Can You Be A Victim Of A Hacker Attack?
Yes, you could be a victim of a hacker attack. They have become more and more common. Companies everywhere around the Earth had their problems with the hackers. And if they didn’t, they will. Taking all of these into account, a new market suddenly appeared.
The anti-hacker insurance are growing proportionally with the requests from the cyber crime fears. Hackers attacking organizations and companies usually concludes with some loss of money, the legal actions and, of course, corporate humiliation. Therefore, getting in this new branch of insurance is just the easiest way for a $10 billion occasion.
Twitter Swastika Hack was one of the demonstration that such things can happen to anyone. It is also one of the high-profile computer breaches that needs to strengthen their protection with companies like Beazley Plc and Allianz SE which are thirsty to step in.
All of these started with a massive hack on some of the biggest Tweeter accounts. We are talking here about names like tennis star Boris Becker Forbes, the BBC’s North American service, and Amnesty International. The hack concluded in them tweeting publicity relevant to Turkey’s growing diplomatic conflict with Netherlands and Germany. Accounts were compromised by attacking over a popular third-party analytics service, Twitter Counter.
Moreover, the profile pictures and header images from the hacked accounts were changed. The second accident of this kind happened to the Twitter Counter, a company based in Amsterdam. Anyhow, Twitter Counter’s stated: “We do not store users’ Twitter account credentials (passwords) nor credit card information”.
Twitter also assured they were: “aware of an issue affecting a number account holders this morning. Our teams are working at pace and taking direct action on this issue. We quickly located the source which was limited to a third party app. We removed its permissions immediately. No additional accounts are impacted.”
A New Market, Insured?
Hacker Insurance companies see this free marketing and opportunities as one of the most hopeful new market, predicted to triple over the next four years. The underwriting chief officer at Allianz’s industrial insurance arm, Hartmut Mai, estimated that the “Cyber insurance is our key growth area at the moment”.
As a result, the company now writes a double-digit million-euro amount of cyber insurance. This industry is believed to emerge into a bestseller for it reported 28 percent growth last year. The ransomware attacks, which are a type of malicious software created to stop the access to a computer system until a sum of money is paid, are heightened by half in 2016.
Although the insurance industry managed somehow to protect as much as they could the companies from natural disasters, the cyberattacks approach is new. Beazley’s Bantick mentioned that together with Munich Re they restraint their coverage to $100 million per client. Even so, Government organizations were the most targeted companies, pursued by health-care businesses and financial services.
You never know
The insurer Chubb Ltd., counting United States as its biggest market, mentioned that hackers got access to the network of a school district. This incident gave access to the hackers to the names, addresses and account information from 20,000 past and present faculty and students. They covered everything from costs of responding to a regulatory investigation to public relations fees.
All in all, we all need to be aware of what could happen to our network life. We all have a social or economic life on the internet. We have to secure what is ours and win the cyberwar that might come because this one could destroy us before any other possible wars. My friendly advise for you is to always be aware of how secured are your cards and social media accounts.