Hauser Insurance has recently acquired a new tool that helps protect against online threats in today’s digital environment. Termed CyberCube, the tool will assist clients with online risk assessments.
Online Threats Continue to Increase
Online threats have grown along with the internet, but the use of two particular threats has increased substantially in the past few years. According to risk experts at Hauser Insurance, cybercriminals are finding phishing and ransomware to both be successful ways of stealing from companies.
Phishing Scams Become More Complex
Phishing campaigns present malicious messages as innocent communications, often from an employer or well-known company. The scam targets recipient’s confidential information, which may range from usernames and passwords to debit card pins and social security numbers. Should a recipient unwittingly provide the desired information, a criminal can then leverage it to do individual or corporate harm.
Phishing came into vogue among cybercriminals several years ago, but it continues to grow steadily. The FBI reported that phishing-related losses increased from 1.7 billion to 1.8 billion between 2019 and 2020.
More significantly, phishing scams have evolved with the times and become more complex. During the pandemic, cybercriminals began sending messages that purported to be daily emails from employers.
Ransomware Becomes More Common
Ransomware is growing at a much faster pace, increasing by 40 percent between 2019 and 2020. Ransomware utilizes malicious software to freeze or steal files, which are then held for ransom before they’re released. Cybercriminals are finding that this is one of the most lucrative ways to capitalize on data theft.
CyberCube Helps Assess Online Risks
CyberCube is a specialized tool that was developed to help insurance companies assess risk exposure to online threats. The tool was developed by Symantec in 2015, and there’s a diverse team of data scientists, cyber security experts, software engineers, actuaries, and commercial insurance professionals behind it.
With the acquisition of CyberCube, Hauser Insurance now can provide clients with quantified cybercrime risk assessments. The software uses data-driven analytics to determine what a company’s risk posture is like.
Hauser Insurance Will Help Many Clients
With the acquisition of CyberCube, Hauser Insurance is well-poised to help all of its clients better protect themselves against online threats. Consultants can help clients choose the insurance products that are best for them, making informed and individualized selections based on the tool’s analytical assessment.
Hauser Insurance has long worked with many different clients, which range from smaller private companies to large-cap publicly traded companies. These companies span the aviation, business services, professional services, consumer goods, distribution, energy, healthcare, manufacturing, retail, transportation and other industries.
As online threats continue to increase in prevalence and potential severity, accurate risk assessment will be necessary for all industries. Hauser Insurance is ready to provide that assessment.
About Hauser Insurance
Hauser Insurance provides insurance consulting services to a diverse variety of clients. The company’s team has more than 40 years of experience, and they have state-of-the-art tools to help clients safeguard against their risk exposures.