Cyber Crime and Terrorism Free Samples †Myassignmenthelp.Com

Question: Discuss about the Cyber Crime and Cyber Terrorism. Answer: Introduction Oman Insurance Company is an insurance company with headquarters in Dubai. The company was established in 1975 and since then it has grown to be one of the largest professionally managed and financially sound organization in the United Arabic Emirates. The Company is chaired by H.E Abdulaziz Abdulla Al Ghurair and the chief executive officer is Christors Adamantiadis. The OIC is a top insurance services provider to customers in the Middle East. The Company has 15 branches in every Emirate in the United Arabs Emirate, Qatar and Oman. It also has a subsidiary in Turkey. The Company has a financial strength that is rated A- by Standard Poors and an A Excellent by AM Best. In addition the company has won two prestigious Industrial Awards for the Best Commercial Lines Insurer and the Most Innovative Insurer for product in the year 2015. The OIC offers insurance solutions for corporate and individual clients in Medical, General Insurance and Life. It also provides worldwide Reinsurance services in businesses. The company is dedicated to providing a range of covers in industrial and commercial businesses. For example in Energy, construction, marine and aviation are some of the covers offered by OIC. OIC is consumer focused and goes an extra mile to tailor products to fit the needs of the consumer. The Oman Insurance company is in partnership with international insurers to make its products stronger in the market for better consumer coverage and compensation. The OIC is in partnership with the following companies; Bupa, Generali, Star health and Coface (Tameen.ae, 2016). Significant Insurance Product-Aviation Insurance The Oman Insurance underwrites the aviation sector to cover the aviation exposures in UAE and around the world. This has been as a result of Middle East becoming a hub in the recent years in the aviation activities. The Aviation Department in the Company has grown and has capacities to comprehensively satisfy the customer need in the aviation sector. The company provides two types of products in this category; General aviation and Airline. In General Aviation, the company covers all the insurance risks related to Aviation operations .for instance; the crew personal accident, crew loss of licenses, balloons and aircraft hull and liability. The Airline facility cover is provided in to compensation in case of airline fleet, product liability, airside liability, airport operators liability or ATC liability (Tameen.ae, 2016). This product is mostly offered in conjunction with other insurance companies as a reinsurance scheme. The Aviation Insurance is a significant insurance product to the Oman Insurance Company. It requires a proper underwrite to ensure that the premiums paid will match compensation in case of an event happening. This will enable the insurance company from underestimating premiums to charge the insured .If a covered aviation Company experiences a risk, the OIC is likely to compensate more than the sum of premiums paid by the insured because the cost of an aircraft is very high. Therefore, underwriting is a crucial part of the Oman insurance Company in order to keep good performance and proficiency in it businesses. Emerging Risk Cyber Crime Cyber Crime is an emerging type of crime that involves manipulation of computer and network from the normal functioning. Cyber crime is also referred to as computer crime .Actors in crime take advantage of the normal running of the computer and network systems to pursue their selfish agendas. The cyber criminals introduce malware in the computer systems, bots and other type of virus to interfere with the existing system. These computer criminals attack organizations for financial gain, political agenda and business disruption reasons (Chowbe, n.d.) .These criminals are highly skilled and are capable of using intelligence and deploying resources to execute cyber crimes. The phenomenon is yet to get legal legislation in most countries leading to lack of proper channels to prosecute the offenders (Kirti, n.d.). Cyber crimes lead to break down of systems, data manipulation and misuse of intellectual property rights in the business world. The advancement of technology has led to computeri zation and networking to be part of the business activities to increase efficiency and effectiveness. Cyber crime victims are face with significant loss and turn to insurance companies for compensation. Cyber crimes lead to most of the risk events in the aviation sector. The aviation companies are being faced with the threat of cyber crime that increases both the financial and insurance risks. With the development of the hacking aviation technology, the vulnerability of the aviation industry has increased causing more risks and uncertainties to aircrafts and operation activities (The State of Security, 2015). Aviation safety depends on the information available to make decision. Reliability and timely of the information can reduce risk .Interference with the quality of information by hackers generate more risks to the aircrafts or aircraft systems. Therefore there is a great importance of the aviation sector to protect it important information to keep off the attacks of criminals who threatens the security of the aviation sector. Cyber criminals focus on interfering with communication and existing information to pursue their malicious agendas. They can interfere with radio calls, emails and short messages to alter communication between pilots and other stakeholders in the aviation sector. They also hack existing information such as bank details, weather forecast, customer details and economic forecast to interfere with the decisions that pilot or managers make. When computer criminals interfere with communication and existing information, they increase the risk in the