The (re)insurance industry should brace itself for potential attacks on the public sector targeting government and election infrastructure, warns CyberCube, the market enabler of cyber risk analytics for the insurance industry.
In a new research report, CyberCube warns government agencies and officials “must increase their cybersecurity measures, enhance election integrity safeguards, and collaborate with cybersecurity experts to mitigate these threats.”
William Altman, CyberCube’s Cyber Threat Intelligence Principal, said:
“With the US presidential elections, the public sector becomes an increasingly attractive target for malicious actors seeking to sow chaos and undermine faith in democracy. Moreover, around 64 countries plus the European Union will hold national elections this year, involving nearly half of the world’s population. In some cases, the same cyber threat actors attempting to meddle in the US presidential election will also be active in other countries. Given the potential for significant attacks, bolstering defenses in the public sector is paramount in 2024 and beyond.”
The research “Global Threat Outlook, H1 2024” also “highlights eight sectors which are under-secured and attractive targets, leaving companies vulnerable to criminal ransomware and extortion tactics, as well as catastrophe events.”
These are telecoms, IT, education, retail, arts & entertainment, financials, services and healthcare. Healthcare is the “most exposed industry” tracked by CyberCube.
CyberCube notes sectors such “as banking and aviation are still exposed and targeted but have better cybersecurity. Mining and agriculture remain opportunity sectors for cyber (re)insurers as these sectors are less exposed to cyber threats relative to other industries, yet they still maintain a high level of security.”
The report also includes “an analysis of state-nexus cyber threat actors, including those in Russia, Iran, and China. (Re)insurers can model realistic cyber disasters considering state-nexus cyber activities using CyberCube’s Portfolio Manager.”
Richard DeKorte, CyberCube’s Cyber Security Consultant, said:
“CyberCube foresees an escalation in the attacks perpetrated by state-nexus threat actors targeting critical infrastructure. Specifically, Iranian state-sponsored threat actors are likely to target critical infrastructure opportunistically. Russian and Chinese state actors are expected to strategically position themselves to disrupt infrastructure in sectors crucial to the national economy and security of the US and its allies.”
As covered, CyberCube claims that it “delivers the world’s leading cyber risk analytics for the insurance industry.”
With data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations “quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation.”
CyberCube’s enterprise intelligence layer provides insights “on millions of companies globally and includes modeling on thousands of points of technology failure.”
The CyberCube platform was established in 2015 “within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners.”
It is reportedly backed “by Forgepoint Capital, HSCM Bermuda, MTech Capital, Morgan Stanley Tactical Value, individuals from Stone Point Capital and Scott G. Stephenson.”
