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The need to be prepared, even in elemental ways, is important for being able to navigate a cyber incident even as new threat types continue to emerge, according to experts speaking at the Cyber INCYTE New York 2019 event held by Axis Capital Holdings Inc. on Wednesday.
Even knowing something as simple as who is in charge of cybersecurity can help an organization be prepared, according to Paul Reilly, head of delivery for Manchester, U.K.-based NCC Group PLC.
Some organizations are seeking to improve their preparedness, said Simon Oddy, a partner with Baker Tilly in New York.
“The whole theme throughout that we’ve been hearing at Baker Tilly cyber solution” is clients looking at what they can do upfront to be aware, asking, “How can we be better prepared?” said Mr. Oddy.
Making definitions and coverage parameters clear is one area needing attention, Mr. Oddy said.
“There’s a ton of space to improve education about how business interruption works, what it does, what it doesn’t do, and how we measure it,” Mr. Oddy said.
One new threat now emerging is cryptojacking, according to Stephen Ramey, New York-based director with McLean, Virginia-based The Crypsis Group.
Cryptojacking is the “unauthorized use of your computer to mine cryptocurrency,” Mr. Ramey said.
“How many of you know what cryptojacking is?” Mr. Ramey asked the audience. “Do you know if your policies cover it?”
He added cryptojacking is akin to ransomware, which also involves “taking access of somebody else’s system and using it for some other purpose” than intended.
Ransomware remains a prevalent threat as well, according to Jim Prendergast, founding partner with Mullen Coughlin LLC in Wayne, Pennsylvania, who said he has “probably seen more ransomware and variations of ransomware,” than any other type of cyber incident over the past two years.
The workers compensation industry should anticipate and be prepared for data breaches, experts say.