The types of top cyber security threats for businesses haven’t changed much in the past couple of years. As cyber security threats continue to advance, it’s more critical than ever to assess your company’s vulnerabilities.
It appears that cyber security threats for businesses in 2022 closely align with those in 2020 and 2021, but the risk of attack is now much greater. This can be attributed largely to the fact that during the height of the pandemic, 70% of full-time employees in the United States were working from home.
Top cyber security threats for businesses in 2022
Phishing is a hacking scheme that tricks users into downloading harmful messages by using legitimate-looking links, attachments, business names, and logos. In a recent study from Cisco, 2021 Cyber Security Threat Trends, 86% of organizations admitted to having at least one user connect to a phishing site.
Also known as malicious software, malware hacks devices by either slowing them down significantly or stopping them from working entirely. It destroys computer systems through agents such as trojan malware, spyware, viruses, ransomware, adware, and worms.
Ransomware attacks are online attacks that hold a business’ data hostage for a ransom payment. Ransomware, a top type of cyber security threat, has been the largest driver of cyber insurance claims in the last 5 years.
4. Data Breaches
Data Breaches occur when protected, sensitive, and confidential user information such as credit card numbers, email addresses, and social security numbers, is stolen from a system and is then shared without the user’s permission.
5. Compromised Passwords
This occurs most often when a user enters their login credentials unknowingly on a fake website. Common username/password combinations increase the account’s vulnerability to attackers.
How to Combat Cyber Attacks
Cyber Security is as important as ever, and with growing threats to businesses, having a robust security solution is essential. Training your staff, backing up data, installing a firewall, and good password practice are all valid attempts to reduce cyberattacks, but they’re still going to happen despite your best efforts. Understanding what cyber insurance is, and why your business needs it are paramount to protecting your business.
What is Cyber Insurance?
Cyber insurance is a specialized form of insurance made for today’s digital age. It is uniquely designed to help protect businesses from different types of cyber security threats and the risks posed by potential data breaches. Cyber Liability Insurance is designed to address risks that are not covered by other types of business liability insurance.
So Why Does Your Business Need Cyber Insurance?
Recovering from any of the above cyber security threats is both costly and time-consuming.
A cyber liability policy has many nuances and can help protect your business should you fall victim to one or more of these top security threats. It can cover expenses for recovering compromised data, attorney fees, forensics costs, regulatory compliance, and media communications. Compared to the high cost of fixing a breach, cyber insurance is relatively inexpensive. So, consider protecting your revenue, company data, hardware, computers, and networks before an unsuspecting employee bites the phishing bait.