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Sales of Cyber Insurance are projected to reach US$ 40 billion by 2033

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Global Trade Daily

Sales of Cyber Insurance are projected to reach US$ 40 billion by 2033

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According to a recent study conducted by proficient analysts at Fact.MR, a leading provider of market research and competitive intelligence, the global Cyber Insurance Market is anticipated to experience substantial growth with a robust Compound Annual Growth Rate (CAGR) of 12%. The market is expected to achieve a valuation of US$ 40 billion by the conclusion of 2033.

Cyber insurance is specifically designed to aid organizations in navigating the aftermath of cybersecurity breaches and similar incidents. This insurance coverage includes both first-party provisions and third-party liability claims, aiming to mitigate the financial exposure associated with recovering from cyber losses. It encompasses compensations for losses arising from network security breaches, breaches of privacy, legal protection against lawsuits related to data breaches, and various other associated expenses.

The research report identifies key segments in the Cyber Insurance industry, highlighting the escalating threat posed by increasing cyber-attacks in terms of their intensity and frequency. These attacks pose significant risks to individuals, businesses, and even entire nations, leading to a surge in the adoption of cyber insurance solutions. The consequences of cyber-attacks on businesses include a dwindling customer base, operational disruptions, regulatory fines, legal penalties, attorney fees, loss of intellectual property, and damage to reputation.

The recent notable expansion of the cyber insurance market is attributed to the rise in cyber-attacks and their far-reaching impact on public safety, economic stability, and government cybersecurity. Additionally, the growing recognition of cyber risks associated with business interruptions, coupled with the proliferation of mandatory data security regulations across sectors such as banking and healthcare, has emerged as key drivers propelling the growth of the cyber insurance market.

Key Takeaways from Market Study

·         The global market for cyber insurance is valued at US$ 12.4 billion in 2023.

·         Worldwide demand for cyber insurance is predicted to increase at a CAGR of 12% through 2033.

·         By the end of 2033, the market is projected to reach US$ 40 billion.

·         The market in the United States is projected to expand at a CAGR of 18% over the forecast period.

·         With a 43% revenue share in 2023, North America held the top spot in the global market.

·         Adoption of cyber insurance by large enterprises is projected to rise at a 17% CAGR through 2033.

·         The market in China is set to progress at a CAGR of 17.4% from 2023 to 2033.

·         The BFSI segment accounts for 26% share of the global market in 2023.

“In recent years, the market for cyber insurance has seen rapid expansion. This expansion can be ascribed to the increase in the frequency and sophistication of cyberattacks, which have cost enterprises across several industries a significant amount of money. The need for cyber insurance plans has grown due to heightened awareness of cyber threats,” says a Fact.MR analyst.

Market Competition

The market for cybersecurity insurance is relatively concentrated, with key competitors providing superior technology and encouraging expansion through their current distribution networks. To maintain a competitive edge in the market, these technological titans are spending on innovations, mergers, acquisitions, and collaboration activities.

·         In November 2022, Agilicus, a cybersecurity company, joined forces with Ridge Canada Cyber Solutions Inc. (RCCS), a prominent managing general insurance agency, to facilitate Canadian small and medium-sized businesses (SMBs) in meeting cybersecurity insurance requirements and obtaining coverage.

Key Companies Profiled

·         Lockton Companies, Inc.

·         Lloyd’s of London Ltd.

·         Munich Re

·         Allianz

·         Zurich

·         Berkshire Hathway Inc.

·         Aon PLC

·         American International Group, Inc

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global cyber insurance market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on component (solutions, services), type (first-party coverage, third-party coverage), company size (large enterprises, SMEs), and industry vertical (BFSI, IT & telecom, retail & e-commerce, healthcare, manufacturing, government & public sector), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

wallet security
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The Importance of Wallet Security in the Emerging World of Web3

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Hacking and social engineering have become increasingly prevalent in the world of Crypto, NFTs, and Web3 more broadly. While malicious strategies and tactics continue to become more innovative, human error remains the leading cause of compromised wallets. These errors usually stem from inexperience, but even the most seasoned investor can lose everything if not careful.

As you can see on this Twitter thread, hackers can be very deceptive and target tapping into your personal needs. Let’s talk about some best practices to help protect your digital assets.

First, do routine research on what types of hacks and compromises are transpiring in the space. It is essential to stay updated on common exploits to avoid falling victim to any sneaky tactics. Tactics are being deployed and tested by hackers on a daily basis, and being out of the loop could end up being a costly mistake.

Second, ensure you are using a hardware wallet or multi-signature wallet if you are in possession of valuable assets.

Each transaction requires multiple signatures, which may slow down the transaction process, but this provides a layer of security that hot wallets cannot offer. If you decide to use a multi-signature wallet, always keep in mind the number of signatures required to execute a transaction. In the event that multiple keys become compromised or lost, you will need the minimum number of required signatures to process a transaction and access your funds. An example of an entity that should employ a multi-signature wallet could be a DAO with a large treasury they’re trying to secure or even a collector with a valuable personal gallery. Still, everyone should at least have a hardware wallet if invested in Web 3 to ensure an enhanced level of security.

Third, frequently disconnect your wallet and remove signing approvals from websites you have connected to. An excellent tool for this is Revoke.Cash, see this article to learn more about Revoke.Cash and its benefits.

Finally, ensure that any seed phrase you have is written on paper and not kept online. When saved as a photograph, in your notes, or stored digitally anywhere, your private keys are vulnerable. This includes ICloud storage; if your private keys for Coinbase Wallet or Metamask are stored on iCloud, an iCloud exploit could make your wallet vulnerable.

Have your seed phrase stored in your camera roll? Think of how many apps have requested access to your photos, then ask yourself if you trust them to protect your information.

We recommend segregating your seed phrase’s storage, keeping half of the phrase in one secure location, and half in another. We recommend hyper-secure storage locations like bank safety deposit boxes as an example. Just remember that if you lose even one piece of your seed phrase and need to back up your wallet, you will not be able to recover it. This is why we also recommend memorizing your Seed Phrase, if possible, as the ultimate way to protect your assets.

It’s important to consider that this digital world is just emerging, and certain assets will be worth substantially more in the future. Furthermore, as this space is already filled with scammers trying to steal your precious assets, it would be wise to expect that they will only become more prevalent as blockchain adoption increases. All this to say, now is the time to focus on protecting digital goods, as being proactive could save you time and money down the road.

