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The Trends of Cyber and Data Risk

Cyber liability continues to be a big concern for businesses – and individuals – with data. And whether we like it or not, we all have data that can be targeted. For businesses, the amount of data is likely much larger and more susceptible to attack. And while this has been true for a while now, the way that cyber criminals attempt to breach this data continues to evolve. Let’s take a look at some of these trends.

Sustained Campaigns

Data shows that there is cyber attack every 11 seconds. Hackers are trying more methods that used heavy “campaigns” to try and find vulnerabilities. One such method, A distributed denial-of-service (DDoS) attack occurs when multiple systems flood the bandwidth or resources of a targeted system, usually one or more web servers. A DDoS attack uses more than one unique IP address or machines, often from thousands of hosts infected with malware.

Automation of Attacks

You’ve heard about automation for all sorts of industries and tasks, so it only makes sense that cyber criminals would automate as well. Crimeware is the name for this form of automated attack, and it is used in a wide array of activities. Stealing passwords, logging keystrokes, redirecting websites to malicious sites – these are all activities being automated perpetrate identity theft through social engineering or stealth.

Espionage and Cyber Spying

When you have sensitive or proprietary data, perhaps plans, blueprints, recipes, etc. that are advantages for your business, they may also be under attack. The goal of these attacks is to access the “secret” info, and then use it either for ransom demands, or in some cases, to give rival entities an advantage over the attacked business.

What Your Business Can Do

In addition to these “trending” attacks, there are plenty of other methods used. Card skimming, point of sale attacks, malware, phishing – it’s all still around. So, with all these threats to your data, what can you do to prepare your business?

  1. Have protocols in place for use of devices and access to files
  2. Back up files in secure cloud storage
  3. Utilize cybersecurity programs and regular update programs and scan files
  4. Consult with cybersecurity specialists on your unique risks
  5. Have a cyber attack response plan in place
  6. Have the right cyber liability insurance

Your business may need cyber liability coverage added to its policy, or it may need “standalone” insurance with higher limits and more coverages. We can help you review your risks and understand what’s available to help protect you, your business, and your data.

Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing to discuss your insurance options.