In December of 2020, the public was made aware of a massive cyberattack. The breach impacted multiple departments in the U.S. federal government as well as several large corporations. The cybercriminals gained access to targeted systems in March and had been gathering critical data for months. The breach was so large that, as of late December, cybersecurity experts were still uncertain about the full scope of the problem.
If organizations and companies that spend a lot of resources on securing their technology systems are vulnerable to cyberattacks, then it stands to reason that no system can be entirely secure. Cyber threats are constantly evolving, as hackers devise new methods and expose new vulnerabilities. Understanding what threats exist can help you reduce your risk of cyberattacks, but it is also important to maintain cyber liability insurance in the event your business becomes a victim.
What Cyber Threats Do Businesses Face in 2021?
Data breaches are costly for companies, but they can also have a devastating impact on clients and customers. The incidents of cyberattacks have been steadily increasing, despite improvements in security measures. There are numerous areas that present risks for businesses across a wide range of industries. In 2021, the most prevalent concerns include:
- Dramatic increases in the number of people working from home, where personal computers lack the same security standards found in the workplace.
- Increasing sophistication in the methods cybercriminals use to hack systems.
- Potential threats to the security of cloud storage systems, which are expected to be targets in the upcoming year.
- Continued risks from phishing emails, as employee susceptibility has not diminished.
- Continued risks from intentional or unintentional internal data breaches.
What Can Businesses Do To Protect Data and Information?
It is no longer sufficient to simply install anti-virus software on workplace computers. Cybersecurity now requires a multi-faceted approach. Two-factor authentication, security software, and firewalls are all tools that need to be included in your security toolbox, and they all need to work in conjunction with one another.
Utilize artificial intelligence in the fight against cyberattacks. AI can detect phishing attempts, data breaches, and social engineering efforts far more quickly than humans and sometimes in real-time. Ensure employees who work remotely have appropriate security software on their computers and educate them about cyber threats and what to do if they notice something suspicious.
Why Do I Need Cyber Liability Insurance?
One final measure every business should take is to invest in cyber insurance coverage. A cyber liability insurance policy provides an important safety net should your company fall victim to a hacker. A policy can provide you with support in covering expenses associated with forensic investigations, recovery of computer and data losses and business interruption costs. Additional coverages are possible and can be tailored to your company’s individual needs.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.