Cyber - Insurance

What are the types of security threats in Australia?

A cyber or cybersecurity threat is referred to the malicious act that aims to harm or steal data, or otherwise disrupt digital life. Computer viruses, data breaches, Denial of Service (DoS) attacks, and other attack vectors are some of the common examples of cyber attacks against which often business get cyber insurance.

A successful cyber attack aimed at gaining unauthorised access, disrupting, damaging, or stealing an information technology asset, computer network, intellectual property, or any other type of sensitive data is one of the biggest concerns across the globe. Interestingly, both trusted users within a company as can unknown parties from remote locations can pose a cyber threat. 

The following are the types of cyber threat that Australia faces – 

  • Data spill

Personal information is sometimes accidentally given to unauthorised parties or as a result of a security breach. An email containing personal information, for example, could be sent to the wrong person, or a computer system could be hacked and personal data taken. This is referred to as a data breach or a data spill.

  • Cryptomining

Cryptocurrency mining (cryptomining) is where  specialized computers can validate the blockchain transactions and complex mathematical problems which verifies cybercurrency transactions, and in return receiving a certain token amount for the mining effort.

  • Denial of Service

When an online service is made unavailable by creating an overwhelming number of traffic to a site, it refers to denial of service (DDoS) attack.

  • Hacking

This is a very common process and in fact the first word that possibly pops in our heads when any cyber threat is mentioned. Hacking refers to unauthorized access of a system or network and is generally intended to exploit a system’s data or manipulate the working conditions to get some otherwise inaccessible information.

  • Identity theft

Identity theft refers to the condition when a cybercriminal gains access to your personal information and can rob you off of your money. Mostly, they fake identity documents in your name, and apply for fiscal benefits. 

  • Malicious insiders

Former or current employees, contractors, or business associates who have legitimate authorization or access to your systems and data but utilise that access to destroy, steal, or sabotage your systems are mostly the malicious insiders. 

  • Malware

Malware (short for ‘malicious software’) is used by cybercriminals which can attack your computer system or network. Often, when the person gets to know that their computer has been a malware attack, it is already too late. These are mostly broad-based attacks.

  • Phishing – scam emails

Phishing is a technique used by cybercriminals to get sensitive information such as online banking logins, credit card numbers, company login credentials, or passwords/passwords by sending phoney communications (also known as ‘lures’).

  • Ransomware

Ransomware is a sort of malicious software (virus) that prevents you from accessing your computer or documents unless you pay a ransom. It can infect your computer in the same manner that other malware or viruses can.

  • Scams

Sophisticated messaging are used in online frauds, which typically use professional-looking trademarks and logos to appear to be from a company you are familiar with. This can make determining what is real and what is phoney challenging at first glance.

  • Web shell malware

Malicious web shells are pieces of software that are uploaded to a compromised web server to give an attacker remote access. While web shells are benign, cyber attackers are increasingly using them as a result of the growing use of web-facing services by businesses throughout the world.

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