Zurich Insurance Group CEO Mario Greco said in an interview with the Financial Times that cybersecurity risks could soon become uninsurable, taking the place of climate change, pandemics, and other natural disasters, as the costs of cyberattacks are expected to significantly increase, TechSpot reports.
Greco suggests that cyberattacks can become more than just simple data breaches because cybercriminals, black-hat hackers, and state-sponsored techno-spies can severely disrupt our lives. Increasing cybercriminal activities prompted insurance companies to adapt to changes in the insurance business.
They are now putting in an effort to limit the amount of money paid to their clients. Insurance costs have increased, while policies have been changed so clients pay more, but get less.
Greco suggested establishing a private-public system that would absorb and handle systemic risks, which must be treated like terror attacks or earthquakes in terms of insurance costs for private companies, so insurance companies can continue doing business with technology and private companies.
North Korean hackers have stolen $630 million in cryptocurrency assets in 2022, the highest on record, reports Reuters. Sophisticated techniques have been leveraged by North Korean threat actors to facilitate the record-high theft of virtual assets, which are being allocated toward its nuclear weapons programs, according to a United Nations report. Such a figure comes after a cybersecurity firm earlier reported that more than $1 billion in cryptocurrency have been stolen by North Koreans last year. "The variation in USD value of cryptocurrency in recent months is likely to have affected these estimates, but both show that 2022 was a record-breaking year for DPRK (North Korea) virtual asset theft," said the U.N. report.
Several financial institutions in Brazil have been targeted by the novel Android banking trojan PixPirate that exploits the PIX payments platform for fraudulent activities, according to The Hacker News.