Cyber Security Awareness Month 2019: the changing landscape of cyber threats

It’s Cyber Security Awareness Month during October and here at NMU, we’re doing all we can to inform and educate our brokers on the new and emerging cyber risks.

Having launched our CyberSafe product at this year’s BIBA conference in May, we’ve since been examining a number of ways in which modern fraudsters are using technology to scam businesses.

With many criminals turning their attention to cyber fraud, the number of attacks has grown significantly in recent years, as demonstrated by this live Cyber Threat Map. Unlike conventional cyber attacks such as phishing, ransomware and data breaches – there are a growing number of new threats, which often incorporate emerging technologies and can end up costing businesses thousands.

In the last year, we’ve seen the number of deepfake and AI-powered scams increase exponentially – with many businesses unaware such technology exists and the risk it poses in the hands of fraudsters. Another scam we’ve seen grow in popularity over the last year involves criminals distracting shop merchants whilst an accomplice administers a fraudulent refund to their own card – This scam is particularly dangerous, as it wouldn’t be covered by most conventional cyber policies, potentially costing businesses thousands in lost revenue. We’ll look at both of these emerging threats during October on our social media platforms and feel free to join in the conversation using #CyberSecurityAwarenessMonth.

Contact us

For more information about our CyberSafe Insurance or cyber crime protection, contact our Cyber & Financial Lines Underwriting Manager, Matt Drinkwater.