Assignment:
Discussion 1:
Technology is rising very quickly, generating new market prospects, also creating new, unforeseen threats and challenges. In this situation, the insurance industry provides cyber protection exposure to conservative economies. The cybersecurity insurance market is immature because it is largely a new market with technologies that are continually evolving. This industry faces specific obstacles, such as the need to estimate and identify cybersecurity threats and assaults as a result of an unknown cyber threat.
It is projected that cybersecurity risks will cost the world US$6 trillion annually by 2021 and that the number of attacks since COVID-19 has risen five times. While there is extensive literature about the dangers to the healthcare sector of technical vulnerabilities, there is less study into how cybercriminals have the potential for pandemics including COVID-19. A large variety of threat vectors can trigger security incidents. Two of the most frequent risks to cybersecurity:
1. IP Spoofing
IP spoofing is used by an attacker to persuade a device to connect and allow the attacker access to the system with a known confident individual. Instead of sending an IP address to the target host with an IP source of an established trustworthy host. The destination host will accept and operate on the packet.
2. Password attack
A dictionary attack is used to try to enter the device and network of a user using standard passwords. One method is to copy an encrypted password-containing file, place on a commonly used password dictionary the same encryption, and compare the results.
3. SQL injection attack
SQL inserted into database-driven websites is now a common concern. This happens when a SQL query to the database is performed via the client to server data entered by a malefactor. In order to execute predefined SQL commands, SQL commands are introduced into the input for the data plane (such as instead of login or password). An effective SQL injection vulnerability is capable of reading confidential data from the database, altering (insert, upgrading, delete) database data, executing administration (such as shutdown) operations in the database, restoring contents in a specific file, and, in certain situations, issuing operating system orders.
Not long ago, it would have been huge news if an infringement compromises a few million people's records. Infringements involving hundreds of millions, or even trillions, are all too widespread.
eBay:
eBay announced that its entire list of 145 million subscribers, including names, emails, date of birth, and encrypted passwords, was disclosed by an attack in May 2014. The online auction giant said hackers had access to their network with three corporate employees' accounts and had maximum access for 229 days - more than enough time for the customer data to be hacked.
Customers were told to update their passwords. Financial data, including a number of credit cards, are kept separately and have not been affected. It was later confirmed that the organization did not connect with its customers and that the password renewal process was improperly enforced. There are a variety of ways to combat this threat, including Email Virus Identification Software. For ransomware that could damage your network, search email attachments. Authentication multifactor can be used to deter such attacks.
Discussion 2:
Cyber security incidents refer to different threats like data breach, data leaks, phishing attacks and so on. These incidents can lead to expose the sensitive data of the company to hackers who use this data to harm the organization or the people whom the data belongs to. Some of the biggest data breaches revealed those mistakes which lead to the exposure of the data which belongs to millions. In the year October 2017, Yahoo has been a victim of such security breach where the data of almost 1 billion users was compromised.
The breach was reported official in December, 2016 and henceforth Yahoo was questioned on their security encryption policies. Over 3 billion users then shifted from Yahoo to other companies who provided similar service. This incident not only impacted the people who's data was leaked but this also compromised the reputation of the company and lost it their users having been one of the biggest data breach to happen in the history. LinkedIn was another such victim of data breach where the sensitive data of 700 million users of the LinkedIn was up for sale on the dark web in June 2021. (The 57 Biggest Data Breaches (Updated for 2021) | UpGuard, 2021)
Because of the cyber threats that organizations have faced mitigation of cyber risks has become a key issue. Risk mitigation separates the elements of prevention, detection and remediation.
1. Conducting a risk assessment to determine vulnerabilities - risk mitigation strategy should conduct a risk assessment to access the loopholes in the security of the organization. It helps the organization by providing an insight in those areas of improvement.
2. Implement firewalls and antivirus - Installation of such firewalls and antivirus software will help them defend and identify potential threats.
3. Establish access control - It is important that the company establish network access control which will help the company in minimizing the possibility of risk as well as the impact of the attack. (Hewitt, 2021)