Some key takeaways are: upgrading your wallet to a hardware wallet or multi-sig, being 100% sure every signature you sign is the right one, revoking approvals frequently, storing your seed phrase offline, and never sharing your screen or seed with anyone.

Solidity.io will continue to inform you of notable events and valuable information in the wild world of Web 3. Continue to use us as a resource as you navigate this new digital world, and feel free to reach out at Solidity.io for any Blockchain development or security needs.

Alex McCurry is an American business executive, blockchain expert, investor, and the founder and owner of Solidity.io.

The Rising Risk of Cybercrime in the Supply Chain bank
Archives, Education, Global Logistics, Global Trade Daily

The Rising Risk of Cyber Crime in the Supply Chain

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Cybercriminals looking for an attractive target are increasingly setting their sights on the logistics sector. Fortunately, there are steps you can take to make your company—and your suppliers and third-party service providers—less vulnerable.

Mark Brown

In recent years, the logistics sector has become an increasingly tempting target for cybercriminals for a whole host of reasons. The first is that logistics is one of the most profitable industries worldwide and is an important part of the economy, making it a logical focus for criminals seeking to make a big disruptive impact. Second, although logistics is focused on the physical movement of goods, it also has a big digital footprint. The logistics component of today’s supply chain has come to rely on a significant volume of data processing and information sharing. For example, industry forms that were traditionally paper-based—such as invoices, export compliance certificates, and bills of lading—are now digital. Consequently, fleet operators are now sharing more data digitally with partners and vendors than ever before, which opens them up to more cyber risks. Finally, the cargo supply chain consists of many disparate parties that have varying levels of cybersecurity systems in place. This presents cybercriminals with an opportunity to identify and exploit the weak links in the network.

Given the rapidly evolving nature and the deep sophistication of cyberattacks today, it is vital that transport and logistics firms and their customers stay up to date on the cyber threat landscape. Doing so will help them better understand and defend against a wide range of existing and emerging cyber risks. Due to the interconnected nature of the supply chain, it is also crucial that they work with key suppliers and partners to ensure that best practices in cybersecurity are implemented throughout the network.

THREATS TO WATCH 

Some of the major cyber risks that have affected the transportation and logistics sector include ransomware, phishing, and sensor and industrial technology intercepts.

Ransomware: Ransomware is malware that prevents users from accessing their system until a ransom is paid. According to Cybersecurity Ventures, a cybersecurity research and publishing company, ransomware is one of the fastest-growing types of cybercrime and is expected to attack a business, consumer, or device every two seconds by 2031. The transportation and logistics sector has proven to be an especially attractive target for these attacks. In May 2021, the Colonial Pipeline attack disrupted jet fuel and gasoline supplies to large areas of the southeastern region of the U.S. Whilst the direct financial impact was the payment of a $4.4 million ransom, the indirect financial and socio-economic impacts to the associated supply chain were far greater. Further evidence of the significant financial and disruptive impact of a ransomware breach was shown in this year’s attack on the logistics service provider Expeditors. The crippling attack cost the company $40 million in charges on lost shipping opportunities and a further $20 million in investigation, recovery, and remediation expenses.

Phishing: Logistics and shipping companies are increasingly being targeted by phishing attacks. Phishing involves cybercriminals contacting target organizations by email (phishing), telephone (vishing), or text message (SMSishing), and posing as a legitimate person or organization. The aim of the attack is to lure the recipient into giving up sensitive data and passwords to illicitly access data for financial gain. A very pertinent example was during the pandemic when cybercriminals used phishing techniques to target the COVID-19 cold supply chain. The attack gained access to the low-temperature storage manufacturer Haier Biomedical’s network before using its own email system to distribute further phishing emails to partners involved in transporting the vaccine.

Other examples of phishing attacks specific to the sector are “bill of lading ransom” and “freight forwarding fraud.” In the case of a bill of lading ransom, cybercriminals pose as freight forwarders to negotiate with an unwitting client. Once goods are packed onto a ship or truck from the port of loading, the criminals then deny the release of the bill of lading until a ransom is paid. If the bill of lading is not released, it can cause severe supply chain delays and disruption. It can also cost companies thousands of dollars in losses, especially if goods in transport are no longer of good quality due to disruptions.

Freight forwarding fraud involves cybercriminals impersonating a legitimate freight forwarding company by essentially copying its website. The aim is to steal freight forwarding fees or make off with any cargo that falls into their possession. Such methods can also be referred to as “brandjacking” and are often used to directly tarnish a corporate brand’s reputation.

Sensor data and industrial technology intercepts: Transportation and logistics companies are increasingly relying on sensors and internet of things (IoT) devices to track and monitor cargo. However, many companies don’t treat their operational technology and IoT technology with the same level of care that they do their information technology, creating an opportunity for cybercriminals. For example, cyber thieves may seek to intercept communications between a logistics firm’s sensors and its IT systems, and then either sell the data to a competitor or use it to guide a physical attack on valuable supply chain shipments.

Protecting against such risks can be difficult due to the innate design of IoT devices. IoT devices are designed with ease of use in mind rather than security. For example, many of them leverage default user credentials (such as “admin”), which are easy to hack, creating cybersecurity vulnerabilities. Additionally, it is often easy to download product sheets for many IoT sensors that specify exactly how the sensor is designed and what security they do and do not have.

Furthermore, companies should be aware that malware attacks can spread from a company’s IT systems to its operational technology and IoT technologies. This was seen when the shipping giant Maersk was hit by a vicious malware called NotPetya in 2017. Although the malware attack initially infiltrated the company’s active directory systems, it spread to the operational technology and IoT technologies used at Maersk’s port facilities. As a result, Maersk’s entire logistics system was shut down.

Similarly, many operational technology (OT) systems, such as industrial controls, are often riddled with vulnerabilities. In a typical OT environment, reliability is the primary concern during the design process, and basic information security precautions are often overlooked. Furthermore, many OT systems are older legacy systems that were never designed to be operated remotely or connect to the internet. As a result, cybersecurity measures were not built into the system’s design.

