No matter what line of business you’re in, cybersecurity attacks are an ever-present risk. That risk has increased exponentially during the pandemic as more critical business processes have moved online. Now, heading into our third year of the pandemic, cyber criminals are exploiting certain vulnerabilities that your business needs to be aware of and guard against. We cover the largest cybersecurity threats, and everything you need to know to stay protected.
Let’s look at the most common types of cyber threats that should be on your radar.
The Most Common Cybersecurity Threats
Some of today’s most pervasive cybersecurity threats include:
- Ransomware: when hackers make your website inoperable during critical sales cycles and demand a “ransom” in order to make your technology functional again.
- Distributed Denial of Service (“DDoS”): When cyber actors send more traffic to your website than it can handle in an effort to make it crash (again, this is usually accompanied by a ransom demand if you want the problem fixed).
- Phishing: The use of fake (yet legitimate-looking) emails that make consumers believe they’re interacting with your company when instead they’re sending credit card or other personal information to hackers.
- Data Breaches: The wholesale theft of sensitive information from your company’s servers.
- Gift Card Fraud: Once hackers have stolen credit card information from your databases, they use those numbers to purchase and distribute gift cards that can then be used anonymously around the globe.
Cyber Risks to Watch Out For
Cybersecurity experts are anticipating specific threats from cyber criminals this year. From hybrid work vulnerabilities, to ransomware “pile-ons”, and exploitation of the software supply chain, we have the critical information you need on cyber risks to protect your organization from the top cybersecurity risks this year.
Hybrid Work Vulnerabilities
As more and more companies move to a permanent hybrid work arrangement, the sheer number of unsecured devices of people working from home has notably broadened the attack surface. With personal and professional lines increasingly blurred and more employees and executives working from personal devices or personal networks, the threats are compounded. Cyber criminals will continue to exploit these vulnerabilities.
Ransomware Pile-Ons Targeting Repeat Victims
Once a company reveals their susceptibility to being ransomed, they’re much more likely to be ransomed again. As Security Magazine notes, “once an organization is shown to have paid a ransom, others will pile on to get their share of the action. In some instances, threat actors will hit a company multiple times — doubling or even tripling extortion rackets.”
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Monetization of Software Supply Chain Attacks
While cyberattacks used to be reserved for high-profile targets, cyber crimes in 2021 revealed the threat against small- and medium-sized businesses whose data could be compromised through breaching the servers of managed service providers, as we saw with the Kaseya breach. This also reveals the vulnerabilities of software as a service providers (SaaS), with Security Magazine predicting that, “threat actors will search for weak links in software supply chains and target widely used software.”
What You Can Do to Protect Your Business from Cybersecurity Attacks
While there is no fool-proof method for avoiding cybersecurity attacks in 2022, there are a few key measures your company can employ to lower the chances of a catastrophic loss.
- Educate employees on cybersecurity. Cybersecurity threats can enter your company at any level. Even if your business has a top-notch cybersecurity team in place, it’s a good idea to educate all employees on the risks, signs, and remedies of cyberattacks. Start by requiring mandatory IT/cybersecurity training for all new hires.
- Get a secure tech infrastructure in place. You know where the weak spots are in your IT infrastructure – and if you don’t, it’s time to hire someone to figure it out before the hackers do.
- Obtain a cybersecurity liability insurance policy. The bad news about today’s hackers is that no matter how many safeguards you put in place, they’re working around the clock to defeat them. Why not give your business peace of mind by having a solid cyber liability insurance policy in place before a problem arises?
If you have questions about the different types of cybersecurity liability coverage that are available, we’re happy to help. Contact Roger for more information on these, or any other issues you may have surrounding your insurance needs.
Conclusion
Businesses must protect themselves from rising cybersecurity threats, which have intensified during the pandemic. Key threats include ransomware, DDoS attacks, phishing, data breaches, and gift card fraud. As companies adopt hybrid work models, vulnerabilities from unsecured devices increase. Repeated ransomware attacks and software supply chain breaches also pose significant risks. To mitigate these threats, businesses should educate employees on cybersecurity, secure their tech infrastructure, and obtain cybersecurity liability insurance. Readers are invited to contact Roger J. Stewart for a cyber risk assessment by filling out the form provided in this article.
