17 October 2019
Cyber attacks remain active throughout the third quarter of 2019, with data breaches being the flavour of the quarter.
An outsider has gained unauthorised access to Captital One, a top 10 bank in the US, leading to a breach that potentially affects 100 million people in the US and another 6 million people in Canada. Similarly, approximately 4.9 million user accounts of DoorDash, the Palo Alto on-demand food delivery technology unicorn, were breached this quarter.
Malindo Air, a low cost airline in Asia, had 30 million of its passenger information stolen and subsequently uploaded online, personally affecting the author of Cyber Quarterly.
Following up on the UK’s Information Commissioner’s Office (ICO) intended GBP 183 million-fine on British Airways for previous data losses, the High Court in London signalled go-ahead for customers to pursue legal action against British Airways. It is estimated that half-a-million of customers will pursue the class-action lawsuit provisions of GDPR.
Are GDPR fines insurable? Certainly there will be high demand for such cover.
Are you wondering why there are many other incidents which is not covered in this short brief? Well the frequency of cyber incidents had increased significantly, and we can only bring you a few examples.
Actuaries are the profession best equipped to deal with uncertainties. Opportunities abundance for actuaries in the space of cyber risk.
About Cyber Quarterly
Cyber Quarterly is a short quarterly brief highlighting key cyber risk events. The IFOA GI Asia International Working Party delivers to you the most relevant cyber update in 2 minutes.