General Insurance Article - Cloud based office solutions under increasing cyber attack


Specialist insurer Beazley has reported that cloud-based office solutions are coming under increasing attack from cyber-criminals. The majority of incidents involving compromised business email accounts reported to the Beazley Breach Response (BBR) Services team during the first quarter 2018 were for organizations using cloud-based programs, a sharp increase over the previous quarter. The three sectors most affected were financial services, healthcare and professional services.

 More and more organizations are turning to cloud-based solutions but, when a business email account is hacked, they find that the system’s default settings are inadequate to show the extent to which emails have been compromised.

 These incidents are usually caused by an employee clicking on a link in a phishing email, HelpDesk message, or Microsoft survey.

 After clicking on the link, the employee is redirected to a legitimate-looking website and asked for email credentials. This provides genuine credentials to the cyber-criminal who can then log into the account undetected. Once in the chain of communication, the cyber-criminal can provide fraudulent instructions to divert and steal payments made by or to the organization, or access personally identifiable information.

 The compromised credentials may also allow the cybercriminal to access other data and, if the organization uses cloud-based OneDrive storage, the cybercriminal will have access to all files the employee can access.

 Katherine Keefe, global head of Beazley Breach Response Services, said: “The number of compromised email accounts is accelerating but simple steps such as frequently changing passwords, having dual-factor authentication and removing auto-forwarding or auto-delete rules can help reduce vulnerabilities. With privacy regulations becoming more stringent and the public demanding greater accountability for their personal data, it is more important than ever for organizations to secure their lines of defense.”

 The full Beazley Breach Insights report for the 1st Quarter 2018 can be accessed here
  

Back to Index


Similar News to this Story

We would dump jewellery and technology to save family photos
New trends data from Admiral Home Insurance shows that despite the ever increasing popularity of gadgets and technology the nation’s most treasured po
Car insurance statistics should be under the ONS not the ABI
Motor insurance statistics collected by insurers should be moved out of the insurers’ lobbying arm, the Association of British Insurers (ABI), and ins
Reinsurer capacity remains stable despite catastrophe losses
Shareholders’ equity in 34 reinsurance companies tracked in the Willis Reinsurance Index was up 7.8% to USD 371 billion at year-end 2017. The increase

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.