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Cyber_Bytes - Issue 9

09 March 2020. Published by Richard Breavington, Partner and Christopher Ashton, Senior Associate and Rachel Ford, Partner

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

ESRB reports on systemic cyber risk

The European Systemic Risk Board (ESRB) has published a report on cyber risks and incidents, which, owing to the interconnectedness of various information systems, spread quickly and widely. The ESRB has found that cyber incidents are becoming more persistent and prevalent, spreading widely across sectors and beyond geographical borders, including to parties which are not the primary target.

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International airline fined £500,000 for failing to secure its customers’ personal data

The ICO has fined Cathay Pacific Airways Limited £500,000 for failing to protect the security of its customers’ personal data. The airline’s failure to secure its systems resulted in the unauthorised access to their passengers’ personal details including: names, passport and identity details, dates of birth, postal and email addresses, phone numbers and historic travel information.

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UK's Travelex expects 25 million sterling hit due to cyber attack

Currency service provider Travelex has estimated a 25- million-pound ($32 million) hit to its first-quarter underlying core earnings from a ransomware attack in late December.  It has now restored all its customer-facing systems.

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Growth of ransomware threat 'unsustainable' for cyber insurance industry

Ransomware attacks soared in the second half of 2019, and industry experts are concerned that the cost to insurers is growing at rates unsustainable for current policies.  Insurers and insureds will have to focus on promoting good security practices before a breach occurs if the "unsustainable" rise in ransomware attacks are going to be curbed.

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8 out of 10 businesses don't have cyber-attack insurance

With the rise of cyber-crime now costing firms in the UK billions each year, many companies have sought to upgrade their defence against hostile outsiders. However, according to a recent study, more than 8 in 10 businesses have still not taken out insurance policies against the impacts of a potential breach.

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Why cyber physical damage attacks may increase

TMK Cyber Underwriter Paul Gooch explains why cyber Physical Damage attacks may increase in 2020 and beyond.  Most cyber policies exclude cover for physical damage and ensuing business interruption. As a result, many policyholders could now find themselves with a gap in cover. Although cyber physical damage events have thus far remained infrequent, there are several reasons why this could change. 

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Smart cameras could let hackers spy on homes, cyber security chiefs warn

The National Cyber Security Centre has advised people to adjust settings on smart cameras to secure them from cyber-attacks. This follows cyber-attacks where hackers were able to spy on people's homes through smart cameras.

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