Commenting on the Cyber Attack black out on the East Coast, Sarah Stephens, Head of Cyber, Media and E&O, JLT Specialty, said:
“While exact details of today’s enormous Distributed Denial of Service (DDoS) attack on systems run by Dyn Inc are still unknown, netizens globally are reeling from the denial of access to some of their favourite websites. Twitter, Spotify, and Airbnb are just a few of the household websites reporting outages and downtime after the Domain Name System (DNS), a tool which acts as an internet directory directing web addresses to the right site, was overcome by a huge surge in traffic.
“The proliferation of DDoS attacks has become a major problem for companies as they struggle to defend their IT networks. A recent study by Akamai Technologies, reported a 125% increase in DDoS attacks since 2015, while it was only last month that Brian Krebs, a prominent cyber security blogger, saw his website knocked offline by a similar style attack.
“Most websites will use one or more forms of DDoS protection such as Cloudflare, however today's outage is proof that even with the best mitigation in place attacks can still cause significant outages. This is why it's so important to consider both technology-based cyber risk mitigation and financial insurance-based cyber risk transfer in a holistic cyber protection plan.
“The business interruption caused by a DDoS attack can cause significant loss of income and reputational harm to a business, particularly one that so many people rely on daily. Cyber insurance can help companies recover from the financial impact of both these eventualities.
“The extent of today’s fall out remains to be seen, but the increasing frequency and severity of these attacks is a timely reminder to management that cyber insurance is a powerful weapon in their arsenal to help mitigate the costs associated with a sudden attack.”
Notes to Editor
JLT Specialty Limited
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About JLT Specialty Limited
JLT Specialty Limited (JLT Specialty) is a specialist insurance broker and risk consultant, providing market leading industry knowledge and expertise in specialist fields to some of the world's largest companies.
JLT Specialty is part of the Jardine Lloyd Thompson Group of companies (JLT), one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with more than 10,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
For more information about JLT please visit www.jltspecialty.com and www.jlt.com