There is a growing range of cyber attacks that now plague the digital landscape we all depend on. From small businesses to big banks, no one is immune to the possible risk that cyber attacks represent. There are stories almost every day describing a phishing scam, a ransomware attack or a financial platform being taken advantage of by scammers.
Since financial institutions hold valuable and sensitive information of customers, it’s imperative to understand the wide range of scamming threats they are prone to. Banks can take a first step of implementing a solid insurance plan to protect data and information from scams and look at the difference between first party vs. third party cyber insurance to see which one is best.
Second, banks can be more proactive by anticipating the development of yet another kind of cyber attack stepping into view: data sabotage. This kind of attack is the next big thing in the hacking world and implores a whole new way of looking at the world of cybersecurity.
What is Data Sabotage?
Just when you thought you didn’t have to learn any more about the everyday scams, like phishing and tailgating, another scam comes along. Data sabotage is distinct from your basic theft. This kind of threat involves hackers applying small changes on systems that seemingly go unnoticed over time.
An example of this method is when a hacker breaks into the network of a rival company, such as another bank when you’re talking about financial institutions, and alters the code that runs a coding system. From here, the system is given bad directions and messes up the overall production and services a bank offers its customers.
As mentioned above, these instances happen when a hackers uses small changes that go unnoticed until it’s too late. Think of the direction our banking systems are going with artificial intelligence. In today’s (and tomorrow’s) world of banking, it’s all about customer experience and altering that experience just a little bit now will have huge impacts in the future.
What’s more, data sabotage has the ability to affect different components of a business no one really thinks about. If they manage to break into a network and change the temperature of a thermostat at a restaurant, it could ruin the inventory of food. Appliances in homes can crashed and with the advent of self-driving cars and autonomous technology, data sabotage is introducing itself as the arch villain.
Security experts are starting to shift their focus and are being forced to deliver next steps to protect against the huge risks data sabotage presents. This may take some time to plan out and execute as well-planned data sabotages are highly intricate and far reaching.
As the Internet of Things (IoT) becomes a more integrated component of our daily business and personal lives, data sabotage poses an unknowable risk. Hackers understand how a whole system works and take advantage of even the smallest openings and vulnerabilities in a system.
About Financial Guaranty Insurance Brokers
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.