Paul the Insurer 22: Blackmail on the net – The dirty game of cyber criminals

A seemingly harmless incident turns out to be a professionally organized cyberattack. A look behind the scenes shows how complex cyber risks have become and why modern cyber insurance must do far more than just pay for damage.

The day begins with news of a large-scale raid against mafia structures in northern Thailand. The authorities discover a network of hacking businesses where employees work, or rather have to work, under precarious conditions. Anyone who fails to meet their daily “hacking quota” is punished. As soon as a site is closed, the business moves across the border to Cambodia, Laos or Myanmar.

This insight shows the industrial dimension of modern cybercrime. Behind every attack there are often well-organized, globally networked structures, far removed from the image of the individual hacker in the dark basement.

From newspaper report to the reality of a company

Only minutes later, the next message follows, but this time of a personal nature: a company, a professional and technologically advanced customer, has been the victim of an attack. Hackers had stolen employee access data and uploaded data to the darknet. The response: The data would only be deleted against payment of a high ransom.

How could this happen? The attacker came via the simplest but often most effective route: human error. A strong system remains vulnerable if individual access points are not adequately protected.

Luckily, the company’s emergency team reacted immediately. Only minutes later, the damage was under control, and an analysis revealed that the captured data was outdated and hardly usable. Nevertheless, further measures were taken to prevent future attacks.

Cyber insurance: more than just a policy

The case shows how demanding cyber insurance is today. It is no longer just a question of cover amounts and claims payments. Insurers have to maintain a network of specialized service providers:

– IT forensic experts who analyse attacks
– Recovery teams who back up and repair systems
– Legal experts who clarify data protection and liability issues
– Prevention specialists who minimize future risks

Cyber insurance is teamwork at the highest level and a professional field that is becoming increasingly attractive for young talent.

Cyber risks are a never-ending story

The episode of Paul the Insurer illustrates how closely real crime, digital attacks and insurance benefits are intertwined. And it reminds us that cyber risks are constantly evolving. For insurers, this means staying vigilant, strengthening networks and providing customers with comprehensive support.

Binci Heeb

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Read also: Paul the Insurer 21: Insuring, Understanding, Responsibility