When did it all start?

In the second half of the 20th century, humanity developed at unprecedented rates, and in just a few decades, people’s lifestyles changed radically. Of course, all of this was greatly influenced by the development of technology, through which the processes in the world today are much simpler and more flexible. With the widespread availability of the Internet, threats have moved from the physical space to the digital space, and a new challenge has arisen – cyber security.

First of all, what is Phishing?

Phishing is one of the most common types of social engineering, the art of manipulating people, used by the phisher to get hold of people’s personal or organization’s computer and financial information.

How do phishers work?

Phishers prepare long and thoroughly for a cyber attack on the organization. First of all, they study the company’s activities and purposefully select employees who have access to servers and other information sources. Then, fake links are created specifically for them, on which phishers access confidential information about the organization or use the company name to gain access to the customers’ bank accounts. For example, phishers most often choose electronic commerce (E-commerce) websites, on which many users register due to an attractive interface and convenient service. Also, phishers often create Internet banking or other payment websites that are often identical or visually as close as possible to the official website of a financial institution.

As a rule, cybercriminals choose companies with high credibility and authority, and in such cases, they cause significant reputational damage. Also significant are the financial losses, for example, legal costs and fines imposed by the regulator, which are associated with quite large amounts. IBM’s 2022 statistics confirmed that according to last year, the loss caused by phishing in organizations amounted to 4.76 million US dollars. (https://www.ibm.com/reports/data-breach).



Is there a way for organizations to ensure cyber security?

Along with the increase in awareness of the population and the development of defense mechanisms, the approaches of cybercriminals are also developing. They are always several steps ahead, therefore, ensuring cyber security today is possible only by using unified efforts, resources, and experience.

Georgian companies are also actively trying to strengthen the security system, although the fact is that today in Georgia we do not have a perfect way to deal with cybercrime, and the current situation emphasizes the huge potential of cyber security insurance.

Unison has developed an innovative product that enables a company to maintain business continuity and minimize unforeseen financial loss in the event of a cyber attack. Cyber security insurance fully responds to modern technological challenges and is backed by European A-class reinsurance companies.