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Risk Consulting cyber 2020-3

Risk Consulting 3/2020, Cyber issue

During the Covid-19 pandemic, cybersecurity experts and officials witnessed a significant rise in cyber-attacks. In fact, the number of attacks, as well as the severity of these attacks, have both grown. In this issue of Risk Consulting magazine, we offer you insights from If’s leading digital risks and cyber experts.

Articles in Risk Consulting 3/2020, Cyber issue

Cyber insurance market evolving with the support of reinsurance
Information technology is widely seen as a major contributor to the growth of the global economy during the past decades. For example, business productivity, democratised information (alongside the emergence of fake news) and various other impacts caused by the digital revolution during the past two decades
Learn about cyber risk transfer
Data at the core of mobility
Internet of Things, Big Data & Artificial Intelligence will fuel new partnerships and ecosystems in the Insurance industry. The recent advances in sensor and processing technology – as well as connectivity – are changing the game in the mobility ecosystem.
Is your company prepared? Read more
Trends in ransomware
Ransomware is a very powerful weapon, causing a disproportionately high amount of disruption for the financial gain. In 2020, the ransomware business has further evolved, and the criminal gangs have come up with new business models.
How ransomware has evolved?
Shopping for cyber
The cyber threat is always evolving faster than the countermeasures against them are being developed. In the world of rapid digitalisation, no company is guaranteed to be fully protected against cyber threats.
How to ensure proper coverage?
Taking the Assume Breach approach
Against current and future cyber threats, it is important to have an ‘Assume Breach’ mindset. Sooner or later, a cyber incident will inevitably happen. Whether the attack is a smaller or bigger incident, it’s crucial that you have prepared yourself for such a situation.
What is an ‘Assume Breach’ mindset?
The threat from within
Employees today work very differently to those just 15 years ago. At the core of this, lies data and information which is increasingly valuable to criminals. By default, employees are expected to behave in a way that protects the company and secures its operations.
How to reduce the risk of insider threats?

Securing production at Danish Crown
By conducting a risk assessment, you can detect existing problems, locate potential issues and review existing controls. Danish Crown Group, a food processing company and the leading meat processing producer in Europe, places IT Security high on the corporate agenda.
How to mitigate cyber-attacks on operations?
The promise of 5G
The newest mobile technology standard 5G has plenty of promises in the core of the 4th industrial revolution. The technology is going to connect more devices in Internet-of-Things with low latency thus releasing the full potential of IoT and increasing efficiency and reducing costs on every level.
Read more about the promise of 5G
Risk Consulting 3/2020

Cyber issue

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Insights into cyber and digital risks

Why did we dedicate an entire issue to cyber now? For one thing, cyber is something invisible and abstract in nature. Also, digital risks and cyber threats are relatively new and unknown to many yet are a critical and evolving area of risk management. As cyber attacks are on the rise, the cyber insurance market is growing rapidly, making this topic very timely indeed.

During Covid-19, cyber crime has skyrocketed. Criminal gangs and hackers quickly began to benefit from the fear and confusion that ensued, as the virus spread around the world.

The past months have really highlighted the importance of digital tools that today’s employees depend on. It is hard to imagine a situation where all those assets would not be available, or the
data processed by them compromised.

The current cyber threat landscape and future risks are actively followed at If. With the launch of the Digital Risks & Cyber unit, we offer solid inhouse expertise to support our clients and partners. The unit is responsible
for underwriting and risk management of If Industrial's cyber insurance portfolio.

Glossary

IoT

Internet of Things

AI

Artificial Intelligence

Ransomware payload

The code encrypting the files and requiring ransom in exchange

Zero day vulnerability

A vulnerability in software that is previously unknown to the vendor, and therefore no patch or fix for it is available yet.

A zero-day exploit

Malicious code making use of a zero day vulnerability

PCI-DSS

Payment Card Industry Data Security Standard,
a standard governing the cybersecurity of the card payment solutions globally

MFA

Multi-Factor Authentication – a method of authentication requiring at least two “factors” to authenticate. In most common enterprise deployment, password is the first factor, complemented by an Authenticator application
as the second factor.

DoS, DDoS

Attack that floods systems, servers, or networks with traffic to exhaust resources and bandwidth. As a result, the system is unable to fulfill legitimate requests. Modern attacks are typically distributed (DDoS), meaning it originates from a large amount of computers, e.g. a Botnet.

Botnet

A collection of hijacked computers remotely controlled by a cybercriminal to perform tasks such as email spamming or DDoS attacks

Earlier issues
Read also the earlier issues of Risk Consulting.
See all issues of Risk Consulting
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Risk Consulting is If’s professional magazine on risk management and loss prevention, and is one of the oldest client magazines in the Nordic countries.

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Large Enterprises
Insights
Risk Consulting Magazine
Risk Consulting cyber 2020-3

Risk Consulting 3/2020, Cyber issue

Articles in Risk Consulting 3/2020, Cyber issue