The Next Big Risk – Biohacking
Biohacking may just be the next big risk in the cyber world. Hackers have been using biohacking via microchip implants for a few years now. Remember the hacker that implanted the NFC chip in his hand and hacked Android smartphones, bypassing all security? Then there was the hacker who implanted the NFC chip with the key to his Bitcoin wallet so that he was able to do his banking and purchases just by waving his hand.
Today, biohacking has moved into mainstream business with Three Square Market (32M) announcing that it’s partnering with Swedish biohacking firm BioHax International and offering microchip implants to all their employees on August 1st. The program is optional but management is hoping that at least 50% of their employees agree to the procedure of implanting the chip between the thumb and forefinger.
This technology will allow employees to log into computers, pay for vending items at the office, open doors, use equipment such as the copy machine, etc. Eventually the technology will become standardized and could be used as a substitute for a passport and for public transit payment.
Is this dangerous? The privacy and safety of the people using these microchips could be at risk. Time will tell.
Smart Cars Getting Smarter with V2V
The popularity of the Internet of Things (IoT) is growing leaps and bounds and has given birth to another related technology – Vehicle to Vehicle (V2V). V2V enables vehicles to communicate with other vehicles on the road and with stationary checkpoints.
The National Highway and Safety Association is optimistic that this new technology will be how cars, trucks, buses and trains relay safety and mobility information. This could be a great advantage in reducing road accidents, but the advantages may not outweigh the disadvantages. There is a cybersecurity concern that this technology could be hacked allowing vehicles or systems to communicate with ones not authorized. Another disadvantage is the cost. There is a huge price tag involved in retrofitting highways and other infrastructures for V2V.
Cybersecurity and Startups
Security threats are rapidly evolving and diversifying leaving many entrepreneurs and investors seeing big opportunities in the cybersecurity field. Today everything is internet connected with no signs of it slowing down anytime soon. And with that connectivity comes increased vulnerability
Consider fraudulent emails (phishing) whose goal is to get information such as passwords and credit card information. And what about the mega trend of the Internet of Things? These types of cybersecurity risks have opened up a world of opportunity for startups focusing on specific issues. Experts are predicting that the next big trend for startups may well be to focus on responding to incidents after they occur. Venture Capitalists (VCs) as well as entrepreneurs are keeping a close eye on startup possibilities in this growing field.
Cybersecurity stock on the rise
Experts predict that cyber attacks will continue growing in numbers affecting companies worldwide. Not only is the volume increasing, the sophistication is astounding. Symantec, a provider of security products and services, noted that one in 131 emails were malicious last year. That’s up from one in 220 from the previous year. Semantic continues the statistics by stating that 689 million people throughout the world were victims of cybercrime last year and that every two seconds someone’s identity is stolen.
As a result, cybersecurity stock is on the rise. Symantec’s has risen to more than $31 a share. Symantec. To maintain their position in the marketplace, Symantec has undergone a significant transformation since the beginning of last year, including the $4.7 billion purchase of Blue Coat, a provider of advanced web-security solutions for global enterprises and governments. And in February, Symantec spent $2.3 billion to acquire LifeLock, a provider of identity theft protection services for consumers and companies that serve consumers. Experts predict that the cybersecurity stocks will continue to rise as risks and threats continue to be a concern.
This information is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. Should you have any questions or would like to discuss your risk exposure with your company’s cyber liability insurance, please contact the insurance pros at ARCW Insurance. We are here to help.