The Cyber session on day two at the 2018 NIBA Convention focussed on how organisations can get hacked via physical access, exploiting the human element and how it affects business risk.
Daniel Weis, Head of Security Services, Kiandra IT demonstrated live physical breach demo using tools and Kieran Doyle, Cyber Specialist at Wotton+Kearney spoke about the reasons businesses need cyber insurance.
Weis said, “Employees and contractors are a business’ last line of defence and they are usually the weakest. There is no patch for human stupidity and hackers have no qualms about using whatever it takes to get into your systems.”
— NIBA (@NIBA_Australia) September 5, 2018
The cyber insurance industry has grown rapidly in response to the increasingly digital global business landscape. Most businesses today provide services online and store sensitive data in the cloud, increasing their exposure to cyber breaches and associated business interruption and customer liability claims.
The World Economic Forum has rated cyber attacks among the top five risks globally. Doyle said, “Insurance is only a part of the answer but it is imperative that businesses manage the risks associated with a data breach by getting cover for business interruption, data extortion, restoring data, incident & remediation costs, notification costs, regulatory cover including investigations and penalties, third party claims and social engineering.”
He said, “Everyone is a target, hackers don’t discriminate. There is no getting away from the fact that we’re living in the era of increasing cyber risk and regulatory scrutiny.”