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Fujitsu comment on news that cyber insurance claims are on the rise

May 2018 by Fujitsu

New data from AIG, one of the largest cyber insurers, shows
its business in Europe, the Middle East and Africa received as many cyber claims
last year as in the previous four years combined, far higher growth than that for
the number of policies sold.

Mark Camillo, head of AIG’s European cyber business, said the growth in claims was
partly the result of the rise in ransomware attacks, in which hackers freeze a
target’s systems until a ransom is paid.

In response to this, Sarah Armstrong-Smith, ?Head Continuity & Resilience at Fujitsu
UK & Ireland shares her thoughts:

“The significant rise in cyber insurance claims over the past year highlights the
potential financial impact that suffering a major security breach can have on
organisations.

“The damage caused by breaches can even tempt organisations to accept cyber
criminals’ ransom demands. However, paying ransomware authors in the hope they will
decrypt data is certainly not an advisable practice, and in fact, must be frowned
upon. Instead, organisations should rethink their cybersecurity practices to ensure
they’re implementing the right primary preventative measures which help them remain
on the front foot for proactively identifying and managing threats before an attack
occurs.

“Cyber Threat Intelligence (CTI) is a prime example of this. Using CTI as a back to
basics approach for businesses should include having visibility of critical patches
via an early warning system as soon as they’re released and patched accordingly -
one such example is the SMB vulnerability last year where a patch was available
months before it was exploited by serious ransomware variants.

“Where ransomware is successful, it is critical that customers have a robust
business continuity and disaster recovery plan which should include how to respond
to such incidents, a back-up policy and the ability to quickly restore any affected
data and systems with minimal impact to operations.

“With GDPR almost upon us, companies need to be aware of all the channels cyber
criminals can use to infiltrate the company and steal data, and take proactive steps
to safeguard their main asset – data. Whilst organisations are right to be worried
about the next strain of cybersecurity incidents, combining vulnerability management
with threat intelligence will be a great use case for protecting corporate
environments.”


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