Uber had its data held to ransom and paid hacker’s money to keep quiet. How would you respond to a hack like this one?

Uber reported the stolen data was deleted by the two hackers who gained access to its system. It said there is "no evidence" of fraud tied to the breach. However the UK’s National Cyber Security Centre (NCSC), an arm of the British Government Security Service - GCHQ, has urged Uber users to change their passwords and be vigilant about online fraud.

The US based ride-hailing app revealed last week (Nov 2017) that 50 million customers and 7 million drivers had their details taken in October 2016 due to a security flaw. It paid the hackers $100,000 to delete the data they had and to keep quiet about the hack! This cover-up was orchestrated by its now-ousted chief executive, Travis Kalanick.

The Information Commissioner's Office, the UK's data watchdog, has said Uber failing to disclose the breach for so long increases the chances of it being fined over the incident. This may not be the only government agency thinking of action.

So how would you have dealt with such a breach? Email me at hello@microinsurance.com if you think a ransom insurance product would be useful for you.

At microinsurance are focused on changing the way insurance is made available, developed and processed. We are in the forefront of that change; developing insurance products that work with technology and are there to be used by micro and small businesses around the globe. We will be announcing new products that can be used to support small businesses in their time of need and that can be purchased simply.

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Posted in Cyber Insurance blog on Nov 30, 2017