Cyberwarfare · 2019. 11. 20. · • Cyberwarfare will continue to happen in the background and with the involvement of third parties • It is already technically possible to harm

Perseus Technologies GmbH | November 19

Cyberwarfare

Ferma Europe 2019, Soft & Tech Hub

20th November 2019


Richard Renner

Since 11/ 2018 Managing Director, Perseus (Berlin)

• 07/2018 – 11/2018 FinLeap

Director Insurance Business

• 04/2012 – 6/2018 Aon Risk Germany, Hamburg; Chief Financial

Officer, Chief Operating Officer

• 04/2007 – 03/ 2012 Innovalue Management Partner, Hamburg

• 09/2004 – 03/ 2007 HDI Pension Management, Hannover

https://www.linkedin.com/in/richard-renner-102a1449/


Perseus Technologies GmbH | November 19Perseus Technologies GmbH | November 19

Who is Perseus?

Founded in 9/2017 by finleap

and Hanover RE SE

Product launch: 3/2018

35 Employees

7 nations

2 dogs

Improved IT security and data

protection for companies – easy to

understand, for a reasonable price.

01 02 03


(Not)Petya causedthe first major cyberinsurance incidentconnected to a cyberwar


NotPetya cyber attack: Zurich Insurance evokes war exclusion


War or attack?


How to define Cyberwarfare?

Two dimensions of cyber war related risk

• One or more nations involved

• Online infrastructure in the focus

• Consequences to the physical world

• Cyber attacks used alongside

traditional physical invasion

• Disrupting communication or critical

infrastructure

Pure Cyber War Hybrid

Direct vs. Indirect component of an attack

Who was the primary target?


Interconnected society: Cyber risk can affect anyone

“We face an unprecedented threat

from intolerance, violent extremism

and terrorism. It affects every country,

exacerbating conflicts and destabilizing

entire regions, and it is constantly

evolving. The new frontier is

cyberterrorism: the use of social media

and the dark web to coordinate

attacks, spread propaganda and recruit

new followers.”

Sept 26th 2019, UN Secretary-General António Guterres

Source: https://www.idemia.com/news/infographic-iot-enabling-connected-living-smart-cities-2017-01-26

https://www.idemia.com/news/infographic-iot-enabling-connected-living-smart-cities-2017-01-26


Politicial vs. financialmotivation


Some suspected players, their ways of working and motivation

Intelligence

Service

Politically alligned

Hacking groups

Espionage

(through IoT)

PoliticalFinancial gain,

political-as-a-service

Mostly political, for

economic purposes


Only proven government-run attack: Chinese influence on IoT

Hardware backdoor to data centers of US-

Governement intelligence service

Backdoor to major US internet & cloud providers

(Amazon, Google, .etc.)


Cyberwars are real – what does it meanfor insurers and their customers?


Ordering a cyber attack is as easy as booking a flight.

Low costs of attacks, with high profit

potential, focus on SMEs.

~70%of the successful cyber attacks were

carried out by mail.

Cyber Attack

~50%of all SME were victims of a cyber

attack during the last year.

Cyber attacks are becoming more

sophisticated and automated.

On the spotlight:Small and middle-sized

enterprises

Lack of awareness of cyber security and data

protection.

Facts

SME

~75%of SMEs are not sufficiently prepared

for a cyber incident.


1

Implementation of technicalmeasures as

minimumprotection

2

Training andsensitization of

employeeson cyber risks / data protection

3

Lack ofcontinous plan

and cyberspecialists forthe event of

attack

4

Complicatedcyber security

solutions

Four challenges for SMEs in the fight against cyber attacks


Back to Non-Petya: Why was it so difficult?

Indirect cyberattack

Political motivation

clear, but not proven


Four key challenges for the insurance industry

1. Direct targeting of attacks against a single company are less likely, however customers will be effected by spill overs

2. It is impossible to prove the responsibility for a cyber attack with legal and non-intelligence based principles. Good hacking group will plant evidence of a third party and hide its trace.

3. Insurances have to prepare for increasing claims by attacked SMEs – no matter if it was a cyberwar or cyber attack.

4. Behavior of states can create huge cumulative damage within economies around the globe. The connected world can get infected


Food for thought:

• The connected society is more vulnerable – the insurance industry has to

deal with the side effects of hybrid cyber attacks.

• Espionage and hybrid attacks are more likely to happen and/or are

happening already

• Cyberwarfare will continue to happen in the background and with the

involvement of third parties

• It is already technically possible to harm critical infrastructure, as it was

the case in Ukraine and Iran.


What can you do?


Cyber Schutzbrief mit Kosten-übernahme

Lower the risk for your insurance and customer

More than 1,700 companies... are already using Perseus

to protect against cyberattacks.

Perseus 360° is the first integrated cyber securityplatform for SMEs.

Approx. 40% of the German cyber insurance market

...is covered by Perseus'spartners.


Try it on your own: Test Perseus 30 days for free

www.perseus.de

http://www.perseus.de/

Richard Renner

+49 172 - 519 [email protected]

Managing Director


Documents

Cyberwarfare · 2019. 11. 20. · • Cyberwarfare will continue to happen in the background and with the involvement of third parties • It is already technically possible to harm