Cyber wars, attacks mounted from space, increased use of artificial intelligence and deepfakes: these are some of the predictions of what to expect from emerging cyber risks in 2023, according to our panel of cyber experts. These forecasts and other emerging trends were discussed at a recent Gallagher Cyber Insight Series Webinar aimed at equipping businesses with the knowledge to manage their cyber exposures.
Our webinar panel comprised of Michael Herron, Gallagher National Head of Financial Lines; Robyn Adcock, Gallagher Cyber/Technology Practice Leader; John Moran, Partner at Clyde & Co and Michael Bruemmer, Vice President, Data Breach Resolution & Consumer Protection at Experian.
The predictions are based on the 10th annual Experian Data Breach Industry Forecast.
Our guest experts nominated 6 key trends in cyber risk that Australian businesses need to protect against this year, and in years to come.
Only 59% of businesses detect their own systems breaches. Vigilance and preparedness are essential.
Hackers may use AI to misguide victims by inputting false information. Defence tactics include running incident rehearsals, keeping up with software patch management and providing job-specific training.
Artificial intelligence will be utilised in the rise of deepfakes as tools in criminal attacks.
The virtual or augmented reality environment provides a dangerous combination of new tech, a lot of personal information and lack of regulation, providing the underlying conditions for cryptocurrency theft and social engineering.
Threats might include:
The incidence of state-backed cyber attacks on governmental or infrastructure organisations raises the issue of traditional insurance exclusions for warlike actions causing significant impairment, bodily injury or property damage.
Insurers will need to articulate a new position that reflects this reality. Lloyd's of London has already called for its member insurers to provide mandated positions by March 2023.
Of the some 8000 satellites in space only 42% are active, and an amateur hacker has been able to access one and breach its systems — which means that others can harness the capabilities of disused satellites to mount cyber attacks.
Watch a replay of our recent Top Cyber Risk Predictions for 2023 webinar to learn more about emerging cyber threats and the implications for your business.
Other webinar topics covered include:
In the event of a cyber attack, a robust cyber insurance policy provides access to experts not only in negotiation but also forensic investigation, remediation measures, as well as cover for the legal and reputational costs involved.
In addition to cyber insurance protection Gallagher offers expertise, advice and resources for building business resilience to withstand cyber security incidents.
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