RANSOMWARE "WANNACRY" - MAN IN THE MIDDLE - FAKE PRESIDENT - WHAT'S NEXT?

Those who found on entering their offices on Monday two weeks ago that their colleagues were already busy at work could breathe a sigh of relief. You were not directly affected by the ransomware attack by the computer virus "WannaCry". It infected more than 200,000 computers in over 100 countries and was associated with demands for ransom payments. An unprecedented cyber incident on this scale has shaken companies.

Good for those who have taken out suitable insurance cover for these and other cyber attacks.

The "WannaCry" case is one of the so-called ransomware attacks. A ransom is to be extorted through the encryption of the company's data. Without this payment, the attackers would supposedly not provide any decryption codes. These attacks are usually not targeted and sometimes hit companies through inattentiveness on the part of employees.

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These cases show how important it is to have a suitable cyber insurance policy that covers the costs of data reconstruction, forensic examinations, etc. The ransom payment can usually also be covered by a separate policy to receive reimbursement for the ransom payment even in the case of extortion.

In "Man-in-the-middle" is called a fraud scenario where the attacker is "listening to" communication between several companies. The attacker usually stands virtually between the communication partners. With his system, he has complete control over the data traffic between two or more network participants. This allows him to view and even manipulate the information at wills, such as the details or bank details. The fraudsters achieve that the payment for goods or services provided is made to different accounts.

Here, too, cyber insurance can cover part of the costs, such as forensic examinations, legal advice, etc. Replacements for the outflow of money can also be insured via fidelity insurance (VSV).

In, the scam "Fake President Fraud" the perpetrators pretend to be an organ of the insured company, usually a management member. You ask by email an employee responsible for banking in the company to make an urgent transfer. The employee is credibly pretended that this is a highly secret and confidential matter, on which the strategic decisions in the company depend. Those affected, who on the one hand feel flattered by the special trust of the management, on the other hand, are under considerable pressure due to the alleged importance of the transaction, usually make these transfers quickly. Money transfers are almost always made to foreign accounts, especially to Asia and Eastern Europe. If the fraud is noticed

This case of deception and abuse of trust, which is increasing rapidly in the middle class, can usually only be insured with fidelity insurance.

We live in a time in which the virtual world of data is having an ever greater impact on the real world. It is therefore becoming more and more important to familiarize yourself with the topic of data security and to begin to penetrate the interrelationships that work behind it. Due to the increasing digitization and complexity of security requirements as well as the unforeseeable future damage scenarios, the VSMA urgently advises VDMA member companies to seriously consider taking out cyber insurance and fidelity insurance.