The global threat of cyber attacks continues to grow and the nature and targets of those attacks are evolving at a rapid pace, according to Tokio Marine HCC International’s (TMHCCI) second annual Cyber Incidents Report.
In just 10 incidents last year, over $600m in cash was stolen or taken as ransom, tens of millions of citizen records stolen, 40,000 businesses’ IT operations put at risk, 1bn airline passenger details compromised and at least one bank was effectively shut down for over a week.
The vast majority of the incidents listed in this year’s top 10 involved large institutions where cyber security plays an integral role in operations. But this has not prevented their sophisticated defence systems from coming under attack, the report said.
Some of the most damaging attacks were experienced by the likes of Microsoft, Kaseya and SITA, organisations whose products and services feed directly into the systems of third parties.
TMHCCI cyber security specialist Isaac Guasch and author of the report said, “We are noticing a drastic increase in both likelihood and severity of all types of cyber attack. We have seen a marked increase in ransomware attacks, their complexity and in the appetite to target smaller organisations. But whether you are a small independent business or a large, international organisation, the increasingly interconnected nature of the businesses that form our economies is a key threat. Even if you are confident that your cyber security measures are up to date, those of your partners may not be, so you may need to redefine your perimeter constantly.”
Ranking the top 10 global cyber incidents by impact shows that, when it comes to targets of attack, there is no grace or favour provided by criminals; with a range of sectors including IT, airport security, banking, energy, software component providers and government databases all coming under attack.
TMHCCI head of cyber Xavier Marguinaud said, “It’s clear that organisations of all shapes and sizes need to understand that wherever they are and whatever they are engaged in, their business is at risk.” M