Businesses of all sorts have become more exposed to cyber-attacks as a result of their haste to respond to the post-COVID consequences. The year 2020 was a big one for ransomware attacks. Ransomware was the source of more than 40% of claims submitted in the first half of the year, according to the report “H1 2020 Cyber Insurance Claims Report”. Also, it emphasized that the average demand for ransomware increased by 100% from 2019 through 2020. Numerous companies, in addition, said that ransomware attacks were one of the most detrimental and prevalent cyber threats.
Cybersecurity is becoming more vital than ever in today’s society. Regardless of the many steps taken, cybercrime is on the rise at an astonishing rate. Security is one of the most important components of any business, and in today’s era of digital media, all firms must prioritize safety.
The threat landscape is changing
The danger landscape is dominated by two patterns, both of which have a significant influence on risk:
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Rise in the number of unsophisticated attacks
According to CheckPoint Research (CPR) report, the frequency of cyber-attacks every week on business networks spiked by 50% in 2021 compared to 2020. Unsophisticated assaults have never been simpler, arguably. It is not illegal to employ a hacker in several countries, and there are no international legal agreements in place to allow for transnational prosecution of cyber-criminals. Simultaneously, the Dark Web has evolved into a marketplace for anybody (within or outside an organization) to purchase, download, and install malware.
New, more sophisticated threats on the horizon
Other types of attacks are growing more advanced. New possibilities for cyber-criminals emerge as the internet grows and cloud computing and the Internet of Things (IoT) become more widespread. Voice fraud and crypto-mining are two examples.
Here are several methods for organizations to safeguard their devices and networks.
Ensure that software is up to date
Enterprises must make sure that their operating system and security software are set to automatically update. Important security improvements for recent attacks and viruses may be included in updates. Most updates may be scheduled after business hours or at a more convenient time for the business. Since updates solve major security problems, it’s critical not to disregard update prompts.
Cyber insurance can help protect a company’s assets
As the frequency and complexity of cyber-attacks grow, company leaders must develop a mindset of anticipating a cyber-attack rather than wondering whether one will occur. It is no longer a question of “if,” but rather “when” a cyber-attack will occur. Business owners, on the other hand, frequently neglect the importance of cyber insurance. Cyber insurance assists organizations in recovering financial damages and paying for recovery procedures such as credit monitoring and notification of impacted parties, attorneys’ costs, breach investigation, and more when faced with cyber-attacks and data breaches.
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When looking for cyber insurance, it’s vital to engage with reputable providers that have a track record of helping company owners identify and quantify their risk, as well as personalizing insurance plans to the insured’s individual needs. Cyber policies should be thoroughly examined to determine what sorts of attacks are covered, as well as business continuity coverage and any exclusions. While cyber insurance may appear to be a scary prospect, there are choices that make it both accessible and inexpensive.
Activate spam filters
Companies can reduce the quantity of spam and phishing emails that they get by using spam filters. Spam and phishing emails can infect computers with viruses or malware, or steal personal information. The best thing to do if a business receives spam or phishing emails is to delete them. By using a spam filter, they may limit the chances of them or their staff accidentally opening spam or deceptive email.
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