FIGHTING AGAINST THE THREATS 

Cyberattacks can leave damaging effects on an organization. It is, therefore, essential for an organization to have protocols in place to mitigate these attacks. No matter how small or established the organization, if bad actors see an opportunity to infiltrate, they will. To mitigate the exposure to major cyber risks, supply chain executives should first make sure that their organizations are taking the following steps internally: educate employees about potential threats and how to protect themselves, update devices and software regularly, and create an effective remediation plan.

Educate employees. It’s helpful to teach employees to look out for specific threats, such as phishing emails or vishing calls, and flag them to the appropriate person. Employees are usually the first target when bad actors are trying to infiltrate a company’s network. Therefore, it is vital that organizations empower and equip their employees with the knowledge to serve as the first line of defense against potential cyberattacks.1

Update devices and software regularly. Most technology providers are constantly testing their products for any weaknesses and release patches or updates when they discover them. It’s essential then that companies update their devices and existing software applications on a regular basis. This ensures that devices and applications are not only better protected from attacks but also are operating efficiently. Operating from an outdated device and/or software application creates vulnerabilities and loopholes for bad actors to slip through and potentially compromise an entire network system. In addition to updating devices on a regular schedule, companies should also regulate what software and applications employees can download onto work devices. Restricting unauthorized software applications can help mitigate exposure to potential attacks.

Create a remediation process. Even the best-prepared organizations with the most robust training programs can experience a cybersecurity breach. For this reason, organizations need to draw up a plan, or remediation process, for how they should respond if a breach occurs or if they detect a weakness or flaw in their information system architecture. Additionally, organizations should periodically reflect on where and how they need to improve their cybersecurity measures.

ADDRESSING THIRD-PARTY SUPPLIER RISKS

In addition to the internal tactics described above, companies should also involve their external suppliers and partners in their cybersecurity programs. Given that so much of the cargo supply chain is outsourced, advancing third-party and supplier cybersecurity programs is paramount to protecting your own cybersecurity. Organizations need to ensure that the security measures that are important to them are also in place at their suppliers’ and providers’ organizations, otherwise they risk having their own security undermined by lax practices at their partners. To create strong, secure practices, companies need to work proactively with their suppliers before a breach occurs and build an open relationship with them to ensure communications are received in the right way.

In order to address third-party supplier risks, companies should:

  • Evaluate a potential supplier’s cybersecurity risk level. This evaluation needs to be part of the due diligence process that takes place during any third-party selection. Companies need to make sure that their supplier’s internal controls—or their policies and processes for managing external risks—are in line with their own internal controls. For example, if company A has a high standard for internal controls, but receives services and supplies from Company B, which has a low standard for internal controls, then Company A is now exposed to any potential risk because of Company B’s weak point.
  • Decide how you are going to communicate. You need to have a simple way to communicate with your supplier (and your supplier with you) if an incident happens. This could be a phone call, an email, or an instant reporting mechanism. Whatever mechanism you choose, it needs to work for both parties across the various channels.
  • Identify who is managing third-party suppliers and supply chains. Many organizations think of cybersecurity as an IT-only issue, but those stakeholders who are dealing with third-party suppliers also play a key role in preventing or mitigating cyber risk. These stakeholders need to be up to date on possible threats and need to know how strong a supplier’s cybersecurity program is. They also need to know whether their supplier is subcontracting with other suppliers or service providers and what the level of cyber risk those downstream suppliers hold.
  • Be transparent with your suppliers about your cybersecurity program. This transparency should include educating them about the purpose of your program and updating them as relevant on the purpose and risks being managed.
  • Define each supplier’s cybersecurity “risk tier” and the degree of care that they require. Many companies are now assigning their suppliers to risk tiers. A risk tier is based both on the criticality of the service or product that the supplier provides and on the supplier’s risk rating (or whether—based on the supplier’s internal cybersecurity controls—they are considered a high risk, a medium risk, or a low risk). That risk tiering then determines how much control or care you extend out to the supplier in terms of cybersecurity. For example, a supplier that provides a noncritical product or service and has a high level of internal cybersecurity controls would be placed in a low-risk tier. Your company would not need to extend its internal controls to the supplier’s external environment. However, if it’s a critical supplier with a low level of risk maturity, you  want to either consider looking for a new supplier or extend your own internal control mechanisms out to their operations. The most common mistake that many organizations make when evaluating a supplier’s risk tier is they base it on the value of spending rather than the criticality of the service that’s being provided or the sensitivity of the data that’s being shared. For example, you probably don’t spend a large amount of money on the agency that produces your annual report, but that company has access to very sensitive information and should be using rigorous cybersecurity measures.
  • Carry out an external cybersecurity “posture scan” of your suppliers. There are tools available that allow you to operate like a hacker and probe your suppliers’ systems to see how secure they are. These posture scans or probes help you determine whether your third-party suppliers are following security protocols.
  • Identify who your supplier’s suppliers are. One weak spot for a supplier can be other contracted organizations within its network. Therefore, it is important for you to review the context of these supply chain relationships and their potential impact on your organization.

BECOMING CYBER RESILIENT 

The past two years have proven the vital role that the transport and logistics industry plays in the overall economy. At the same time, the past two years have also shown the scale of the cyber threat facing the industry. These two factors mean that taking steps to defend IT systems against cyberattacks is crucially important.

Cybercriminals are becoming craftier as they create more sophisticated ways to infiltrate networks and steal data for financial gain. Therefore, organizations cannot simply focus on the technological aspects of cybersecurity by assessing potential vulnerabilities in IT systems, they must also take steps to address them through best-practice security and access controls. The impacts on business processes, products, employees, and customers alike must be understood to preserve the value chain, keep the global supply chain moving, and enable a position of cyber resilience.

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Cybersecurity Risk and Consequences in Collaborative Robots

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Cyber security protects internet-connected devices and data from various online threats. Businesses require cyber security to safeguard their data, intellectual property, and money. The global cyber security market size in 2021 was $216.10 billion, and by 2030 it will reach $478.68 billion, at a 9.5% CAGR during 2021-2030.

Collaborative robots work with human workers in a shared, collaborative workspace. A collaborative robot is responsible for menial, repetitive tasks in most applications, while a human worker completes more complex tasks. The uptime, accuracy, and repeatability of collaborative robots are intended to supplement a human worker’s intelligence and problem-solving skills.

The collaborative market size in 2021 was worth $701 Million, and it will reach $2506.90 Million by 2030 at a CAGR of 15.2% during the forecast period. 

