Allianz: Ransomware is still the # 1 threat, but it's not the only one
Allianz
Allianz Global Corporate & Specialty (AGCS) has recently published a new report on cybersecurity risks which analyzes the rising cost of ransomware attacks to the detriment of companies of all sizes, as well as other risks growing IT. For example, according to the researchers, incidents affecting corporate email are on the rise and will grow further in the era of "deep fake".
The report also highlights how the war in Ukraine and wider geopolitical tensions are also very worrying factors, since hostilities could spill further into cyber space and cause new targeted attacks against companies, infrastructures or supply chains.
Another interesting fact is constituted from the emerging threats connected to increasingly widespread cloud services, as well as from the evolution of the institution of civil liability, with higher compensation and penalties, in the face of a deficiency found in the field of IT security professionals.
“Cyber risk scenarios do not allow us to rest on our laurels. Ransomware and phishing scams are more active than ever and add to that the prospect of hybrid cyber warfare, ”said Scott Sayce, AGCS Global Head of Cyber and Group Head of the Cyber Center of Competence. “Most companies will not bea> able to evade a cyber threat. However, it is clear that organizations with good maturity in this field are prepared to deal with incidents. Even when attacked, the losses are generally less severe thanks to established identification and response mechanisms ".
Photo Credits - Allianz Among the most relevant trends traced by the researchers, we mention the double and triple extortion. Ransomware remains one of the most feared threats by companies, especially for small and medium-sized enterprises that do not have the controls and resources to allocate to cyber security.
Scams are also becoming more sophisticated, also due to their spread deep fake technology and the rise of virtual conferences. According to the FBI, Business Email Compromise (BEC) scams totaled $ 43 billion globally from 2016 to 2021, with a surge of 65% between July 2019 and December 2021 alone.
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The shortage of professionals, again according to Allianz researchers, is an obstacle to the growth of cybersecurity. The number of jobless cybersecurity jobs worldwide has grown by 350% over the past eight years, reaching an estimated 3.5 million.
Finally, another figure that What emerges from the report is the fact that IT security is increasingly being analyzed in the ESG field. Those responsible for analyzing corporate cybersecurity practices, such as ESG risk analysts, are increasingly including cybersecurity considerations in their scoreboards. For this reason, it is essential that within the board of directors, IT processes and policies are correctly understood and that risk monitoring processes are operational.
Faced with this scenario, it is clear that the sector insurance begins to assess IT risk more rigorously in the context of the stipulation of coverage policies in the cyber sector. But this could be a further incentive for businesses to do better.
“The good news is that we are seeing a very different discussion on the quality of cyber risk than a few years ago,” says Sayce. “We are getting much more accurate information and we appreciate that customers go out of their way to provide us with complete data. This helps us deliver more value and offer useful information and advice to customers, such as which controls are most effective or where to further improve risk management and response approaches. The net result should be fewer or less significant cyber events for our customers and fewer claims for us. This collaboration will also contribute to the creation of a sustainable long-term IT insurance market that is not only based on traditional coverage but also, increasingly, on the integration of IT risks into captive programs and other alternative risk transfer concepts ”.
