Understanding Cyber Risks and the Human Element
In the 6th session this autumn of AIG Academy Connected, cyber risks are discussed with focus on overall claims statistics, cyber space as risk landscape and the human element. The webinar was hosted by Jussi Tuohiniemi, Client Director at AIG, while Arian Mohajer Soltani, Financial Lines Underwriter Sweden at AIG, and Sebastian Hess, Cyber Risk Advisor at AIG, presented the topic and insights from their points of expertise.
Arian kicks off his presentation by going through the Nordic cyber claims, involving statistics from 2015 to 2019, both by volume and by industry. 2019 had significantly increased losses compared to 2018, and dominant factors are increasing numbers of business e-mail compromise, security failure and ransomware. Remote working is today also increasing phishing attempts.
Sebastian is going more into the human element of cyber risks, but he begins his presentation by stating that the costs for cyber attacks have remarkably increased over the years, but also the number of attacks. In terms of claims, AIG has experienced an increase in the amount of claims, where professional and financial services are on top of the list from an industry perspective.
What makes then cyber space so attractive and risky? Sebastian explains that cyber space is basically built on resilience and not on security, which adds a complexity to the entire ecosystem. New systems means more complexity and adding more problems, while cyber space was not from the beginning invented with security in mind. Cyber space is therefore a perfect domain for attackers to operate in, as one can reach out all over the world just by sitting at home in front of a computer. But attackers often needs help. Help that comes from human interaction in order to get a “foot in the door”. Attackers try to appeal to human nature and to identify soft spots in order to use them for their benefits. From an individual point of view, it is therefore important to become educated regarding the risks, to be suspicious, not reusing passwords and at the same time using complex passwords.
The presentation also highlights what businesses can do to prevent and mitigate cyber attacks, with important components such as securing data backup and to conduct security awareness training.
Learn more about understanding Cyber Risks and the Human Element by watching the full webcast through the link below.