious software on cash register terminals compromised thousands of credit and debit card accounts (over four million accounts to be exact)
The key to maintaining protection is to enhance your level of security by purchasing either a Privacy/Network Security Liability or a Commercial Crime Liability Insurance policy. These coverages create a shield for you and your business from defense costs, legal fees and recovery fees from a data breach. Be sure your business does not suffer a disastrous fate - connect with an insurance professional with expertise in professional liability for guidance today.
Source: Cyber crime: A clear and present danger Combating the fastest growing cyber security threats, Deloitte 2012
