Cyber risk predictions for 2017

06 February 2017

Main features in this issue:

Cyber risk predictions for 2017

As 2017 gets underway, members of JLT’s Cyber Risk Consortium have been making their risk predictions for the coming year. Distributed Denial of Service (DDoS), Internet of Things (IoT), ransomware, smart ransomware, cyber fatigue, data protection strategies, trusted people and processes and password security should be on the agenda for board members this year.

Denial of service attacks are on the increase

The increase in denial of service attacks in the last quarter of 2016 demonstrates how the cyber risk landscape has changed. There’s no denying DDos attacks are getting worse. The attack on domain registration service provider Dyn in October 2016 was the biggest in history, bringing down websites which include Twitter, Netflix and Spotify, in both Europe and the US. It followed another big attack the month before caused by the same Mirai malware, this attack was on the KrebsOnSecurity.com website. 

Charities breach Data Protection Act

The Information Commissioner’s Office (ICO) found charities had abused donors’ trust in a number ways when handling their personal data. Big UK non-profits have been “exploiting” supporters in breach of the Data Protection Act, according to the ICO. The ICO found charities had abused donors’ trust in a number of ways when handling their personal data. These included “wealth screening” to identify those they could target for more money, tracing and targeting new or lapsed donors by piecing together personal information from other sources where donors chose not to provide it, and trading personal details with other charities to create a massive pool of donor data for sale.

Cyber on an electoral roll

The fallout from Russia’s alleged involvement in the presidential election won’t be restricted to the US. Controversy over what role Russian hackers played in Donald Trump’s victory looks unlikely to end with his inauguration as the 45th President of the United Sates. January saw publication of a US intelligence report suggesting Russian leader Vladimir Putin ordered a campaign to influence the election. This included hacking the email accounts of the Democratic National Committee and top Democrats playing a role in Hilary Clinton’s campaign. Publication of the report followed outgoing President Obama’s decision before the New Year to expel 35 Russian diplomats in response to the interference.

Download cyber newsletter

For more information please email cyber@jltgroup.com

video

CYBER RISK MANAGEMENT AND INSURANCE

Find out more
video

Read our Cyber Risks & Insurance Insights

Read more
video

Receive our monthly cyber risk newsletter

Subscribe