aviation sector (Business knowledge for IT in insurance, 2009). The aviation sector is highly facilitated by technology and cyber crime is an emerging risk that can bring the sector down in an unexpected way. Hackers in the Middle East are keeping their eyes on the industry to pursue their agendas in a region that is faced with several threats for terror and civil wars. The cyber crimes increase the chances of an insurance risk and financial risk happening. It increases the probability of accidents, losses and mismanagement of the organizations operations. This risk is lead to the ineffectiveness of the aviation insurance that is offered by OIC. The probability of occurrence is increase due to interference of the computers and network in a company. This phenomenon affects the significance of the aviation insurance. Effects of Cyber crime on Aviation Insurance policy Cyber crimes do cause several effects that lead to decrease in the performance and profitability of the aviation insurance policy in UAE. These computer criminals steal information from the aviation companies and cause the following in the significance of the aviation insurance. Threatens aircrafts safety Cyber criminals hack the aircraft complicated systems to manipulate the system control. These hackers who have knowledge and resources to engineer software that interrupt the existing aircraft software take control of the aircraft information misleading pilots onboard. Taking control of the craft gives them an avenue to act to pursue their agendas. This act leads to insecurity of aircrafts therefore endangering the lives of individuals using the vessels to travel. The performance of the aviation insurance becomes ineffective since the insurer is not able to predict the chances of an aircraft being attack because it can happen any time leading to losses (Akhgar et al., n.d.). When an aircraft is attacked, the insurer will incur a lot of money to compensate the insured for the passengers onboard. In this case the, profitability of the aviation insurance is not attainable by the insurer. Loss of the companys assets Computer criminals cause unpredictable loss of company assets. These criminals hack the aviation systems causing accidents of vessels and other operators within the insured premises. The insurer is likely to incur more cost than the premium that has been charged to the aviation companies for the insurance cover (Hedges, 1954). Aircrafts accidents are fatal and lead to complete damage of the vessel and the goods on board. When computer criminals interfere with the aviation systems, they cause great loss of assets by the aviation companies. Due to this unforeseen cyber crimes, the aviation companies end up losing properties through misleading information to pilots and management. Afterwards, the aviation company seeks compensation from the insurer. The insurer end up paying large sum of money which is greater than the reserve created by the premiums paid. Increases chances of a risk happening Cyber criminals take control of the aviation software to pursue their personal agenda leading to interruption of the normal operations of the company. When these criminals take control, they increase the chances of a risk happening .For instance, hackers can take control of an aircraft and lead to it disappearance and most probability cause accident or hijack passengers. Cyber crimes challenge premium determined in certain world since they have power to cause destruction at any time. Therefore, cyber criminals increase probability of risk happening. This scenario will lead to aviation companies filling claim to be compensated. The insurance company will have to compensate the aviation company more frequently than expected with the existing premiums they pay. Cyber crime increases the likelihood and frequency of a risk happening and thereby affecting the performance of the aviation insurance policy in the Middle East. Manipulation of information Cyber criminals interfere with the information that the pilots and managers use to make decisions. These hackers manipulate important data and information crucial for making decisions leading to poor performance or accidents in the aviation sector. Since information determines the decision one makes, unreliable information leads to poor decision in the company leading to massive losses. Pilots make wrong choices that are expensive in the end. For instance, computer criminals can manipulate the weather data or maps directions which mislead pilots making the wrong decisions that lead to accidents. Causes hijacks and terrorism Cyber crime facilitates aircraft attacks while onboard. This leads to threatening security of the passengers and increases likelihood of aircrafts accidents. The cyber criminals attack the aircraft and the aviation companies require compensation from the insurer. The rise of the computer crimes has led to increased risks in the aviation sector especially when the flight is on board. Computer criminals use navigation and communication online platforms to hack and hijack aircraft. This lead to injuries or death of passengers and destruction of the aircrafts (Banwait, 2009) .This phenomena requires compensation and the insurer has to spend more than the amount paid in the premium. Damages the reputation of a company When cyber criminals hack an aviation system, they cause inconvenience to the travelers in the aviation sector. This leads to delays and abnormality of the functionality of the organization leading to loss of reputation. Customers feel humiliated and lose trust with the company. When companies reputation is tarnished, the companies makes losses due to lack or decrease in number of travelers per period (Chowbe, n.d.) .This unforeseen unfavorable situation in the aviation company is transferred to the insurer who compensates the company. This situation caused by hackers reduces the profitability of the significance aviation