Posts Tagged ‘cybersecurity’

Maritime: The Next ‘Playground’ For Hackers

Cyber-security specialist CrowdStrike will be warning of the dangers the shipping industry faces from at hackers at Nor-Shipping 2017.

Appearing alongside the American Bureau of Shipping (ABS), CrowdStrike will lead a session focusing on the tactics, techniques and procedures of ‘invisible pirates’, and the actions the industry can take to rebuff them.

“Maritime has been described as ‘the next playground for hackers’,” said Crowdstrike’s John Titmus, director, EMEA – cybersecurity strategy advisor. “It’s an industry revolving around high value assets, moving valuable cargoes, that is transitioning to an increased reliance on digital systems. Smart shipping and the advent of broadband communication between ship and shore can unlock huge potential for the sector. Unfortunately that’s also true for the criminal fraternity.”

The joint CrowdStrike and ABS event takes place as part of Nor-Shipping’s Disruptive Talks program on May 31.


Source: Seatrade Maritime News

What’s Next After ‘Massive Disruption’ From Latest Cyber-Attack? A View From The Trenches

As the cyber-attack continues to spread around the globe causing massive disruption and damage for universities, hospitals, automakers and many other businesses including FedEx, only one thing is certain: It won’t be the last.

That’s because the cyber criminals are running a multibillion-dollar enterprise with the help of ultra-sophisticated tools, said Yuri Frayman, co-founder and CEO of Aventura-based cybersecurity company Zenedge. The company, which launched in 2014 after two years of development, helps companies worldwide protect their web applications and networks against cyber-attacks with its proprietary technology.

“If this was not a wake-up call to the corporate world, I don’t know what needs to happen next,” said Frayman, offering his view from the trenches. “About 220,000 companies have been hit, and this is just what we know. We are seeing a massive disruption in the network operations across the globe.”

A screenshot of the warning screen from a purported ransomware attack, as captured by a computer user in Taiwan, is seen on laptop in Beijing on Saturday. Thousands of companies were hit with a huge ransomware attack over the weekend that locked up computers and held users’ files for ransom in hospitals, companies and government agencies. (PHOTO CREDIT: Mark Schiefelbein AP)

None of the firms his company protects have reported any disruptions from the so-called “WannaCry” ransomware virus, he said. But as the attack has unfolded, Zenedge has been talking with industry security specialists around the globe about how they are mitigating the damage and seeking to stabilize large infrastructure companies.

What really worries Frayman is what comes next in this attack, and ones to follow. Companies such as FedEx will throw everything at this problem in the next three or four days at an unbelievable cost, said Frayman, who has himself been expecting a FedEx delivery for the past two days. But less-sophisticated firms may may not even know a virus lurks in their system.

 “A second problem is the massive shortage of cyber-security experts. The enemies are hackers who are years ahead, Frayman said.  “Telecommuting also creates risk. Ninety-eight percent of the world population doesn’t know if their home has been hacked. If I have your home, I can hack your corporate environment. Many people around the world work from home, and that is another black hole that is ready to explode.

The solution – beyond turning off the internet – is commitment to vigilance. Generally, the largest financial services companies are very proactive, appropriating the proper budget, staff and training and putting key processes in place. But take a step outside of that and you will see across the board that corporations have not taken this seriously. Hiring a chief security officer is not enough. It’s not about buying cyber insurance and hiring a couple of people – it’s about discipline. Having a dedicated staff and/or vendors whose single task is to secure and protect the company is key. So is continual staff training. You can’t just be clicking anymore…. Hackers are using very sophisticated tools to mimic regular emails you get every single day. If you click on one that downloads a virus, it eventually could discover the system administration credentials. Once the hackers know those, they can do whatever they want.”

Zenedge currently has about 250 clients spanning the financial, ecommerce, gaming, healthcare and manufacturing industries worldwide and also protects large internet service providers, said Frayman, who previously helped lead and sell four other companies. Zenedge raised $6.2 million in September to finance its global expansion; in total, it has raised $13.7 million in venture capital funding.

“Every single attack, every single malware, we take it apart, and we train our algorithyms to be able to pick up the behavior of an attacker,” Frayman said. “If you train a computer to think like a human, then you can protect as many customers as we do without a need for a human interaction.”


Source: Miami Herald

The 5 Greatest Threats To Commercial Clients

Cybersecurity is the greatest current and emerging risk among businesses across the globe, according to a new actuarial survey of risk managers.

The results represent a change in perception from the world’s leading risk professionals as hackings and other data breaches continue to dominate headlines. While financial volatility and economic risk still factor into much of business owners’ thinking, the survey betrays many important changes in the risk landscape that insurance producers should consider.

Overall, risk managers expressed cautious optimism in their global economic outlook for 2016, with 73% indicating a moderate outlook and 13% indicating a good outlook. Another 13% of risk managers had poor expectations for the year, which Max Rudolph – head researcher on the Society of Actuaries’ ninth annual “Survey of Emerging Risks” – says is in line with previous reports in the series.

As for risk managers’ greatest concerns, there is some difference between what they view as the greatest current and emerging risks.

“There is a stark difference between the volume of risk managers who view cybersecurity as the greatest current risk (15%) compared to those who view cyber threats as the greatest emerging risk (23%),” Rudolph said. “These differences may be due to the perception that these risks may have more volatility or strength in the future.”

Financial volatility and terrorism round out the top three most impactful current risks for the second year in a row, Rudolph added.

As to risk managers’ future outlook, the report found the five greatest emerging risks to commercial enterprises to be:

  • Cybersecurity (65%)
  • Financial volatility (45%)
  • Terrorism (37%)
  • Asset price collapse (31%)
  • Regional instability (26%)

These results illuminate “notable change” in managers’ perceptions of impactful emerging risks since 2014, Rudolph noted.

Cybersecurity surged ahead from 58% of respondents labeling it as the greatest emerging risk in 2014 to 65% in the most recent survey, far outstripping economic concerns. Financial volatility increased just one percentage point over the past year, and an actual decline from the recent high of 59% in 2013.

Concern over terrorism was also down, from 41% in 2014 to 37% in 2015. Rudolph noted this is likely to change, however, as terrorism perception “tends to ebb and flow with recent events” and 2015 was a relatively inactive period as compared to 2016.

Chronic disease also declined following Ebola concerns, but may increase in next year’s survey with the Zika threats on the rise.

Further down on the list, concern over climate change rose from 19% to 26% and has the potential to increase in the future given recent severe weather episodes.

Geopolitical risks, meanwhile, fell to the lowest result since 2008.

Image Source: Society of Actuaries
A total of 248 risk managers participated in the online survey in November 2015.


Source:  Insurance Business