The Future Of Cyber Crime
Cyber crime is one of the biggest threats to businesses, causing over £1 billion of losses in the past year alone. With organisations increasingly becoming more and more tech dependent, it is unsurprising that Action Fraud reported an increase of 22% in cyber crime cases. In this article, Arthur J. Gallagher discusses cyber trends, the future of cyber crime and what businesses can do to protect themselves.
The road so far - cyber crime trends
Social engineering, where employees are tricked into violating security procedures, has proven to be a problematic for cyber security. Social engineering appears in a range of guises including phishing and fraudulent invoices.
As these types of attacks rely on human error it can be tough to predict and prevent them. As we move towards the Internet of Things (known as IoT) more and more objects have internet access, creating more and more potential avenues for hackers to exploit. With everything from locks to ventilation systems now offering Smart capabilities, without thorough testing even the most unlikely systems can create vulnerabilities.
The future of ICT crime
As technology expands at a rate that political and legal institutions cannot possibly keep up with, it seems that cyber crime is likely to continue to increase with it. We have already seen a rise in the number of ransomware cases with 54% of UK businesses hit in the past year. These can be time consuming and costly for businesses, with 58% of those companies choosing to pay their attackers.
In the coming years artificial intelligence is likely to continue to evolve, offering further opportunity for hackers to maximise their gains.
The recent hacking of the internet enabled car demonstrates the future potential of a major cyber event, with hackers only needing the car’s app and vehicle identification number to take possession of battery-draining features.
Who commits cyber crime?
In order to protect yourself against cyber crime, it is important to understand the type of people who are likely to commit this type of crime and their reasoning.
- Criminals - The most common reason to carry out a cyber crime is to profit from the breach.
- Terrorists - Cyber crime can be used by terrorists to instil fear in or disrupt organisations.
- Hacktivists - This type of hacker carries out cyber crime to further their political goals or motives.
- Military - The military have been known to use cyber tactics to disable adversaries.
What can organisations do to protect themselves?
There are numerous counter measures to help protect your organisation against cyber attacks. From software related means including fraud assessment, analytics software and real time transactions to more pro-active measures such drone jammers which can prevent drones from flying over your property. A new Cyber Security Centre opened in the UK just last month, which aims to offer a universal voice on information security.
Prevention may be the best cure, but the fact remains that cyber crime can not always be foreseen. A robust insurance policy is essential to help negate the risks related to cyber crime. This is why Arthur J. Gallagher is launching a new Cyber product, which provides a comprehensive insurance solution to safeguard you in the event of a cyber attack.
Arthur J. Gallagher: Our conclusions
Cyber crime isn’t going to go away, and as technology evolves criminals are also getting more and more inventive. Cyber crime levels are likely to get worse before they get better, and you need to take measures to protect yourself. Ground breaking technology is being released all the time, including Arthur J. Gallagher’s new comprehensive cyber solution.
Now is the time to undergo a thorough review of your current cyber security procedures, identifying any vulnerabilities. With the rise of the Internet of Things, it’s no longer enough to secure laptops and smartphones – you need to consider anything with internet capabilities.
Cyber attacks are no longer just a possibility, they are an inevitable part of running your organisation. A robust cyber policy can help to protect your business, managing the reputational damage and financial burden these attacks can generate.