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Cyber Liability: Top Cyber Security Risks for 2013


Cyber Liability: Top Cyber Security Risks for 2013Top Cyber Security Risks for 2013

In December, ThreatMetrix, a provider of integrated cyber crime prevention solutions, released its top cyber issues for 2013. While there are no real surprises here, considering the amount of media coverage cyber security and cyber crime have received over the last few years (including in our blog), it’s wise to review what’s in store for the coming year.

Here are some of the top cyber security trends and risks pegged to impact businesses and consumers across several industries in 2013, according to ThreatMetrix:

Data Breaches will continue to place top brands at risk (think back to Zappos, LinkedIn and others hit during 2012). These types of attacks are expected to continue in 2013 as more security weaknesses are discovered by cybercriminals.

  • Malware, historically targeted at financial institutions, will increasingly affect retailers, alternative payments and digital currencies in the New Year. These targets don’t have the same stringent levels of malware protection that financial institutions employ. Retail customers who typically use the same password and save login details across several accounts are also placed at greater risk for fraud.
  • BYOD (Bring Your Own Device) trend increases risks. Cybercriminals are becoming more adept at designing malware that turns employees’ devices – smartphones, tablets, PCs – into unwitting attackers of their own companies or accounts. In 2013, BYOD will continue contributing to today’s malware threats through shared devices, search engine poisoning, image searches, hidden URLs and syndicated advertisements.
  • Cloud computing increases risk. As enterprise systems move to the cloud, businesses will become more vulnerable to security breaches – the cloud is much easier for fraudsters to attack than traditional behind-the-firewall systems.
  • With mobile growth, fraud risk increases. Mobile transactions are projected to reach $1 trillion by 2017, making businesses and consumers more susceptible to fraud and malware attacks on mobile devices. Retailers and financial institutions do not have the bandwidth to monitor every transaction for suspicious activity, so consumers must take measure to protect their accounts.
  • Social media spam and fraud. Social media sites are working towards decreasing the prevalence of spam and fraud in 2013, but oftentimes these sites operate on several platforms through social registration, comments, voting/widgets and others. Administrators of sites such as Facebook and Twitter must take all platforms into consideration for their cybersecurity strategy.

No industry is completely safe from cyber crime and fraud. The key is to implement preventative measures in place before it’s too late, and be sure you have insurance protection to help mitigate your risks. At Axis Insurance Services, LLC, our cyber security insurance specialists can work with you to reduce your upfront exposure, develop effective new processes and procedures to minimize your risks, and help protect you against financial loss. Give us a call at: (877) 787-5258.

Source: WebHost Magazine

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Blogged on: January 17, 2013 by Mike Smith
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