Tag Archives: cyber risk

The Age of Ransomware: mitigating the next cyber heartbreak after WannaCry

The Age of Ransomware: mitigating the next cyber heartbreak after WannaCry

A cyber catastrophe has occurred. A little before noon on Friday, 12 May 2017, a highly virulent strain of the ransomware WannaCry (known as WannaCrypt) began to spread through Windows systems worldwide, crippling the NHS healthcare system, Russian government ministries and French automobile plants, and ultimately impacting more than 200,000 computers in 150 countries byRead more

Cyber-extortionists Take a Bite at Apple – Update

Cyber-extortionists Take a Bite at Apple – Update

The Turkish Crime Family (TFC) versus Apple cyber extortion case is unique in being one of the first widely reported incidents of a large tech company being subjected to extortion. TCF claimed access to hundreds of millions of iCloud accounts, which they threatened to wipe if Apple did not pay a ransom (the amount inRead more

Cyber-extortionists Take a Bite at Apple

Cyber-extortionists Take a Bite at Apple

On Friday April 7, a group of cybercriminals calling themselves the ‘Turkish Crime Family’ claim that they will wipe hundreds of millions of iCloud credentials, instantaneously rendering Apple users unable to play or purchase music, use apps, or access email or Cloud file backups, perhaps indefinitely. That is, unless Apple pays the extortionists a ransomRead more

Artificial Intelligence in the Not-So-Distant Future

Artificial Intelligence in the Not-So-Distant Future

  The motto of the Tyrell Corporation – the corporation responsible for android production in Ridley Scott’s 1982 classic Blade Runner – is “more human than human”. As autonomous systems become increasingly ubiquitous and permanent fixtures in modern societies, there is both concern and curiosity that our not-so-distant future resembles something out of a scienceRead more

NSA Cyber Weapon Stash for Sale

NSA Cyber Weapon Stash for Sale

Éireann Leverett Risk Researcher, Centre for Risk Studies, Judge Business School at University of Cambridge, and CEO, Concinnity Ltd. Dr. Andrew Coburn SVP, RMS, Inc., and Director of Advisory Board, Cambridge Centre for Risk Studies, Judge Business School On 13 August the ‘ShadowBrokers’, a previously unknown hacker group, posted an online auction of a setRead more

Where does cyber risk accumulate for insurers?

Where does cyber risk accumulate for insurers?

“Taxonomy is described sometimes as a science and sometimes as an art, but really it’s a battleground.” ― Bill Bryson, A Short History of Nearly Everything  After attending a cyber-risk accumulation workshop with a variety of cyber risk underwriters, I was moved to spend my morning walks thinking hard about cyber risk accumulation. Where doesRead more

Differentiating two cyber risks.

Differentiating two cyber risks.

Traditional insurance practice involves insulating the insurer’s operational risks from the risks they are insuring. This means that maritime shipping insurance companies don’t place their headquarters aboard ships. Those that insure floods don’t have offices in floodplains. Usually, it’s geography that allows the insurer to escape the risk, but not always. Solar storms and coronal massRead more