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The CyberDiplomat Daily

Date : 16th May 2024

News on cyber diplomacy and business development in cybersecurity from around the world. The growth in cyber-insurance market and changing compliances are changing the cybersecurity landscape.

Indian banking industry increases their cyber insurance cover in FY24

According to insurance industry experts, the cyber threat landscape is evolving from phishing schemes to ransomware attacks, posing challenges to financial institutions. Despite the challenges of the Covid-19 pandemic, the banking sector has expanded into the digital space, making them more vulnerable to cyber-attacks and leading to an increase in cyber insurance claims. Cyber risk and cybercrime insurance are usually separate policies, but for banks, they are combined under a policy called the ‘Bankers Blanket Indemnity policy,’ providing comprehensive coverage and ensuring the bank's security.

China poses genuine and increasing cyber security risk to UK, says GCHQ director

The director of Britain's electronic intelligence gathering agency has warned that China poses an increasing cyber risk to the UK. Anne Keast-Butler, in her first major public speech as director of GCHQ, emphasized that China’s development of hostile hacking capabilities significantly threatens the UK and other Western countries in cyberspace. The government has accused Chinese hackers of targeting UK parliamentarians and compromising the Electoral Commission. Chinese state- sponsored hacking groups gaining access to critical service providers' computer networks is a major concern for Western intelligence agencies. According to Harry Coker, national security director at the White House, the Chinese People’s Liberation Army has invested significant resources in a cyber program aimed at putting critical civilian infrastructure at risk, posing a global challenge. Felicity Oswald, CEO of the UK's National Cyber Security Centre, highlighted China, Russia, andNorth Korea as the most significant cyber threats to the UK and its allies. She warned about the Chinese hacking group Volt Typhoon, which has targeted Critical National Infrastructure (CNI) operators in the US, emphasizing the risk it poses and urging UK essential service providers to take

this warning seriously.

Cyber Attack on Ascension Healthcare Affecting USA Health Providence Hospital

A cyberattack on Ascension Healthcare is having an impact in Mobile and in many other parts of

the country. The attack is disrupting clinical operations and forcing staff to divert ambulances from

several hospitals. The cyberattack on Ascension includes 140 hospitals in 19 states — with one of

those facilities being USA Health Providence Hospital in Mobile, which was formerly affiliated

with Ascension.

Lai promises to continue cybersecurity development

President-elect Lai Ching-te pledged to support the cybersecurity industry at the Cybersec 2024

Conference, emphasizing collaboration with the private sector and academia. The 2024 World

Economic Forum's report highlighted AI-generated misinformation and disinformation as a

significant short-term risk. Taiwan is a prime target for cyberattacks, providing a training ground for

cybersecurity capabilities. Merton Wu, the Chairman of Cybersec 2024, mentioned the expanded

expo, offering training opportunities through "Cyber Arena" cybersecurity drills to strengthen

Taiwan's cybersecurity resilience.

Singapore: Public Consultation on the Cybersecurity (Amendment) Bill

The public consultation shows that the CSA remains committed to ensure that the Bill is up-to-date

and aligned with developments in technology and industry practices. The public consultation was

just one of the many efforts by the CSA to engage the relevant stakeholders and interested parties

who will be affected by the Bill. Through continued close-door consultations and further industry

consultations on the development of subsidiary technical and operational matters, the CSA remains

open to addressing feedback from the public. We continue to engage with the CSA to stay abreast of

these developments.

South Africa hit by cyber extortion attacks

Africa, particularly South Africa, experienced a significant increase in ransomware attacks between

Q2 2023 and Q1 2024. South Africa's victim count increased by 107% during this period, and

Africa had the second-highest increase globally. However, the frequency of incidents is lower than

in Europe, Latin America, and the United Kingdom. Despite the increase, the situation is not

considered disastrous. South Africa was ranked 14th among 15 countries for the most impactful

source of cybercriminal activity in a study published in April 2024.

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