Chubb and Microsoft chart the evolution of cyber crime
With an increased emphasis on cybersecurity becoming particularly important in the wake of remote working practices, the companies opted to focus on emails in particular as a gateway to risk.
Among the statistics cited in the report to emphasise the extent of the problem are:
- 467,361 complaints forwarded to the FBI’s Internet Crime Complaint Center in 2019 alone (almost 1,300 per day).
- Over US$3.5bn in individual and business losses.
- One instance wherein $75m was redirected to a cyber criminal’s account following a Business Email Compromise (BEC) scam.
Combating sophisticated fraud
Regarding the latter point, Patrick Thielen, Senior VP at Chubb North America Financial Lines, commented, "BEC attacks serve as a prime example of how cyber crime is quickly evolving.
"As employees become savvier about not clicking on unfamiliar links or downloading unknown attachments, cyber criminals are just as quickly pivoting to different means—hijacking email accounts and impersonating executives.
“These sophisticated fraud schemes often result in employees erroneously transferring money to criminals under the auspices of their bosses' supposed directions."
Indeed, the white paper notes that there are three primary ways to perpetrate email impersonation:
- Brute force using specially-developed software to crack email passwords.
- Credential harvesting by exploiting people’s general inclination to use the same (or similar) password for multiple functions.
- Phishing the information through fraudulent emails that often request the user to change or reveal their personal information.
Therefore, Chubb and Microsoft recommend the speedy adoption of multi-factor authentication that bolster baseline password security (which alone contributes to 80% of breaches). The report notes three aspects:
- The most simple is a password or verification code known only to the individual user.
- Next, a registered and secure device should be linked to all restricted activities.
- Finally, some form of biometric authentication (such as a fingerprint) should be used, as this is the most difficult layer to overcome by remote hacking.
It makes sense that technologically sophisticated problems would require an equally sophisticated solution. Acting fast and making the investment, states Joram Borenstein, General Manager of Modern Work and Security Partnerships at Microsoft, is the optimal solution:
"The old saw of an ounce of prevention being worth more than a pound of cure remains true in the cyber world. By layering authentication across multiple factors, consumers and employers make it harder for criminals to breach defences and get at your business and personal data."
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.