Collaborative robots heavily depend on information technology to create a fenceless collaborative environment between humans and robots. Cybersecurity threats in collaborative robots are particularly serious because the consequences of an attack can range from data theft to product damage and human injuries.

Benefits of collaborative robots in the workplace

Collaborative robots have several advantages over standard industrial robots because of their flexibility. They can help the warehouse, production line, or construction site employees by taking on several heavy, unergonomic, and time-consuming duties. Collaborative robots support workers in areas like final assembly that are difficult to automate and are more likely to be the cause of worker injuries in larger organizations like car manufacturers with automated production lines already in place.

Major consequences of cyber-attack on collaborative robots 

  • Safety: Cobots are designed to operate in a human-friendly environment. Any unauthorized changes to its security procedures may risk this critical function.
  • Integrity: If the integrity of a robot is compromised, it is no longer fit for its intended purpose.
  • Accuracy: Small malicious changes to a robot’s precision can risk product integrity, while large changes can endanger the robot itself.

One of the most serious problems emerges when the robot’s safety, integrity, and accuracy are practically unnoticeable.

Cybersecurity risks that can affect the collaborative robot

  • Unsecured surrounding

Industry 4.0 refers to the digitization of important activities in manufacturing and other sectors. It has caused significant concern, particularly in the IIoT (industrial internet of things). IIoT is a subtype of the internet of things, and both describe the growing network of sensors and gadgets linked via networks.

Various devices in both IoT and IIoT may be security records. However, collaborative robots may not be at risk, but cybercriminals can use the connectivity to reach the cobot. 

While integrating cobots with IIoT gadgets, companies need to ensure the safety of these devices. Businesses must ensure that the manufacturers of IIoT devices follow strict software security policies. If the companies fail to secure their devices, it can put cobots at cybersecurity risk.

  • Industrial Intelligence

Cyber intelligence focusing on private and public targets poses significant cyber security threats. Securing the company’s corporate research, financial status, new goods, and data is essential. Losing control over these data can have serious consequences.

Direct cyberattacks, USB drives, malware- and virus-infected websites, and phishing emails are all possible entry points for cyber intelligence. Such attacks aim to collect crucial data, which may include information that travels between cobot and other firm sources, whether mainstream systems or individuals.

Cyber spies will likely gather important data regarding prototypes or product specifications by gaining access to such information.

  • Cybercrime; Hostage or malware situations

Cyber intelligence could lead to crimes, such as malware, that target computers in an organization.

Malware can replicate and spread to other systems. When the cobot connect to a vulnerable system, whether for program modification or other maintenance-related duties, it becomes vulnerable to infection. If the virus is designed to control the security exposure of the unpatched cobots, it eventually puts itself in danger.

There are two specific categories of cyber danger that can harm cobots. The first focuses on destroying specific software or cobot brands. It targets a specific vulnerability, gains access, and corrupts the gadget processes. The second type is automated assaults against common base system vulnerabilities.

It has the potential to affect collaborative robots and other industrial automation systems. These attacks can have a wide range of consequences, including the complete shutdown of the facility, and the recovery procedure can be costly and time-consuming.

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Archives, Commentary, Global Trade Daily, Software

Cyber-Security Takes Its Rightful Place At The Forefront of Multinational Corporation (MNC) Growth Strategies

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Over the last few years, cyber-attacks have become more and more prevalent across the United States and no doubt in the global news cycle. ‘Ransomware’ has become a household name and in short, found its potential to hold America and its businesses hostage.
From the attack on the JBS meat plants to the Colonial Pipeline, the correlative effects are clear and present to both small enterprises and multinationals.

The potential for digital warfare to spill beyond Russian and Ukrainian IP addresses should serve as additional notice that companies need to be thinking pragmatically and be on high alert.

Atlantic Data Security is a Cybersecurity solutions provider that manages, consults, and offers wholescale security protection solutions. Named the “Most Promising Cyber Security Solution Provider by CIOReview,” Atlantic Data Security can analyze all types of system configurations, then recommend, deploy and manage all critical security components of a company’s network.

Scott Kasper serves as the company’s CEO, herein addressing the challenges and opportunities inherent to the industry of cyber and to cyber stakeholders.
Please provide our readership with background on the steer and scale of Atlantic Data Security?SK: Atlantic Data Security has over 30 years of experience in the cyber security industry providing high-level cyber consulting and professional services to some of the world’s top corporations.  We also provide end-to-end value from architecture to professional services, managed services, post-deployment support, and consulting.

We have physical offices up and down the East Coast.  We partner with the leading suppliers of cyber technology to meet the ever-evolving needs of our clients.

The notion of quasi-‘State Capture’ through ransom-ware has captivated the media cycle as of late. Where are the pain points in an organization assessing their weaknesses against ‘phishing’-oriented and cyber-security threats?

SK: Phishing attacks are considered among the most challenging cyber-security threats faced by all organizations.  Regardless of how much you train your employees, or how cautious they are online, there remains a high probability that your company or agency will still be attacked.

Phishers keep developing their techniques over time and as long as there is electronic media, they will find vulnerabilities to exploit.  Ransom-ware attacks are becoming daily headlines precisely because they are so prevalent.  360-degree knowledge about your environment is the first step of being prepared for an attack.  Here’s our approach:

First, we conduct a Readiness Assessment.

A Readiness Assessment will improve your organization’s ability to respond to a ransom-ware attack quickly and effectively.  Our firm is made up of experts who have extensive experience in cyber-security and incident response (IR) plans.  We will review your IR plan, capabilities, and technologies. If you don’t have such a plan, we’ll help you craft one.  Our consultants will highlight gaps and identify areas for improvement to bolster your readiness and strengthen your overall cyber defense capabilities.

Here’s what we’ll do as part of our typical Assessment:

1.  Analyze relevant firewall and network device configurations for security weaknesses;

2.  Review user activity logging and audit configurations to prepare for a potentially broader investigative efforts;

3.  Review network and endpoint security monitoring solutions and processes;

4.  Evaluate email and web filtering options and configurations to prevent phishing attacks and malicious payload delivery;

5.  Review access and privileged access controls and processes; and

6.  Evaluate overall vulnerability and patch management controls and processes

Next, we’ll teach you to run a Ransom-ware Tabletop Exercise.

