Monthly Archives: January 2015

Lloyds CEO: cyber crime cost businesses up to $400 Billion a year

According to Lloyds of London CEO Inga Beale last year the insurance industry took $2.5 Billion dollars (£1.65 Billion) in insurance premiums to protect companies against the financial implications of cyber crime and hacking. Two years ago the market was only worth $1 Billion (£600m) and it is expected to grow even further. Lloyds estimates that cyber crimes costs businesses as much as $400 Billion a year. The numbers involved are staggering. To read the article in full visit the link below:

http://fortune.com/2015/01/23/cyber-attack-insurance-lloyds/

Hacker and money

Hackers making six figure salaries from EaaS (espionage-as-a-service)

Online marketplaces have seen phenomenal growth in the last few year now a new type of marketplace is emerging, hackers for hire. CBS news in conjunction with cyber security expert Jeffrey Carr talk about the emergence of EaaS marketplaces connecting hackers with freelance hacking jobs. It goes on to say that these marketplaces cover the lower end of the hacking spectrum and the real money is being made through corporate espionage on behalf of shady businessman. It makes for a very interesting read. To read the article in full visit the link below:

http://www.cbsnews.com/news/hackers-for-hire-freelance-cyber-spies-at-your-service/

o28923749

Sony SEO says Cyber Insurance Policy will cover losses

It must have been a tough few weeks for Michael Lyton CEO of Sony, he described the recent cyber attacks and subsequent fallout as like “having your house robbed and burned to the ground”. Despite experiencing one of the most destructive cyber attacks in the USA he has announced that the associated costs will be covered by Sony’s cyber insurance policy. Experts have estimated the cost could be as high as $100 Million. From what i have read Sony had difficulty finding an insurer to underwrite their current policy following earlier attacks on the playstation network in 2011, it may have just got even harder. To read the article in full visit the link below:

http://www.insurancejournal.com/news/national/2015/01/12/353835.htm

Cyber attackers explode furnace at steel factory

A very interesting, and frankly quite terrifying article from Wired out today. A German steel mill had the computer infrastructure that controls their machinery hacked and prevented them from shutting down furnaces. This is only the second reported case of a cyber attack causing physical destruction of infrastructure and equipment, but security experts are warning of more attacks like this in the future. Lucky no one was injured at the German steel mill, but the threat of an attack on critical infrastructure like water treatment or the national grid will be something the UK Government is keeping a close eye on. Security experts are warning businesses to separate their business and production computer networks to help prevent incidents like this happening in the future. To read the article in full visit the link below:

http://www.wired.com/2015/01/german-steel-mill-hack-destruction/

1213123

Cyber criminals take time off over christmas

The A Register reports that cyber breaches at online retailers fell over the christmas shopping period. With record numbers being spent online this year on Black Friday, Cyber Monday and the festive period it seems cyber criminals were putting their feet up and taking some time off. Retailers should be happy right? Unfortunately not, retail has now taken over from manufacturing as the number one target for cyber criminals with smaller businesses increasingly being targeted. Hackers constantly vary their methods so expect to see more sophisticated attacks on retailers in 2015. To read the article in full visit the link below:

http://www.theregister.co.uk/2015/01/07/cyber_crime_seasonal_cyber_breaches_fell/