Cyber_Bytes - Issue 7 2020

Welcome to the seventh 2020 edition of Cyber_Bytes, our bi-weekly roundup of key developments in cyber, tech and evolving risks.

High Court grants proprietary injunction over Bitcoin cyber ransom payment to a third party

RPC's Bethan Griffiths comments on a recent High Court decision to grant a proprietary injunction in respect of a bitcoin payment made to a cyber extortionist.

An English insurer suffered a ransomware attack and paid about $950,000 in Bitcoin as ransom payment. The Court decided crypto assets can be 'property' and the test for a proprietary injunction was satisfied. Tracing Bitcoin payments and obtaining an injunction can be a complex and expensive task, but potentially worth considering if the sum involved is significant enough.

For the full article, please click here.

Action required to drive development of the cyber market

Tougher data privacy regulations such as the GDPR have resulted in an increase in the purchase of cyber cover, but that regulation is way down the list of factors driving the purchase of cyber insurance cover. A mix of factors has led to the increase in the purchase of cyber cover, but that increase is not as high as one might expect.

RPC Partner, Richard Breavington, comments "Our own tracking of client claims has seen a rapid rise after May 2018, with the number of cases more than doubling and remaining consistently high…."

For the full article, please click here.  (Note that this article requires a subscription to Insurance Day)

The Metropolitan Police Service publishes a new cyber security strategy

The Metropolitan Police Service has published a new cyber security strategy with an emphasis on four ‘core vision principles’ to protect its information assets. It sets out priorities to: defend the data, distrust the asset; use identity as its perimeter; develop transparency of its internet traffic; and be aware and prepared.

For the full article, please click here.

More victims attacked by Maze ransomware

The Maze ransomware group has continued its threats to release the data stolen from victims who refuse to pay the ransom. Their recent targets include French construction company, Bouygues, and multiple law firms, who have had sensitive customer data published.

For the full article, please click here.

UK cyber security sector now worth over £8bn

The UK’s cyber security sector seems to be benefiting from increasing regulation, with the market now worth an estimated £8.3bn, and the number of firms operating in the industry up 44% since 2017. The UK industry has rocketed from 846 companies three years ago to 1,200 now.

For the full article, please click here.

Report reveals organisations successfully phished in 2019 

Proofpoint reports more than half of organisations have been successfully phished for valuable intel at least once last year. Proofpoint argues that employee training plays a vital role in the cybersecurity chain, given that 78 per cent reported “measurable reductions” in phishing susceptibility following proper education.

For the full article, please click here. 

Rise of Artificial intelligence and Big Data creates cyber security challenges

The European Union Agency for Law Enforcement Cooperation (Europol) believes the best way to address cyber security challenges posed by artificial intelligence (AI) and Big Data is to increase the synergies between individual privacy and public security whilst fostering innovation.

For the full article, please click here.

New IoT legislation intended to improve security  

Manufacturers of smart connected devices will need to adhere to a set of stringent cyber security requirements to ensure robust security standards are upheld. The three key rules revolve around device passwords, reporting vulnerabilities and security patches. A globally applicable standard based on the UK’s has been published by European standards body ETSI.

For the full article, please click here.