Many times, insurance claims could be inspiration for crime stories. Today, I only touch the surface of a dramatic case that could have had dear consequences.
This morning, my newspaper reported in detail on a police raid on mafiosi structures in Northern Thailand. Apparently, they found a cluster of hacking businesses where the staff was held in precarious conditions and punished when they did not manage to collect their daily quota of hacking money. The police shut down the shops, said the reporter, but the mafiosi restarted their activities over the border, in Cambodia, Laos or Myanmar…
Well, I thought, if the hacking operation has such a big dimension, how many victims have they made?
A few minutes later, I read in a mail that a client of mine had been hacked and that data had been uploaded in the dark net. It would be erased if a huge ransom was paid.
How could this happen to a sophisticated company? Apparently, the hackers managed to steal the credentials of an employee and got access to the databank. So, once again, a perfect system with human failure.
Fortunately, the company has an emergency team and in a matter of minutes the damage was controlled. Then, an analysis revealed that the data was old and no longer useful. Still, measures were taken to avoid future incidents.
Why, young fellows, do I tell you this story? Simple, Dr. Watson, would Sherlock Holmes say: this is to show you how complex and challenging cyber insurance can be, but also to invite you to be part of this never-ending story of identifying risks, avoiding or mitigating them, and foremost to find a way to insure them.
Cyber insurance goes beyond just offering coverage. The insurer must put in place a network of service companies to help clients limit the damage, repair the systems, examine legal issues, and take measures to avoid problems in the future.
You see how many specialists and how many professions are involved in this type of insurance. It is teamwork at a high professional level, a very tempting challenge for young people!
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Paul.
P.S. Don´t forget to ask PAVEL anything about insurance.
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