The Lowdown: For Agents – The Latest on Cyber Predictions & Myths

By | April 25, 2018

This week’s Lowdown features two informative reports, the current State of Cybercrime, by RSA and Top Myths of Cyber Risk for Small & Medium-Sized Businesses, by Relation. Combined, these two reports offer you insights into the cyber risks facing you personally and professionally, and assist you in conveying those to your clients and prospects.

The State of Cybercrime emphasizes that as consumers and businesses demand more convenience through mobile applications, IoT and digital transformation, cybercriminals are aggressively developing new tools and techniques to exploit new vulnerabilities. I’d strongly recommend you read this report cover to cover and here are a few highlights:

Page 2: “Relying on the fact that many people use the same username-password combination across multiple accounts, cybercriminals are making money by selling stolen credentials.” Using automated tools, a new business of credential test services has arisen, as verified credentials have greater value on the market. In other words, free software applications are available to quickly run high-speed username-password guessing attacks to verify your credentials.

Page 5: The IoT offers cybercriminals an increasingly attractive target. As many of these devices are distributed with default passwords that are never changed by the consumers, RSA predicts an increase in attacks of ransomware. When added to the cybercriminal’s infrastructure, your hacked fridge becomes part of a botnet which can then be used to launch a DDoS attack or host a phishing website, which can cause havoc for others.

Page 6: With a move toward mobile applications for financial transactions, mobile fraud is now outpacing web fraud. This section of the report is critical as it highlights the potential dangers of continuing to give customers more convenience and efficiency through mobile banking. These conveniences “open up new potential for fraud exposure if proper security is lacking.” The risk associated with faster payments is less time to identify, review or decline transactions and thus, fraud may not be detected in time to stop it.

The above information should give you pause as you continue your journey embracing all things digital in your own life and your business. While it’s hard to remember multiple passwords and usernames, once your credentials are validated, they’ll be tested on multiple accounts, so consider making necessary changes to your existing login combinations. Where available, take advantage of added layers of authentication. You may be one who is easily frustrated by layers of security questions, but demanding speed and convenience in financial transactions should require those of you. And a final tip, stop using your children’s and pet’s names as passwords and a portion of your email as your username. These are easy to remember, but they are the first pieces of information a hacker will test because you’ve posted hundreds of pictures of FIDO and proud moments with family members on social media (that’s my personal tip for the day).

Now, if you’re selling cyber security, Top Myths of Cyber Risk for Small & Medium-Sized Businesses, may be of assistance in countering the objections you receive from prospects:

Page 6: We are too small to be a target.

Page 9: Our exposure isn’t that great.

Page 12: Our existing coverage protects us.

Page 14-16: A road map for selling/buying cyber insurance.

Enjoy these two reports, hosted in our Research & Trends with numerous other reports to support your efforts. While you’re brushing up on all things cyber, if you also have questions about marine coverage, our sponsor Worldwide Facilities has just added a comprehensive paper covering the Longshore and Harbor Workers Compensation Act, the Jones Act, Marine Employers Liability and much more.

To stay up on the latest trends, reports and webinars, subscribe to our Friday e-newsletter and never miss a new addition to Research & Trends!

Happy Reading! – Pam Simpson

About Pamela Simpson

Pam is the Senior Strategist, Branded Content & Research for Insurance Journal. More from Pamela Simpson

Was this article valuable?

Here are more articles you may enjoy.