First annual cyber security predictionsÂ pinpoint areas of high cyber risk in the New Year and beyond
WHITEHOUSE STATION, N.J.,Jan. 8, 2019/CNW/ –Â As business decision-makers look to the year ahead, it is critical to address existing and new cyber security concerns. To help with that process, Chubb has launched its first annual cyber security predictions, which focus on the top risks in 2019 and beyond.
“The cyber risk landscape is constantly evolving â€” it’s vital to stay on top of potential risks as they emerge,” saidMichael Tanenbaum, Head ofChubb Cyber North America. “We expect shifts in the regulatory landscape, changes to the fundamental models of cyber crime, and additional risks brought on by the explosive growth in Internet of Things (IoT) devices. It is critical to stay abreast of these things in 2019.” Â
“Throughout the years, we have seen everything fromY2Kto today’s mega-breaches and the evolution of cyber crime,” saidBill Stewart, Division President of Chubb’s Global Cyber Risk practice. “We continue to stay ahead of the latest cyber risks to help our clients protect against and respond to an ever-increasing cyber threat.”
Chubb, an innovator in the cyber insurance space, has more than 20 years of experience writing cyber insurance policies. Based on that experience, the Chubb Cyber practice has issued the following three cyber security predictions for 2019 and beyond:
Cybersecurity regulation and enforcement will increase and focus more on actions taken by businesses pre-incident,in addition to post-incident protocol.
Until now, have largely focused on steps businesses must takeaftera cyber incident, including fixing vulnerabilities, notifying law enforcement, and notifying customers. Chubb anticipates this will change as lawmakers also focus regulatory attention on companies’ data collection and data usage practices, as well as on the actions that organizations should take to betterpreventa cyber incident from occurring in the first place. This phenomenon has already begun to take hold inthe United Stateswith laws such as theNew York StateDepartment of Financial Services (NYDFS) Cybersecurity Regulation and the California Consumer Privacy Act, which have put new obligations on organizations to not only protect the information they collect, but also to ensure that they are allowed to collect such information, that they are using that information legally, and that they remain responsible for that information when they share it with a third party.
Additionally, this trend has been seen globally, which impacts many more businesses now than ever before.Â The internet and virtual connection has provided great opportunity to many organizations, but it could also be subjecting them to the laws of the jurisdictions in which their new customers reside.Â Thus, organizations not only need to ensure that they are in compliance with the laws of the state in which they physically operate, but also determine if they are subject to the laws of the locations where they virtually operate.Â In the coming years, organizations of all sizes can expect to see increased data regulation inthe United Statesand abroad, which will focus on dataprivacy,datause, as well as datasecurity.
Crime does pay, and business is booming: the business model of cyber crime will tilt heavily toward direct monetization attacks.
During the past 20 years, the dark market has become saturated with private records and personally identifiable information (PII). In 2019, rather than seeking additional PII, cyber criminals will prioritize attacks that result in direct monetization as they operationalize PII that they’ve already obtained. In order to pursue these types of attacks, criminals will continue to employ ransomware.
Already a threat on the rise, will continue to grow and will remain a top cyber threat for the next five years, and will become even more destructive and costly. Social engineering financial fraud also will ramp up, and cryptojacking â€” the unauthorized use of someone’s computer to mine cryptocurrency â€” will be employed heavily by cyber criminals.
Cyber criminals will target individuals just as much as businesses as billions of Internet of Things (IoT) devices come online.
As billions of additional devices come online during the next year, cyber criminals will have even more avenues to target individuals. As device use overlaps between enterprise and individual, we will see more targeted ransomware and phishing attacks. Video and audio capabilities on devices â€” from smartphones to refrigerators, smart assistant devices, and nanny-camsâ€” will help cyber criminals gather personal information and images. Bad actors can gain access to businesses through personal devices â€” particularly when businesses allow individuals to connect with their personal devices through an enterprise server. As an increasing number of IoT devices come online, businesses will need to monitor vigilantly to intercept and short-circuit cyber risks.
As always, business leaders should look todefendtheir companies from cyber attacks rather thanreactto cyber attacks. As cyber threats evolve, will play a key role in the awareness, preparedness, and resiliency of governments, corporations, and individuals.
To learn more, visit . Here you will find a host of cyber-related resources, including access to , which provides real-time access to proprietary Chubb claims data and insight into current cyber threats and how you can protect your company against them.
Chubb is the world’s largest publicly traded property and casualty insurance company, and the largest commercial insurer inthe United States. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.Â As an underwriting company, we assess, assume and manage risk with insight and discipline.Â We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally.Â Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index.Â Chubb maintains executive offices inÂ Zurich,Â New York,Â LondonÂ and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at:Â .
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