July 2017

Insuring Information Assets

The advent of the internet has seen enormous growth in innovation and communication, enabling the realization of exciting new business ideas, worldwide media accessibility, and enhanced employment opportunities. Yet, accompanying this progress is the ubiquitous threat of cybercrime, which is becoming increasingly prevalent. The WannaCry ransomware attack on 12th May and the most recent Petya cyber attack are highly illustrative of the damage and disruption cybercrime can cause, as well as the vulnerability of many businesses to malicious cyber attacks.

Instances of cybercrime are certainly on the rise; according to annual surveys conducted by Telstra, almost 60 percent of businesses experienced at least one disruptive security breach a month in 2016, compared to just 23.7 percent in 2015. With this rising threat level, it is important to identify the types of cyber threats that are readily employed.

According to Varonis Data Security, the top three cyber threats in 2016 were social engineering, which made up just over half of all cyber threats, followed by insider threats, and advanced persistent threats. Furthermore, according to the FBI, a diverse range of companies around the globe lost more than U.S. $3.1 billion in the period October 2013 to May 2016 as a result of social engineering fraud. But what exactly is social engineering fraud, and how can you reduce your chances of being a victim?

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