The Future of Cyber Crime and Cyber Insurance

We have entered an era of incredible technological innovation. Unfortunately, the fast-paced technological innovation has given rise to cyber threats which have the potential to cause huge losses. As technology advances, cyber criminals are using more advanced and scalable tools to breach user privacy, and they are getting results.

As of now, there have been several high-profile cases of cybercrime that involve stolen data, such as personal data, health information and financial details. However, as the trends pinpoint, the future of cybercrime isn’t stolen data; it’s business compromise. Here’s why; eventually, when data breaches become widespread, the value of the breached data decreases dramatically, especially as organizations put in more controls to limit its use.


As the value of the stolen data diminishes, there’s bound to be a shift in the way how cyber crime operates. Hence, the critical data of individuals and businesses could be compromised to make money in a criminal way. Cyber-criminal activities such as intercepting automatic monthly bill payments, or finding a way to issue fraudulent gift cards will probably some of the most common cybercrimes in the future. However, most businesses are not equipped to deal with such cyber risks.

Hence, Cyber Insurance or Digital Insurance has become more important than ever. Here are three steps businesses and insurers can take to improve their cyber insurance capabilities: –

Refrain from trying to retrofit existing Cyber security products. Cybersecurity comes with its own set of unique considerations and requires insurers to build an offering that addresses them. The most common approach is retrofitting the existing products or base services on terrorism coverage. However, most businesses that do not acknowledge and account for the unique nature of cybercrime impede their ability to accurately assess and price cyber risk.

Collaborate with customers to shore up lines of defence and controls at different levels. No matter how advanced your cybersecurity systems are, breaches are inevitable. This means that customers and insurers need to tighten up controls and defences at multiple levels. Partnerships with cybersecurity firms can provide greater access to information that can help insurers better assess and price risk, and ongoing testing is important. Moreover, as mentioned earlier, the only way businesses and individuals can really vouch for security is by testing it, and most insurers aren’t testing their customers’ defences.

It’s important to take a closer look at cyber underwriting practices of businesses and any loopholes that will eventually catch up. In the short term, insurers can mitigate exposure by shifting to cyber as a standalone product or by tightening and standardizing vague policy language.

As the trends suggest, cybercrime is evolving with each passing year. In the next few years, one can surely expect to see a new wave of crime that will require greater vigilance and cybersecurity. Hence, looking forward, the best way to protect ourselves from cyber crime is by relying on Cyber Insurance Policy.


6 Most Common Cyber Security Attacks

When studying about the famous historic battles, one would realise that no two are alike however; strategies and tactics used in most were likewise because of the proven effectiveness over time. Similarly, when a criminal’s trying to hack an organisation, he won’t reinvent the wheel unless absolutely necessary and instead go for common arsenal bouts that are already highly effective.

So whether you’re digesting the latest data breach headline in the news or analyse an incident within an organisation, it helps to comprehend different approaches of an attacker to sabotage the operation. Let’s have a look at some of the most common types of attacks or threats and cyber security solutions to counter them effectively in the present age.

Most Common Cyber Security Attacks



The names “WannaCry” and most recent “Petya” say it all for they’re the best examples of malware attacks. If you’ve seen a pop-up alert on the computer screen on mistakenly clicking a malicious email attachment, you just had a close encounter with malware. Attackers trigger malware to illegally hack into users’ computers, access and lock the files using encrypted code.

The very term “malware” refers to different forms of harmful software for instance ransomware. Once triggered, it takes control of the machine, monitor every action and keystrokes while silently sending all sorts of confidential details from your database to the attacker’s without you ever knowing it until it’s too late!

Malware can be triggered through a clickable link, file download or inconspicuously open an attachment that seems harmless that’s anything from a PDF attachment or Word document.

Phishing scam

No one would randomly open just any file or link that comes their way; well almost unless it’s too compelling and attackers just know it’s likely to happen sooner or later. When a hacker deliberately wishes a user to install the malware or simply to divulge sensitive information, their approach is phishing tactics; pretending to be something or someone else to persuade a user in taking an action.

The very approach is psychological that rely on human impulses and curiosity; rather difficult to counter in the realm of cyber defence security. The only way to combat phishing scams is verifying email senders and legitimacy of the attachments.

SQL Injection Attack

SQL stands for Structured Query Language and often pronounced as “sequel” is a programming language used in communication with databases. Servers used for critical storage of data and websites manage their databases through SQL.

An SQL Injection Attack specifically targets these servers using a malicious code to divulge information that it normally wouldn’t. It poses a significant threat as private customer information and relevant details are compromised including usernames and passwords, credit card numbers and other such.

Cross-Site Scripting (XSS)

While in SQL Injection Attack, hacker targets a vulnerable website to exploit private data but, what if user becomes the direct target! This particular attempt in cyber defence security is referred to as cross-site scripting attack and is pretty much similar to the SQL Injection by transmitting a malicious code into a website however, site isn’t directly attack. It damages a site’s reputation without even indicating that anything malicious ever occurred.

Denial of Service (DoS)

During Denial of Service (DoS) attack, a website is deliberately flooded with traffic more than it can actually handle that eventually crashes it due to overload or simply become too sluggish to access. It’s worth noting that not all type of web traffic leading to overload falls in the category of DoS for instance; major breaking news about something or someone in particular may get more views than usual, leading to a sluggish website.

Man-in-the-middle & session hijacking attacks

When a computer’s connected to the internet, a remote web server is provided a unique session ID which must remain confidential between the two parties but when it’s no longer private being hijacked by an un-authorised hacker, it’s known as man-in-the-middle or session hijacking attacks. Hacker then uses credentials of the user for foul play.

Success of cyber defence security system depends on how efficient and effective they’re against all these attacks with a speedy recovery solution.