Cybercrime - how to protect yourself effectively

In Finland, there are examples where the initial target of a data breach was a relatively small operator. For example, a small local car repair shop was involved in a major security breach after suffering a data breach (in Finnish). The hacker used the operator's ID to hack into the systems of the billing service they use, and then on to the Traficom and Skatteverket databases. As a result, up to 77,000 people's personal data were exposed, demonstrating the wide-ranging consequences that cyberattacks can have.

The latest trends in cybercrime

The rise of AI-based attacks

Artificial intelligence (AI) has revolutionised many industries and cybercrime is no exception. Cybercriminals are using AI to automate and improve their attacks. AI-based tools can create convincing phishing emails, perform complex social engineering attacks and exploit vulnerabilities more effectively than ever before. 

Professionalisation and industrialisation of cybercrime

Cybercrime has evolved into an organised and professionalised activity. Advanced cybercrime syndicates operate like traditional businesses, with hierarchies and division of labour. These groups use sophisticated techniques to carry out complex attacks that are difficult to detect and defend against. Professionalisation has led to a significant increase in the scale and impact of cyberattacks. 

Attacks on the supply chain

Supply chain attacks (in Finnish) are a preferred method for cybercriminals to infiltrate well-protected organisations by exploiting less secure parts of the supply chain. The attacks often use third-party vulnerabilities to gain access to sensitive data and systems.

A data breach in one part of the supply chain can have far-reaching consequences, emphasising the importance of securing the entire supply chain network.

Disinformation and hactivism

Cybercriminals are increasingly using disinformation and hactivism to promote various agendas. This tactic is particularly common during periods of global unrest, when misinformation can be used to destabilise organisations and societies. In particular, this tactic has been used to spread disinformation and support hactivism, as reflected in international cybersecurity conferences.

How can cyber risks be managed?

Cybersecurity strategy

A comprehensive cybersecurity strategy is the cornerstone of effective risk management. Such a strategy encompasses multiple layers of defence and uses the latest technologies and best practices. Key elements of a robust cybersecurity strategy include

1. Advanced threat detection and response: smart and intelligent intelligence and response can be used to detect and respond to threats in real time. Automated tools analyse anomalies and identify potential threats before they cause significant damage. This is particularly important in today's environment, where AI-based cyberattacks are increasingly used.

2. Zero Trust security framework: This approach protects against both internal and external threats.

3. Regular security audits and testing: a proactive approach helps businesses stay ahead of potential threats and ensure defences are up to date.

4. Employee training: cybercriminals often exploit human vulnerabilities, so employee training is crucial. Regular training and information sharing on the latest threats and best practices will help employees identify and respond to potential attacks.

5. Securing the supply chain: Stringent security measures for partners and subcontractors, as well as requirements for compliance with security standards, are crucial. Regular assessments and open communication help reduce the risk of supply chain attacks.

Preparedness for incidents

Even with the best preventive measures in place, breaches can still occur. It is therefore important that an organisation has an effective incident response plan in place to minimise the impact of cyberattacks. 

The key elements of the plan are as follows:

• Define clear roles and responsibilities. This will ensure a coordinated and effective response to any incident.
• Regular exercises and simulations to test the effectiveness of the response plan. These exercises will help identify gaps and areas for improvement.
• Establish communication procedures to ensure that accurate information is shared in a timely manner. This includes internal communication and notification to relevant stakeholders and regulatory bodies.
• In-depth analysis after a cyber incident to identify the root cause of the breach and prevent further similar incidents.

Cyber insurance - a safety net for businesses

In recent years, cyber insurance, i.e. insurance for information security, has developed significantly in Finland. Previously, cyber insurance was mainly offered by foreign insurance companies.

As Finnish companies have become more aware of cyber threats, Finnish insurers have also expanded their range of services. It is worth noting that cyber insurance is a specialised product and that cyber insurance is not usually included in standard business insurance policies.

At the same time, regulatory and legislative developments have become more stringent, affecting the requirements and conditions for cyber insurance. Insurance companies are increasingly conducting in-depth risk assessments to ensure that clients follow best practices and have adequate safeguards in place. This trend is also reflected in the increased use of new technologies and innovations to assess and manage risks.

Insurance companies are working closely with cybersecurity experts and cyber insurance is increasingly integrated into companies' business strategies. This shows that cyber insurance is becoming an important part of companies' overall risk management. It is no longer just a stand-alone protection, but an essential part of companies' cybersecurity strategy. 

Cyber insurance covers a range of costs associated with security incidents, such as

• costs of notifying affected individuals, providing credit monitoring services, or conducting forensic investigations to determine the scope of the breach
• legal fees and statutory fines for non-compliance with data protection laws and regulations
• compensation for lost revenue due to business interruption and for additional costs incurred as a result of a cyber incident that disrupts business
• ransoms paid to cybercriminals to regain access to encrypted data and systems
• costs of managing the company's reputation following a cyber incident, including the hiring of public relations experts.