Performing the Ransom-ware Tabletop Exercise will improve your organization’s ability to quickly and effectively respond to a ransom-ware attack.   At Atlantic Data Security, we will design and facilitate a ransom-ware attack tabletop IR exercise.  We base the exercise on the many investigations our IR team will have performed to test your readiness by means of a simulated attack.

We also educate and train your teams to practice IR processes and workflows. It is important to keep up-to-date on modern day attack techniques to evaluate effectiveness in, and be ready for, real-world scenarios.

Where are the opportunities for industry growth in the arena of cyber security?

SK: At Atlantic Data Security, the opportunities for growth are nearly infinite.  We are building a generation of expertise in an area where real world experience is frighteningly rare in the existing talent pool.  While it is said there is a zero percent unemployment rate in cyber, that fact does not take into account the dearth of practically tested experts. We provide that real world experience because we’ve been there since the beginning.

Today there is an even greater need for top-level, defensive talent. With increased use of the cloud and the accelerating rate of people working remotely, the market needs professionals trained and experienced in keeping organizations safe.

Where does Atlantic Data Security seek to expand within the course of five years’ time?

SK: Atlantic Data Security is poised for vibrant growth over the next five years.  Towards the end of 2020, I was tasked with engineering our business practice to take fuller advantage of our primary resources – our consultants.  Atlantic Data Security’s long history and background puts us in the unique position of being one of the top cyber consulting firms in the world.

Like the business management firms McKinsey, Boston Consulting Group and Bain & Company, Atlantic Data Security is becoming the leader in cyber consulting.

As we grow, we are investing in 5 key areas:

Brand name:  Our brand is our promise to our customers. We see it as our responsibility to provide advice, guidance, and assistance to protect against cyberattacks with proactive, focused, industry-relevant threat intelligence. That’s why our name gives our clients the confidence that comes from knowing their business is secure.Strategy work: At Atlantic Data Security, we focus on strategy work, which is the cutting-edge of consulting work in the cyber industry.   We also partner with other leading cyber agencies and leaders to ensure we are providing the latest and absolute best advice and counsel to our clients.

Strong client relationships:  Advising and standing by our clients for over three decades, we have built very long-standing relationships. Atlantic Data Security has a history of client retention because we put tremendous value on client trust and on the quality and impact of our work.  We feel as though we are truly an extension of each of our clients’ team, and that is how we work.

Investment in personal development: Atlantic Data Security invests heavily in the professional development of our consultants. Some of our consultants come to us with years of experience, but that is never where the learning ends.  Our consultants have the opportunity to learn and develop many skills, both hard skills and soft skills, in a short period of time. Atlantic Data Security believes mentorship is essential and facilitates frequent peering sessions and exposure to best practices among all divisions.

Talented, smart people: Atlantic Data Security hires the smartest, most talented people around. Our clients know that when a consultant is working with them, they are not part of a training cycle or in the middle of a learning curve.  We have the most knowledgeable and professional consultants in the industry.

Lastly, in the era of en masse virtualization accelerated by COVID-19 social distancing, how can technology safeguard work-from-home employees of MNCs?

SK: There are a number of ways companies and employees can safeguard work from home especially if they are working for Multinational Corporations.  For instance:

For the Employer:

Use a Virtual Private Network (VPN).

The use of a VPN is a fundamental safeguard when users access the company’s network from home or a remote location. A VPN also allows for encryption of data, which adds a level of protection for information such as passwords, credit card numbers and other sensitive or private information. A VPN can also provide a level of anonymity through capabilities such as masking of location data, website history and IP addresses.

Implement Multi-Factor Authentication (MFA).

The simple principle of MFA is that an authorized user must provide more than one method of validating their identity. Even if a cyber attacker has obtained a user ID and password, MFA decreases the risk that an attacker can gain access by requiring an additional means of validation. Multi-factor Authentication uses something you have such as an authenticator app on a smartphone, something you are such as a fingerprint or something you know like a PIN number.

Ensure systems, software, technologies, and devices are updated with the latest security patches.

Employers should track the equipment to be used in a home environment and provide a means of updating software security patches.

For the Employee:

Prevent unauthorized users on company resources (e.g., laptops, mobile devices).

Employees should not allow anyone to access company resources, including family members.

Use only company-authorized devices for remote work.

Personal devices may not have the same level of security and privacy protections as company devices. If your company has a “Bring Your Own Device” policy, be sure that your use of a personal device is in accordance with that policy. This includes home printers and personal email accounts.

Dispose of company documents properly.

Review your company’s records retention and management policies, as well as information management policies, to ensure compliance. If you must dispose of hard copies of company documents, either shred them or securely retain them for proper disposal when you return to the office.

processing solutions
Archives, Banking, Global Logistics, Global Trade Daily

Payments Processing Solutions Market to Witness Steady Growth During 2020-2026

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According to a recent study from market research firm Global Market Insights, the payments processing solutions market is set to grow from its current market value of more than $60 billion to over $140 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.

The payments processing solutions market is set to record significant gains over the forthcoming timeframe due to the increasing digitalization of payment methods, growing adoption of mobile wallets, and increasing popularity of cashless transactions. As the consumer preference for m-commerce rises, in tandem with the high penetration of smartphones, the preference for payment processing solutions is becoming more and more apparent.

Payment processing refers to how transactions are being automated between the merchant and the customer. Online payment processing further enables merchants to allow for any add-on payment methods, simply by setting up recurring payments, or approving transactions remotely. In other words, a payment gateway means software that interfaces in a secure manner between an eCommerce website and a customer’s preferred payment mode.

The mode of payment could be the customer’s bank account, gift card, debit card, credit card, or any other online wallets. A few examples of recognized payment gateways are Amazon Payments, PayPal, BrainTree, PayTM, Skrill, PayU among many others. As per research, nearly 86 percent of customers make online purchases via debit or credit cards, and more than 60% consider it to be their preferred method of payment while making a purchase.

At present, mobile payment acceptance is helping to satisfy the coming generation of customers with simple and seamless payment experiences. Mobile devices such as tablets and smartphones are changing the way business is done.

The payments processing solutions market is divided into different segments in terms of technology, deployment model, mode of payment, organization size, end-use, as well as regional landscape.

In terms of end-use, the overall payments processing solutions market is categorized into government and public sector, BFSI, healthcare, retail & commerce, and tourism and hospitality. Among these, BFSI end-user segment is anticipated to witness a respectable CAGR of more than 9% over the projected time period. The segmental growth is chalked up to the increasing digitalization of payment methods across the BFSI sector.

