Thursday, 14 July 2016

Global Businesses at Risk with Growing Cyber Threats

Most businesses are yet to fully understand the menace of cyber hacks to their business. For some of them, they would only understand its devastating effect after they fall victim to such attacks. Here's a classical example of how cyber-attacks are carried out with great precision.

A malware was sent to a computer in a bank. Once the malware has fully settled and infiltrated the system, hackers were able to locate the administrator's system for video surveillance. This gave them full access to all the happenings in the bank and monitor staffs in charge of servicing funds transfer. It was only a matter of time for this hacker to be able to mimic the activities of staff. Using this same process, hundreds of millions were transferred out of several banks.

This is not some fiction, action movie but a real life event. It always starts with some form of malware - something so insignificant at first. While businesses should be willing to invest more in cyber security, they should also get coverage for loss or damages incurred through cyber insurance

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