Today Cyberattacks are on the rise in every country. The frequency and magnitude of losses due to Cyberattacks is also increasing by the year. Cybersecurity has emerged as one of the top concerns facing businesses globally.
In such a scenario, CEOs should be aware of different types of Cyberattacks and the role of Cyber Insurance Policy in keeping the business secure from such Cyberattacks.
What is a Cyberattack?
A Cyberattack is a Criminal activity that tries to gain unauthorized access to a computer, a computer network or a networked device with an intention of stealing pr damaging the data stored on the system. Individuals, Organisations and even countries commit cyberattacks.
There are various types of Cyberattacks and this article will explain the different types of Cyberattacks in detail.
What are the different types of Cyberattacks?
Malware is a common form of Cyberattack where the Cybercriminals plant malicious software such as Spyware, Trojans in the Target Victim’s Network System. Cybercriminals usually exploit the vulnerability of the network system when a victim clicks on the dangerous email and installs the malware on the system. Malwares are used to steal the confidential or sensitive data from the target systems or to spy on the User.
Ransomware is a form of Malware where the target victim’s files are encrypted denying access to the victim. The Cybercriminal demands a ransom payment to provide a key to decrypt the encrypted files. Ransomware Cyberattacks are growing fast every year.
Phishing Attack is when a Cybercriminal sends fraudulent emails by impersonating a trusted contact of the victim. The recipient victim clicks on the fraudulent email, resulting in a Malware being downloaded on to the victim’s network system and thus corrupting the system. Phishing attacks are one of the most common forms of cyberattacks.
This is similar to a Phishing attack. The only difference is that in a Deep Fake attack, impersonation takes place by impersonating someone’s voice as compared to a Phishing attack where the impersonation takes place through Email Spoofing.
Here, the Cyber Criminal makes use of Artificial Intelligence technology to impersonate the voice of a trusted person known by the victim, with an intention of misleading the victim to make fraudulent fund transfers or share sensitive data with the Cyber Criminal.
There are 2 types of Deepfake Cyberattacks: Real Time Attacks and Non-Real Time Attacks.
Denial Of Service and Distributed Denial Of Service Cyberattack:
The idea behind the Denial of Service (DoS) Cyberattack is to block access to a Target Organisation’s Critical IT Infrastructure by overwhelming its capacity. The IT Infrastructure is critical for an organization to conduct business.
Cybercriminals exploit loopholes in the Organisation’s IT Infrastructure by flooding or overwhelming it with traffic, which is beyond the Organisation’s Infrastructure Capacity to manage, thereby leading to a crash of the system. As a result, even normal requests cannot to be processed and legitimate users of the system such as employees and customers are denied access to the service.
The only difference between a Denial of Service Cyberattack (DoS Attack) and a Distributed Denial of Service Attack (DDoS Attack) is that a DoS Attack uses a single device to launch an attack while a DDoS Attack uses multiple devices to launch an attack. A Distributed Denial of Service Attack (DDoS attack) is harder to contain as compared to a Denial-of-Service Attack (DoS Attack)
Webjacking involves the Cybercriminal taking control of the victim’s website. Today, when many companies conduct their business completely online, losing control of a website can lead to serious losses.
Cryptojacking involves the hacker taking control of the victim’s computer and using it to mine Cryptocurrency. The hacking is done by planting a malicious code on the victim’s computer.
How to Protect yourself from Cyberattacks?
Today, more than 30% of the Businesses have been a victim of at least one Cyber Attack. It is important for companies to keep their Operating Systems updated. Additionally, systems should be protected with adequate Firewalls and VPNs.
Today the frequency and magnitude of losses due to Cyberattacks are increasing every year. With huger part of business being conducted online, a Data Breach will first and foremost result in loss of reputation. Additionally, the business will face loss of Profits on account of Interruption of Business.
A Cyber Liability Insurance Policy is an essential tool for every business to protect itself from Cyber Crimes. A comprehensive Cyber Insurance Policy will pay for the data restoration costs and Business Interruption losses following a Cyber Attack. Other costs such as engaging forensic experts as well as costs associated with notifying parties who have been impacted by a Data Breach are also paid by a Cyber Security Insurance Policy. The Cost of Cyber Insurance Policy in India is also very reasonable.
Thus, a Cyber Insurance Policy is a must have for small and large businesses alike.
Get Best Cyber Insurance Quotes with Qian!
Qian is a licensed Cyber Insurance Broker in India with tie-ups with top Cyber Insurance Providers. We can assure you of comprehensive Cyber Insurance Coverage and the best Cyber Insurance Quotes for your Policy.
- What is a Cyber Insurance Policy?
- What is Cyber Threat or Cyber Risk?
- On Security Insurance Necessity For Businesses
- What does a Cyber Insurance Policy Cover?
- What kind of losses does a Company suffer on account of Cyberattacks and Security Breaches?
- What is the average Cost of a Cyber Incident?
- What are the First Party Liability Coverages under a Cyber Liability Policy?
- What are the Expenses Covered under a Cyber Liability Policy?
- What are the Third Party Liability Coverages covered under a Cyber Liability Insurance Policy?
- Cyber Security Insurance Policy (Why Does It Matter?)
- What are the Exclusions under a Cyber Liability Insurance?
- Cyber Insurance Policy Cost (What is reasonable?)
- Get Best Quotes for Cyber Insurance Policy with Qian