Government & public sector segment will witness substantial growth over the coming time period. In fact, in 2019, the segment held a market share of over 8% due to the increasing popularity of cashless transactions in federal agencies.

From a regional frame of reference, the Latin American payments processing solutions market will witness a CAGR of more than 13% through the forthcoming time period owing to the increasing penetration of mobile wallets in the region.

Meanwhile, Middle East & Africa is set to record momentous gains in the upcoming time period. In 2019, the region held over 5% industry share of the overall market. This anticipated growth is ascribed to the increasing consumer’s preference towards m-commerce. In fact, high social and digital penetration in the Gulf states or GCC has led consumers to shift to mobile or m-commerce.

Source: https://www.gminsights.com/industry-analysis/payment-processing-solutions-market

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Archives, Global Trade Daily, Software, Special Reports

E-commerce and Data Breaching: The Next Cyberthreat

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E-commerce today makes up a significant portion of total retail activity. In the United States alone, more than $586 billion was spent in 2019 online, representing a 14% increase over the year before. With COVID-19 currently wreaking havoc on the world, there is increased dependency on the internet. Globally, e-commerce business is expected to reach $4.5 trillion by 2021.

While e-commerce certainly fills gaps in the market, companies are susceptible to cyberattacks that may be made against them in order. These attacks sometimes result in large scale data breaches, which may include stealing information from customers or their identities. Here is what you need to know about this latest cyberthreat and how you can protect yourself.

Cybersecurity in E-commerce: Threats and Facts

Cybercriminals launch millions of attacks on e-commerce websites each year. These attacks target e-commerce sites in order to get customer personal and financial information in order to steal identities or make unauthorized transactions with their payment information. Some of the most common attacks perpetrated on e-commerce sites include:

Phishing attacks – Phishing attacks are usually committed by sending a corrupted email to a worker or customer, asking them to provide confidential information.

Credit card fraud – Credit card fraud occurs when a criminal uses another person’s credit information without their authorization, such as making purchases for their own benefit or taking out cash advances.

Botnets – Bots are automated programs that perform specific tasks online. Botnets can be used to behave like real customers and cause damage to a company by committing credit card fraud, account takeover, or price scraping, which is an attack committed by competitors to monitor pricing.

Malware – Malware is software that may be installed on a business or personal computer and infect it with a virus that may collect personal information, take control of the network, or gain access to data on the computer system.

E-skimming – E-skimming involves the theft of personal data and credit card information from payment card process pages on e-commerce sites.

Notable E-commerce Data Breaches

Some of the most high-profile data breaches of e-commerce sites include:

Shopify Data Breach

Two disgruntled employees led to the compromise of data from more than 10 retailers on the Shopify platform.

Barnes & Noble

The notable bookstore company Barnes & Noble sent an email to customers in October 2020 to warn them about a data breach that exposed their personal information to hackers.

eBay Data Breach

E-commerce site eBay had to ask 145 million users to change their passwords after hackers stole the passwords and other personal data from customers during a data breach.

Target Data Breach

A cyberattack on retailer Target resulted in the loss of credit card and personal information from 110 million of its customers in 2013. The CEO resigned the next year.

How to Protect Yourself During Online Shopping

Some tips to help you protect yourself during online shopping include:

-Only do business with reputable companies that have TLS protocol

-Make sure that there is a separate server for payment information

-Enable two-factor authentication for all online accounts

-Do not store your credit card information online

-Disable the autocomplete feature on you browser

How Companies Can Prevent Data Breaches

Companies also have a responsibility to safeguard customers’ data, which they can do by:

-Restricting access to personal information

-Destroying confidential data before disposing of it

-Keeping security software up to date

-Securing all computers

-Training employees on cyberthreats

Responding to Data Breaches

If your business has recently learned of an internal data breach, there are steps that you can take to minimize the fallout, including:

-Investigate the incident and ensure that any security vulnerabilities have been fixed so that no more attacks occur

-Report the crime to law enforcement

-Review your response plan

-Notify your customers and follow the reporting laws for your state

-Work with forensic experts to improve your cybersecurity

-Contact your cybersecurity insurance company

Conclusion

E-commerce sites may be on the tipping point of explosion in the near future. However, it is important that when you take advantage of this opportunity that you also take steps to protect your customers’ information. Following the tips above may help you prevent a data breach and keep your company’s reputation in check.

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David Lukić is an information privacy, security and compliance consultant at IDstrong.com. The passion to make cyber security accessible and interesting has led David to share all the knowledge he has.

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Archives, Commentary, Global Trade Daily

Why the Keys to Maintaining Data Security in a Remote Environment are Control and Visibility

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Remote workforces are nothing new to most organizations. According to Buffer’s 2019 State of Remote Work report, 44% of respondents noted that at least part of their team was “full-time remote,” and 31% said that everyone on the team works remotely. Further, at the time of the report, 30% of respondents said that their entire company worked remotely. However, the COVID-19 pandemic accelerated the work-from-home model. By March 31, 2020, the percent of users working remotely had increased 15 percentage points since the start of the COVID-19 outbreak. With that in mind, organizations are assessing how they can maintain granular levels of control and visibility when business data is being accessed remotely.

Adopting Contextual Controls to Protect Data

Most organizations already leverage role-based access controls. These controls, which align data access privileges and job function resources, provide a baseline for data governance. However, they often lead to excessive levels of data access and, in turn, produce additional risks. Contextual controls enable an organization to dynamically control access to data during varying contexts of access, often aligning to least privilege best practices. Migrations to cloud applications are largely due to contextual controls being a business requirement, simply because the interconnected applications required a more dynamic approach.

With the move to a remote workforce, organizations need to create more detailed and more dynamic access controls. With attribute-based access controls (ABAC), a company can incorporate additional context such as geolocation, time of day, and IP address to both ensure the appropriate user is accessing the resources and prevent users from having more access than they need. For example, if the organization knows that an employee should be working from Connecticut, ABAC can prevent access to resources if the user’s location is suddenly California – or a foreign country.

Contextual controls provide both the prevention of access policy violations, along with alignment between business requirements and security protocols. Because the organization can limit access according to the principle of least privilege, it reduces the risk of data leakage and financial fraud. Meanwhile, by creating more granular, data-centric access privileges, an organization can ensure that users do not get too much or not enough access – limiting the potential negative effects of restricting access excessively.

