Insurance Business is reporting that cyber criminals are tending to move away from mass mailing of malicious malware towards more targeted attacks.
The reasons for this are identified as endpoint security becoming increasingly sophisticated and employees becoming more aware of malicious links.
Graeme Newman, chief innovation officer at CFC Underwriting reports that much of the cybercrime committed is coming from major state actors such as North Korea and Iran, who have turned to ransomware as a way of generating income as a result of economic sanctions that have been imposed on them.
“What we’ve seen in last 12 months and going forward is a lot of reconnaissance activity. The old spying game has moved from the physical world into the virtual world, and it is far easier and more lucrative to conduct that electronically,” said Newman.
Newman also goes on to explain how the Cyber Insurance market is developing in the UK and how the focus for 2019 is towards business interruption insurance.
Read more at How cybercrime and coverage matured in 2018