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21.08.2017
1709
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The progressive world is actively insuring itself against cyberattacks
While the country is animatedly debating who eats more – Germans or Ukrainians – the progressive world is racking its brains over artificial intelligence, blockchain technologies, and cybersecurity. Frankly, I'm tired of repeating the mantra about the passing of the progress train, which Ukraine has every chance of missing in these empty discussions. But these aren't just predictions from "British scientists," but an approaching reality.
This reality isn't about chaotic, isolated decisions and bare statistics from the state, but about a systemic approach and the implementation of effective tools that allow us to fully prevent cyberthreats and counter cyberattacks. We're talking about cyber insurance.
Some may see this as akin to Mayan apocalyptic predictions or another conspiracy by "technological puppeteers." Please, I don't want to ruin these comfortable notions.
Although, for many, these notions were probably shaken by the emergence of Petya A and WanaCry, which, in one way or another, penetrated the comfort zone of almost every Ukrainian. The inoperability of government agencies, banks, tax authorities, and their portals—these viruses paralyzed hundreds of critical infrastructure entities, businesses, and ordinary Ukrainians in a matter of hours, thereby giving rise to populism and political incompetence. However, we are interested in something else: "Who will bear responsibility for the tens of thousands of destroyed accounts, disabled equipment, lost profits, and, finally, the moral damage inflicted on us?" A month later, the information hype has died down, thousands of open criminal cases are gathering dust, and the topic has been forgotten. It seems the government hasn't drawn any conclusions. It merely notes or announces new cyberattacks. For example, as with the cyber police's recent statement that a new wave will hit Ukraine on Independence Day.
Meanwhile, the progressive world is actively insuring itself against cyberattacks. Data loss, cyber extortion, hacker attacks, DoS and DDoS attacks – no one is immune to these threats. According to the PricewaterhouseCoopers Global Economic Crime Survey, approximately 117,339 cyberattacks were recorded every day in 2014. This figure has increased significantly over the past three years. It's no surprise that a new type of insurance has emerged in these circumstances: cyber insurance.
Cyber insurance is an insurance product that protects critical infrastructure entities, businesses, and individual users from risks associated with internet use, as well as risks related to information technology, infrastructure, and business operations. Coverage provided by cyber insurance policies includes coverage for direct damage resulting from data loss, cyber extortion, theft, hacker attacks, and DoS and DDoS attacks. Third-party coverage includes losses associated with data storage liability, electronic publishing liability, and data security errors and omissions.
This product is little known in Ukraine, and it was developed and introduced into the US market 15 years ago. The first major players in this sector emerged around that time. Cyber insurance is now a common risk management tool for this market, as evidenced by the availability and widespread adoption of packaged products for critical infrastructure entities, small and medium-sized businesses, and individual users.
Overall, 90% of cyber insurance premiums are collected in the United States. However, interest in this instrument is growing significantly internationally. The market already includes more than 50 insurance companies working with cyber risks. Recently, the American company Risk Cooperative proposed implementing blockchain technology in cyber insurance.
For us, these are already "space technologies." You don't have to use them, but you should be aware of them. And the fact that the statements of Minister of Social Policy Reva will pass us by is not so scary.
Dzherelo: New Hour
Author: Olexiy Komar (President of the International Center for the Prevention of Cybercrime)
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