User Activity Monitoring for Security and Managing Productivity

Monitoring user access to resources and tracking how users interact with data provides an additional benefit for many organizations as their workforces move towards a remote model. Most organizations recognize the benefit of monitoring user access – but not just instances of logging in and logging out of applications. Understanding data access and usage is now a key requirement when maintaining visibility over business data. Organizations are turning to analytics platforms that both include granular access details, along with a visualization element (for example, SIEM). Data is only as useful as the insights it provides, and rapid aggregation and visualization of user access data is a crucial requirement for data security.

Using “Virtual” Work Hours

Looking at a common security use case, many organizations leverage “virtual” work hours to detect anomalies. For example, an employee usually works between the hours of 8 AM and 6 PM but monitoring and alerting to activity around sensitive data at 3 AM, for instance, can be indicative of unauthorized behavior. This uncharacteristic behavior may be an anomaly, but the organization needs to monitor the user activity more closely. If the user denies accessing the information at 3 AM, then the organization needs to focus its monitoring and have the employee change their password. If the organization detects additional unusual activity, then it may need to review the employee’s activities or investigate a potential data breach.

Monitoring User Productivity

From a workforce management perspective, organizations can leverage these insights to review employee productivity. Two use cases present themselves. First, many organizations have contracts that stipulate late payments incur a late fee. If the organization knows that employees should be processing payments ten days prior to the payment date, then they can leverage these reports to ensure that employees meet their timelines, even from a remote location. Additionally, by tracking resource usage data, organizations can monitor whether workforce members are appropriately prioritizing their workdays. If the employees are only accessing a business application at the end of the month, then they are likely waiting until the last minute to input payment information. Preventing these potential revenue losses or rush projects in other areas by speaking with the employee enables the organization to stay on top of its financials.

Enabling Visibility for Business Applications Has Never Been More Critical

Creating trust within and across distributed workforces ensures productivity. However, continued status update meetings across multiple time zones decrease workforce member efficiency. Organizations already monitor user access to their systems, networks, and applications. As part of a robust security posture, organizations should apply protections at the new perimeter – user identity. Rather than micromanaging employees via emails or chats, managers can gain valuable insight into how users are accessing resources and prioritizing work schedules by reviewing data and resource usage.

In an unprecedented time, companies need to find ways to enable their levels of control and visibility over business data. Whether a business application is on-premise or in the cloud, enhancing these solutions should be a mission-critical objective.

Risks against an organization are prevalent in a remote environment, whether those risks are security-related or employee-related by fraud, theft, and error. The keys to maintaining data security ultimately lie in your ability to provide oversight for your data, and the time to act is now.

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Piyush Pandey, CEO at Appsian (www.appsian.com ) is a technology executive with 18 years of global experience in strategy, sales, mergers & acquisitions, and operations within software companies. Over the last 10 years, he has worked with enterprise software companies including Oracle, Epicor, Concur, Citrix and Microsoft on various transactions. He has held various leadership positions at Procera, Deutsche Bank, Stifel, Wipro Technologies and a wireless startup.

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Archives, Global Trade Daily, News

Top 4 Teleworking Vulnerabilities (and How to Mitigate Them)

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Between social distancing guidelines and stay-at-home orders, it’s clear that we’ll all be spending a lot of time at home.

While many of us might normally work from home a day or two out of each week, few firms are used to having all their staff work from home for weeks at a time. 

This means that many companies have not implemented security measures that are most appropriate for a fully remote team.

To help you make the adjustment, here are some big-ticket vulnerabilities along with recommendations on how to best mitigate them.

1 – Using personal devices

The laptops and desktops your firm owns are secure. They have up-to-date patching and anti-malware. They have simple but important polices like an automatic screen lock. They’re backed up and might even have hard drive encryption and remote wipe capabilities.

Do the personal devices accessing your data even have anti-virus beyond Windows Defender? Are any running Windows 7, which has been out of support for months?

If a vulnerable machine is accessing your firm data, that data becomes vulnerable.

Best practice is to only allow your people to work from firm-owned equipment. If you try purchasing new equipment today, though, you will probably run into significant delays with manufacturing. Your second-best option is to roll out workstation management software to these personal devices. Your IT team can help with this.

2 – Heightened scam activity

Scammers are having a field day with this pandemic. We’re anxious, we’re distracted, we’re working with new and unfamiliar technologies, and we’re accessing confidential data outside of our secure office network.

In a span of just seven hours, cybersecurity company ESET detected 2,500 infections from malicious emails that played on COVID-19 themes. Phishing emails that appear to come from legitimate sources like the World Health Organization offer links or attachments with information about the spread, face masks, a vaccine—anything that will tempt recipients into clicking and infecting their machines with spyware, ransomware, or otherwise.

And the massive success of these scams means that hackers will double-down.

Fortunately, we can avoid these scams by practicing the same awareness tactics you’ve heard before:

-Don’t click links or download attachments you weren’t expecting.

-Watch for poor grammar and generic greetings (sir/ma’am)

-Don’t offer up personal information unless you can verify the request (by calling the sender, logging directly into your Facebook account, etc.)

Regarding coronavirus specifically, be sure to stick to official websites (WHO, CDC) for the latest news on the outbreak.

3 – Not using multi-factor authentication

Multi-factor authentication keeps you protected even if you make a mistake—which, as I mentioned above, is a lot more likely in today’s landscape.

Say you fall for a phishing scam and enter your Office 365 credentials onto a fake web page. But, your Office 365 account is set to send a verification code to your cell phone. Even with your email address and password in-hand, the hacker still can’t access your account unless they’ve also managed to steal your cell phone.

In January 1.2 million Microsoft accounts were compromised. Microsoft has said “multi-factor authentication would have prevented the vast majority of those one-million compromised accounts.”

Work with your IT team to (forcibly) enable multi-factor authentication on as many applications as you can. This is often not labor-intensive, and it can do wonders to keep your accounts locked down.

4 – Sharing devices with others

If you live with roommates or family members, you may find them asking to borrow your machine for anything from their distance learning assignments to streaming movies.

Whether this machine is personal device or owned by the firm, letting others onto the same equipment being used to store and access client data puts that data at risk. It only takes one wrong click to put your threat detection and response software—assuming any is installed—to the test.

