Cyber risk becoming ‘relentless’
Cyber attacks are becoming “relentless” in their sophistication and complexity according to one leading expert.
Sanjay Samuel, head of financial crime in Asia Pacific at BAE Systems Applied Intelligence, said that cyber attacks are increasing in numbers and sophistication in a way that makes them even more difficult to plan for.
“The increased sophistication of cyber criminals is relentless and as they become more creative, they are finding new and increasingly invasive ways to target companies,” Samuel said.
Samuel recommends a combined approach to cyber risk as the separation of teams within businesses and insurers could lead to miscommunication which could be devastating.
“These invasive techniques often go undetected due to the separation of cyber and fraud teams in companies,” Samuel continued.
“This silo approach, with teams working in isolation, makes it challenging to address cyber threats, as teams are looking at different aspects of the same problem and yet aren’t sharing information.”
It isn’t just clients that have to worry about cyber risk as Samuel noted that the insurance industry comes under frequent fraud attacks and a combined approach can help reduce risk and expenditures.
“For example, when it comes to collecting and analysing data, fraud detection teams often focus on financial transactions, while the cyber defence team conducts analysis on the data from information systems.
“Ideally, these teams should work together to fight the onslaught of cyber crime.”