Tuesday, December 31, 2013

Cyber Extortion Insurance

Cyber extortion is a growing concern among business owners and boards. It should be a consideration in your cybersecurity insurance policy decision.

An example of cyber extortion is using denial of service attacks, see www.ddosattacktutorial.com, to shut down the Web sites of a target, then demanding some sort of compensation or action to allow service to return to normal. This can be a devastating attack for e-commerce companies that depend on Web site "up time" and such attacks are also sometimes used as "smokescreens" for related hacks seeking to steal IP, personal information or other digital valuables.

One case during 2013 involved extortionists who launched DDOS attacks against a British online business, then met the managers to "demand a 50 percent share of the firm. If the owner failed to agree to these terms, the men threatened to use the services of a computer hacker to launch DDoS attacks on the casino’s servers..." 


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