And in some cases, someone just seeing an open document on your machine is a compliance violation.

Your firm policy may already have guidelines against sharing devices, but keep in mind that this is new territory for all of us, and that some may need help finding an alternative.

_________________________________________________________________

Heinan Landa, CEO and Founder of Optimal Networks, a globally-ranked IT services firm, and author of The Modern Law Firm: How to Thrive in an Era of Rapid Technological Change.

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Archives, Global Trade Daily, Looking Back

Modern Tendencies of Global Trading Market

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The world is now a global village. Hence, globalization is a concept that has affected every aspect of human existence. The exchange of goods and services across nations and individuals, regardless of geographical limitations, is becoming increasingly seamless.

A Brief History of Global Trading Market

If you take a trip down memory lane, you’ll notice that global trading has come a long way. The origin of international or global trading dates back to the 19th century after the French war. The trade relations among nations increased significantly from 1865 to 1913, just before World War I broke out.

When WWI broke out, global trading fell rapidly. There was a massive dip in the export market. As it is with war, arms sales enjoyed enormous proliferation.

After World War I, things began to fall back to normal. It took a while for global trade volumes to rise to the peak reached before 1914.

The most significant rise in global trading came after World War II. In 1947, the General Agreement on Tariffs and Trade (GATT) was signed in Geneva by 23 nations. It marked a new dawn for global trading markets.

However, to better understand the modern tendencies in the global trading market, we need to look at the industrial revolutions that have happened over time. We can then link them to how they affect the global market in recent times.

Global Industrial Revolutions

There is an age-long relationship that exists between industrialization and globalization. The global industrial revolution that started in the late 18th century ushered in an abundance of raw materials. Industrialization led to the creation of new products and markets.

The products and raw materials that came, as a result of industrialization, needed to reach consumers across the world. That’s what led to the expansion of global trading markets.

Products were made in Europe from American raw materials and exported to Asia for consumption. A consequence of this affair between industrialization and globalization was the creation of trade routes. These trade routes connected America to Europe, Europe to Asia, and other continents of the world that needed the products.

We can talk about the early days of global trading markets without the pros and cons of globalization. The good that happened to the world was that manufacturers had more markets to sell their products. On the flip side, it created the opening for Europe to colonize the world.

The Journey from Then to Now

At this point, it’s safe to look deeper into how the industrial revolutions changed the course of global trading markets.

The First Industrial Revolution (1760 to 1830)

This is the period when Britain dominated and monopolized the global market. At the time, they had control of machinery, manufacturing techniques, and skilled laborers. Knowing that they were ahead of the world in industrialization, they kept everything within the confines of the British territory.

The embargo on the exportation of the industrialization that gave Britain a huge advantage didn’t sit well with some British businessmen. These folks began to seek more significant market opportunities outside Britain.

In 1807, two Englishmen took the industrial revolution to Belgium. The revolution further expanded global markets at the time.

Though it took a while for other countries to get on the wagon, it eventually happened after almost over a decade of British Monopoly. European countries like France and Germany came on board the ship to industrialization.

When the United States came into the picture, they gave the Britons a good run for their money’s worth. America became an industrial giant in the late 19th century.

Other countries that joined the industrial revolution at the time were Japan, the defunct Soviet Union, China, and India.

The Second Industrial Revolution (1870 to 1914)

While the first phase of industrialization focused on machinery and skilled labor, the next step introduced the manufacturing of more natural and synthetic products. It was in this era that synthetic materials like plastics began to flood the global market. Global trading expanded as a consequence.

The expansion in marketable products demanded a more straightforward way of doing business. Hence, this era brought computers into the fold. These computers now gave rise to what was called automatic factories.

With the global market expanding, governments began to get more involved. Economic policies came into play to establish checks and balances. Hence, averting an impending global financial and market crisis due to laissez-faire ideas that were at play at the time.

World War I marked the end of the second industrial revolution. Global markets were on shutdown as trade routes were either closed or manned by warring nations.

The Third Industrial Revolution (1990 to Present)

The advent of the internet marked the beginning of the third industrial revolution. The global market has shifted from the exchanges that took place at country borders to a peer to peer market setting.

With the world dealing with a myriad of global issues like natural disasters in, overpopulation, and poverty in some of the most populated cities of the world, there was the need to make the world a global village.

Trade deals can go on from anywhere in the world. People now have access to computers and the internet. It doesn’t matter if you’re a college drop out or a graduate from some of the best universities in the world, you can be a part of the global trading market.

In the first and second industrial revolutions, skilled labor was an exclusive reserve of a few countries that dominated industrialization. Today, remote workers can come from anywhere in the world, thanks to the advent of the internet.

For instance, you can hire labor remotely over the internet. An example is getting content writers from content review websites like Pick The Writer,  Writing Judge, and so on. The global market has now become more internet and remote-based.

However, the third industrial revolution has its significant cons. One of which is cybersecurity. With a lot of data shared over the internet, there are concerns about the unauthorized use of personal information for fraudulent activities.

With small businesses increasing, the dependence on the internet of things is increasing, thereby posing further cybersecurity challenges in the global trading market.

Statistics available shows that 43% of cyber attacks are targeted at small businesses. Sadly, over 60% of these small businesses go out of business within six months of the attack.

What’s The Way Forward?

As we gradually move from the third into the fourth industrial revolution, we expect that some of these cybersecurity challenges will reduce. Each industrial era comes with its pros and cons. However, the higher we go, the better we get – and the global trading market isn’t left out.

Already, technological advancements like Artificial Intelligence (AI), are with us. We are getting ready for an industrial revolution that will completely alter the way we live and do business. Industries are shaping up for what is coming with this technological revolution.

One sure thing is that the global economy will improve and life will be better for many people all over the world. Most bottlenecks in living standards and business opportunities will disappear to a large extent.

We envisage an era where technology will make life a lot easier. Trading platforms like crypto will make massive inroads into the global market systems. It’s a progressive world, and all we can do is get ready for the imminent.

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Anna is a specialist in different types of writing. She graduated from the Interpreters Department, but creative writing became her favorite type of work. Now she improves her skills while working as a freelance writer for Pick The Writer, Writing Judge to assist a lot of students all over the world and has free time for another work, as well. Always she does her best in the posts and articles.