insurance policy. Actually, the insurer is the one who pays for the losses incurred as a result company not making profits. Therefore, cyber criminals damage of the company reputation consequences are transferred to the insurer who offers compensation. Identity theft Computer criminals employ identity theft to access credit and bank accounts to destroy the companys credit rating and functionality. These hackers steal the companys money making them bankrupt and unable to manage their liquidity (Choo, 2011). This act leads to aviation companies encountering difficulties that lower their competences and efficiency leading to uncertainty in the organizations. The insurer who is the risk taker is engaged to pay for the financial losses incurred and other uncertainty. Cyber criminals interfere with the facts and work with imitation in their pursuit of their goals which lead to decline of the aviation technology (InfoSec Resources, 2014). This situation lead to under performance of the aviation insurance since the insurer pays more compensations than what has been collected. Protection cost The increased cyber crime is necessitating an increase in the amount of money to be used by the insurer to reinsure and insured to pay premiums. Cyber crime is increasing the rate and probability of occurrence of risk in the aviation sector. Regardless of it frequency it unavoidable to insure since it can lead to complete close down of the business. This increases the protection cost that an insurer is spending to acquire a reinsurance policy (Dillingham, 1997). The cyber crime speculation leads to insurer taking insurance policies to avoid big losses when they compensate the insured aviation companies. This reduces the profitability of the insurance product. Unpredictable premium to charge The emergence of the cyber crime in the aviation sector, has led to OIC having a hard time to calculate the possibilities and the sufficient premiums to be charged to the aviation companies. These computer criminals inconvenience the insurance company because they are not able to charge the appropriate premiums that are profitable to the company. Hackers increase the level of unseen uncertainty in the aviation sector therefore causing unpredictability from the insurer. In case of risk, the insurer is forced to obey the policy which is indirect but caused the some losses in the aviation business. Recommendations From the analysis above, I recommend the following; Training and Awareness: The OIC should embark on training and creating awareness to the insured about the rising cases of cyber crime .Creating awareness will bring the issue into the limelight and the insured will be able to take precaution measures. Additional manual procedures and control: The insurer should advice the insured to use some additional manual procedures in operations to minimize information theft from online platform. This will minimize chances of making wrong decision since there is manual backup information that cannot be stolen or manipulated by computer criminals. Web protection: The insured should practice website protection mechanism such as URL filtering to minimize cyber attacks. This will prevent malicious URL from accessing the aviation website therefore unable to cause destruction through hacking. Firewall: The insurer will have to ensure that the insured companies are using firewall that can block suspensions websites and spam from accessing the aviation company website. An up-to-date firewall will inform the insured in scenarios where the attackers are trying to access the website. Data loss prevention: The insurer is recommended to check and ensure that the insured has a data backup to prevent it loss. Having a backup will ensure that manipulations cannot interfere will the existing data .This will guarantee the companies safety in using the historical data to make decision that are free from manipulation. Anti Malware: The insured is advised to use anti malware software to avoid damages of software and information from malware. Anti malware will prevent attacks of the aviation software which can be easily misguided by these dangerous viruses. By using anti Malware, the insured online information and navigation software will not be affected henceforth avoiding loss or manipulation of aviation information. Increase premium for the industry: The insurer should have large amount of premium being paid by the aviation companies, to avoid them incurring significant losses when compensating the insured. This can be done by having premiums that can be differentiated to cater for the risk and another portion to act as a saving. By doing so, the insurer can be able to minimize the amount paid in case of a risk happening. Increasing control procedures and control: The insured will have to institute more procedures and controls in the aviation process to minimize the occurrence of an attack. By having more procedures will help the aviation companies to detect abnormality and handle the situation appropriately in case of any crime in the systems. By having these more procedures and controls, the aviation companies will reduce the risks hence an advantage to the insurer. Investing on superior software: The insured will have to invest in superior software that is not easily vulnerable to attacks from malicious cyber criminals. This will reduce the attempts or success of computer criminals from hacking the aircraft systems hence reducing the risk .High quality software will reduce frequency and probability of a risk happening. Identity access management: The aviation companies should develop and use an identification access management system to avoid customer identity theft. This software will help maintain the customer information by ensuring the users of the online information represent the true individuals and not hackers (Deloitte Belgium, 2016). This will increase trust in the company enabling better