Last year, executives, consumers, and even the election were hit by data leaks, malware, phishing attacks, and ransomware. In fact, according to Carbonite, an online backup service, almost one in five small business owners say their company has had a loss of data in the past year. Carbonite and other industry experts expect this number to grow this year, particularly for small businesses that lack the resources of enterprise companies. A single data hack could have associated costs ranging from $82,200 to $256,000, according to Carbonite.
Following are several cyber trends for 2017, compiled from numerous sources, of which to take note so that your firm is cyber-ready:
- Hackers will continue to take the path of least resistance by exploiting common, unpatched vulnerabilities to gain access to organizations and their critical data. This means security and operations teams must collaborate even more closely for greater vigilance.
- Cyber attacks and data breaches within small and medium-sized businesses (SMBs) will increase dramatically in 2017, as echoed above by the folks at Carbonite. SMBs need to invest in strong security defenses or risk going out of business.
- There will be an increase in hybrid attacks, which involve more than just a single threat vector. For instance, a hybrid attack can include deceptive email to deliver malware and then DDoS to complicate recovery from a malware attack. This type of attack enables online criminals to carry out their crimes and then cover up their footprint.
- There will be a shift in focus from broad-based attacks to more targeted attacks against specific firms or individuals.
- Ransomware isn’t going anywhere soon, as it has proved to be one of the most-effective ways to infiltrate an organization, and cyber-criminals are increasingly becoming better at embedding viruses into innocent-looking email attachments.
- More organizations will appoint a C-level executive (CISO) to elevate risk to the executive level, and the role of the CISO will shift, moving beyond that of compliance monitor to drive a change in culture.
- Analytics will shine a light on internal threats. As data breaches continue making headlines and challenging businesses to elevate their security measures, there will be a growing awareness in 2017 around the danger of internal threats. Non-disclosure agreements (NDAs) no longer will be sufficient to ensure the safety of confidential or proprietary information. Instead, some believe more businesses will start employing analytics tools to monitor when data is being accessed, by whom and for what purpose.
- Cyber insurance will become part of IT budgets. Security companies say that businesses should be worried not about if they will be breached, but when. As more organizations accept this reality and consider how they will recover from potentially crippling financial losses of a data breach, incident response plans are evolving to include Cyber insurance.
With regard to Cyber Liability insurance, it’s important to have a professional insurance advisor secure a program that is designed to address your exposures and minimize your risks. There are many Cyber policies on the market with varying coverage features and limits. Axis Insurance Services specializes in finding the right Privacy & Network Security and Cyber Liability solution for clients. We work with several markets and will help craft a policy that responds to your needs. Give us a call at (877) 787-5258. We will help you get cyber-ready now and in the future.
Sources: Tech Republic, E-Week