Digital services have become a way for companies across industries to be more competitive and connect better with their consumers. As more and more information is made available online, and more transactions occur online, cybersecurity risks become a severe liability. Strong information security practices protect a business’s ability to function, safeguard all technology in use, protect any data collected from the company, and ensure safe operations across applications use by and with the organization.
For businesses making headway in 2020, there are several significant cybersecurity threats to recognize.
Remote Worker Liabilities
As more employees have been sent home to work during the 2020 pandemic, there are concerns that many are working without any endpoint perimeter security. Mobile devices bring threats of phishing attacks and casual disregard for privacy. Experts believe that 25% of the data breaches that occur in 2020 will be through mobile devices or telecommuters and their unprotected equipment.
Over 75% of the cyberattacks in 2019 were related to phishing attacks, which are social engineering attempts to steal credentials for cloud-based or on-site service users. Phishing attacks often occur through four tactics:
- Attempts to steal SaaS credentials
- Attacks sent through messaging apps
- Interactive business email compromise attacks
- Phishing through shared files
As hackers continue to get more sophisticated, more companies will need the support of Ohio Cyber Liability Insurance to ensure protection against potential breaches.
As businesses increase their reliance on cloud computing, code injection attacks against cloud platforms are expected to emerge as a significant security threat. Whether done through SQL injections or cross-site scripting, the intent is to access or assume control of sensitive data or files stored in the cloud. Alternative threats include an unwitting download and execution of commands from third-party libraries that have been corrupted with malicious code.
Internet of Things Devices
The widespread use of IoT devices is expected to continuing growing, reaching an estimated $1 trillion by 2026. As medical devices become a leading component of new releases, there is much alarm that cybersecurity threats could create a serious health crisis. With products still in development stages, there are increased vulnerabilities that experienced cybercriminals could exploit.
Artificial intelligence and machine learning are changing the face of digital processing, but deepfake attacks use these technologies as weapons to manipulate videos or images to create a false narrative of an activity. In a politically and racially charged U.S. society and in the unrest around the globe, deepfakes can have a tremendous impact on safety and security for millions of people.
Companies looking to defend their networks, consumers, and employees from being targets of cyberattacks need to be fully invested in enhancing their IT security measures. Teaching best practices, employing third-party monitoring, and carrying comprehensive cybersecurity insurance all reduce the potential of your company falling victim to a cyberthreat.
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.