cooperation and more earnings. Reinsurance policy to cover cyber risks: It important for Oman insurance company to seek for a reinsurance policy to insure the emerging and rising numbers of cyber crimes risks in the Middle East. The cyber crime is leading to high cost of compensation that can cause significance of the aviation insurance product in the aviation sector (Venezian, 2009). This way, the insurer will be able to maintain it profitability in the business. Introducing new policies to cater for cyber crime: The insurer should introduce a new insurance policy to specifically cater for the cyber crime. Instead of having cyber crime causing risk to other insured factor and being compensated, the insurer can have an insurance policy to cover risks as a result of cyber criminals. By doing so, the insurer will be able to fix more premiums to the policy which will not exceed compensation in case the risk occurs. The government should formulate legislation to prosecute computer criminals: I also recommend that the government should institute laws that will persecute the cyber criminals once they are arrested. It is agreeable that they cause most of the aviation accidents and facilitate terrorism in the industry. Therefore, the government should go fourth and put in place all important measures to reduce cyber criminals and appropriate punishments once they are arrested. Conclusion In conclusion, the Oman Insurance Company will need to create new policies to insure cyber crime in the aviation sector. Having a policy for cyber crime differentiated with other insurance policies will enable balancing the significance of the aviation insurance policy. It is evident that the cyber crime is on the rise and cannot be assumed due to it significant loss and uncertainty level. Hence, it better dealt with. By taking into consideration the factors outlined in this papers and adopting it recommendations, the insurer (OIC) will be able to charge premiums that will cater for the compensation without the insurance company incurring losses. Therefore, the emergence and rise of the cyber crime requires a special focus to mitigate it ability to increase risk in an aviation sector and cause significance of the aviation insurance cover. References Akhgar, B., Staniforth, A., Bosco, F., Elliot, S., Rearick, B., Kumaraguruparan, P. and Rogers, M. (n.d.). Cyber crime and cyber terrorism investigator's handbook. Tameen.ae. (2016). Aviation Insurance Company | Oman Insurance Company. [online] Available at: https://www.tameen.ae/en/for-businesses/aviation/aviation-insurance [Accessed 25 Aug. 2016]. Insurancejournal.com. (2016). [online] Available at: https://www.insurancejournal.com/news/international/2015/09/16/381806.htm [Accessed 25 Aug. 2016]. Axe, L. (1931). Aviation insurance ... [New York]: Insurance Institute of America, Incorporated. Banwait, S. (2009). Insurance and crime. New Delhi, India: Cyber Tech Publications. Choo, K. (2011). Cyber threat landscape faced by financial and insurance industry. Canberra: Australian Institute of Criminology. Chowbe, V. (n.d.). An Introduction to Cyber Crime: General Considerations. SSRN Electronic Journal. Deloitte Belgium. (2016). Identity access management | Deloitte Belgium | Risk | ERS, security, privacy, resiliency. [online] Available at: https://www2.deloitte.com/be/en/pages/risk/solutions/identity-access-management.html [Accessed 25 Aug. 2016]. InfoSec Resources. (2014). Cyber Threats against the Aviation Industry - InfoSec Resources. [online] Available at: https://resources.infosecinstitute.com/cyber-threats-aviation-industry/ [Accessed 25 Aug. 2016]. Erm-academy.org. (2016). Cybercrime as the New Security Threat in the Middle East | ERMA - Enterprise Risk Management Academy. [online] Available at: https://erm-academy.org/publication/risk-management-article/cybercrime-new-security-threat-middle-east [Accessed 25 Aug. 2016]. Guaranteed renewability in insurance. (1996). Insurance: Mathematics and Economics, 17(3), pp.242-243. Hedges, B. (1954). Principles of financial analysis of underwriting expenses in property insurance. Houston, D. (1964). Risk, Insurance, and Sampling. The Journal of Risk and Insurance, 31(4), p.511. Kirti, S. (n.d.). Cyber Crime. SSRN Electronic Journal. Korchenko, O., Vasiliu, Y. and Gnatyuk, S. (2010). Modern quantum technologies of information security against cyber terrorist attacks. Aviation, 14(2), pp.58-69. MacMinn, R. (1987). Insurance and Corporate Risk Management. The Journal of Risk and Insurance, 54(4), p.658. MacMinn, R. (2005). On Corporate Risk Management and Insurance. Asia-Pacific Journal of Risk and Insurance, 1(1) Petroni, A. (2000). Aviation insurance management: Contemporary issues, problems and future trends. Technology, Law and Insurance, 5(3-4), pp.117-124. Pricing aviation insurance. (2006). Strategic Direction, 22(6), pp.16-17. Sahoo, S. and Das, S. (2009). Insurance management. Mumbai: Himalaya Pub. House. Security Middle East. (2015). Cybercrime one of the biggest Middle East security threats. [online] Available at: https://securitymiddleeast.com/2015/01/05/cybercrime-one-biggest-middle-east-security-threats/ [Accessed 25 Aug. 2016]. Tameen.ae. (2016). Corporate Profile - Oman Insurance Company- About Us. [online] Available at: https://www.tameen.ae/en/about-us/corporate-profile [Accessed 25 Aug. 2016]. The State of Security. (2015). Hacking Aviation Technology: Vulnerability Disclosure and the Aviation Industry. [online] Available at: https://www.tripwire.com/state-of-security/security-data-protection/security-hardening/hacking-aviation-technology-vulnerability-disclosure-and-the-aviation-industry/ [Accessed 25 Aug. 2016]. Venezian, E. (2009). Some Comments on Catastrophe Risk Management and Insurance. Asia-Pacific Journal of Risk and Insurance, 4(1). Vercammen, J. (2001). Optimal Insurance with Nonseparable Background Risk. The Journal of Risk and Insurance, 68(3), p.437.