2.1.1 society would get heavily impacted by these problems.

2.1.1
Description

As
mobile devices are more common nowadays, it is very likely for hackers to
target them. According to an article on the Independent
webpage, it states that, “The number of active mobile
devices and human beings crossed over somewhere around the 7.19 billion mark.”
And that “Gadgets like tablets, smartphones and not-so-smart phones are
multiplying five times faster than we are, with our population growing at a
rate of about two people per second, or 1.2% annually.” Hence this backs up the
claim on the fact that the use of these mobile devices is getting more and more
frequent.

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Mobile
devices are small, portable storage boxes, capable of storing millions of data,
regardless of their importance, and also possesses an ability to transfer any
of the data across the world. What makes it more valuable to potential hackers,
is the fact that people uses their mobile phones to send their payment, using
electronic payment etc., to large companies such as Amazon and Tao Bao.

With
all this being said, if no solution is being presented forward, the rise of
cyberthieves will definitely increase at a steady rate. In addition to this,
hackers also have the capability of erasing their footsteps, therefore, proving
that they were the ones who did the crime would be difficult. Hence, with the
attractive “rewards” on the line, followed by the increasing number of
cybercrimes, this could negatively affect people on a larger scale. As time
goes by, the economy as well as society would get heavily impacted by these
problems. As a result, this challenge is a growing threat that needs solving.

2.1.2
Nature of Threat

Online
users can be potential victims to these kinds of threats if they “open their
doors” to these hackers. One example of this is by not downloading an
anti-virus software or even tapping on suspicious apps or websites. According
to Inc.
Southeast Asia, on one of their post, it
states that a specific malware could obtain two-factor authentication codes
through a simple text message, as it will change its icon into several banking
and miscellaneous applications, letting the victim key in the card’s details.

According
to SecureList, this malware, Faketoken, has been known about
for already more than a year. It also states that, the creators of its newer modifications continue to enhance the malware, while it is spreading globally at a fast rate. Most of these enhancements contain overlaying mechanisms for multiple financial apps. In one of the newest versions,
they also detected a unique mechanism for attacking apps that books cabs and pays traffic tickets. In summary, it’s an app that
keeps modifying itself and could potentially affect anyone carrying a mobile
phone, globally.

2.1.3
Mitigation of Threat

Trojan
horses such as this, can be tough to search and destroy. However, as they say,
prevention is better than cure. Hence, getting to know a few ways of preventing
it will be much better. As stated in Kaspersky
lab Daily, they state that you can prevent them from
happening by preventing the installation of any apps from unknown sources. Paying close
attention to the access permissions written during the installation period is
also necessary as you would know if they will be “touching” anything which you
consider valuable. Lastly it will always be advisable to download antiviruses
as they would not only help boost the security in your system, but also
disadvantage the hackers.

2.1.4
Conclusion

Therefore,
although mobile devices are becoming easy targets for hackers, there are still many
ways to deter them, including installing an anti-virus software, not clicking
into malicious apps and even be wary of everything you do on your devices.

2.2      Cyber Attacks and Data Breaches Will
Drive the Need for Cyber Insurance           

              2.2.1
Description

              At
the rate companies are being started and improve, there is also an increased
risk of cyber-attacks and data breaches targeting those companies. As a result,
there will be a huge demand for cyber insurance. However, getting one is no
easy feat as the company must decide which type of insurance protects them
better. Cyber insurance is also evolving at a faster pace as there is a need
for it to cover the damages cause by the attacks and breaches.

2.2.2
Nature of Threat

According
to Nato
Review magazine, it states that
cyber-attacks have been ongoing since 1988, while according to Prowriters, cyber insurance have been around since the
late 90s, and both are evolving rapidly as time goes by. The affected users are
usually the stakeholders of the companies, such as the owners or the consumers
of the produce of the companies. Usually, these attacks and breaches happen as
the attackers have something to gain from it, like wealth or even important
data. CSO states that one of the most common attack that
many different companies face is the socially engineered
malware. It is due to a tricked victim who allows the program to run, which in
turn damages the company systems.

2.2.3
Threat mitigation

For
preventing the threat of these attacks and breaches from happening, there are
many ways. Some include educating everyone on these malwares and installing an
anti-virus system. As for the cyber insurance, its best to always look out for
the best coverage for the systems and to always upgrade the insurance, hence
keeping the attacks at bay. Hence by doing all these preventive measures,
the attacks and breeches can not only be controlled, but the damage can be
minimised in the event the companies are attacked.

2.2.4
Conclusion

As
stated before, the rise of cyber attacks and breeches will often be accompanied
with a surge in cyber insurances, and to protect the company against the wave
of attacks, the companies must be wary about all the attacks and understand the
ways in overcoming them. They must also be knowledgeable on the ways of
obtaining a good cyber insurance plan for the companies to reduce any damage
made by the attackers on the companies.   

 

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