As we near the end of Q1 2020 we can see how the media has been emphasising the huge impact online has. From the constant ‘fake news’ stories online, coronavirus information and misinformation overload to the recent Irish election with some political parties utilising online advertising budgets more than others, they have proved that people are obsessed with being online. This means businesses more than ever are expected to have an adequate online presence, be contactable online 24/7 and always improve their online wings of their businesses. But what level of Cyber Threat is attached to this?
With this constant need to be online we as consumers as well as businesses are opening up to a higher likelihood of cyber threats or data breaches. Cyber Insurance has to be reactive to these changes and prepare for existing and emerging risks.
Cyber threats and data breaches are no stranger to consumers with many of you daily used websites, streaming services or apps experiencing hacks or exposed vulnerabilities. Below are a few examples from the last year, some you may even use on a daily basis.
In Jan 2019, the Luas website was hacked for a ransom of ‘One Bitcoin’. The hackers were said to have access to all data on customers and they would release this if the ransom wasn’t paid. Technicians were able to identify close to 5,000 Luas customers who’s data was potentially affected in the hack. All customers were notified and the website was regained.
Facebook was subject to a major data breach in April 2019 which resulted in 540 million customer records, usernames, account ID’s being uploaded to another server by the hacker. In September 2019, 419 million phone numbers were leaked accidently by Facebook showing the possibility of human error can also be a source of your cyber threat or data breach.
Original streaming giant is one of the most likely sites to be hacked as there is a monetary value placed on such websites as logins and credit card details can be sold on the black market. With 150 million subscribers worldwide it is a common occurrence for Netflix accounts to be hacked and login credentials changed on the user. Although in these instances, it is the user logins that are ‘guessed’ by hackers, Netflix is just as susceptible to data breaches as the next company.
With the upcoming launch of Disney+ in Ireland this month they US version of the new streaming site experienced a hack immediately after launching the service in November 2019. Hackers were able to successfully hack user accounts and stealing their usernames and passwords. This hack was for the purpose of selling these logion details on the dark web while paying customers were kicked out of their own accounts.
In January 2019, hackers successfully placed a bug on the login page meaning users accounts logins were stolen and used to purchase in-game currencies that provded monetary value to the hackers.
The above are all examples of how the consumer is affected by cyber threats, hacks and data breaches. If you are a business owner you are responsible for putting in place the necessary precautions to deal with cyber threats and data breaches.
If you are a business owner who handles data, you need Cyber Insurance. KennCo Cyber Insurance will protect your business from the impact a data breach that may result in a financial loss, business disruption or reputational damage.