The past year brought various cybersecurity developments across industry lines. Unfortunately, much of the cyber turmoil that plagued the world in 2021 will continue into 2022. Cyber threats continue to evolve—presenting new and expanding issues for many organizations.
In fact, experts believe that this year will be a “hangover” year from 2021. “Businesses must increase their focus and move past simply catching up to the ‘new normal’ in how they operate,” said Michael Bruemmer, global vice president of Experian Data Breach Resolution. “Cybercriminals have honed in on pandemic disruptions this past year, so security professionals need to shore up security protocols and have data breach response plans in place—especially for ransomware—should a breach occur.”
So what can you do to get protection from cyber threats? Increase your awareness of cyber security and consider cyber liability insurance for your business.
Cybersecurity Trends to Watch for in 2022
Because much of our lives are online, staying informed on cybersecurity is no longer optional. As such, it’s vital for organizations to adjust their cybersecurity practices accordingly. Here are some key cyber trends to watch for in 2022:
- Rise in Ransomware Risks: Ransomware attacks have skyrocketed over the past few years. A recent study evaluated 5,797 claims arising from incidents between 2016 and 2020. Across the five years of claims data, ransomware accounted for 32% of all incidents affecting small to medium enterprises (Source: NetDiligence’s Cyber Claims Study). Moving forward, organizations can’t afford to ignore ransomware risks. In particular, these types of attacks should be addressed during employee training and in workplace cybersecurity policies.
- Spotlight on Supply Chain Safeguards: Several large-scale supply chain cyber attacks took place throughout 2021, impacting major organizations, including Microsoft, Colonial Pipeline, and Kaseya. The collective fallout from these incidents has motivated organizations to review their supply chain cybersecurity risks and take steps to minimize their exposures. These steps might include incorporating cybersecurity expectations into vendor contracts, minimizing third parties’ access to organizational data, and monitoring suppliers’ compliance with supply chain risk management procedures.
- Cyber Skills Gap Challenges: Widespread worker shortages are anticipated to contribute to the labor market’s already significant cyber skills gap. According to the Information Systems Security Association, there are nearly 4 million unfilled cybersecurity positions worldwide. This means that it may become more difficult for organizations to secure qualified IT professionals, potentially threatening their security capabilities. Additionally, employees of all positions may require further training to ensure proper protection against evolving cyber threats.
6 Steps to Increase Cybersecurity
To help protect your company from cyber attacks, there are a few preventative measures you can take in order to safeguard your assets. Keep the following in mind:
- Create a Plan. While there’s no guarantee your business will be targeted, having a cyber security response plan in place is essential for anyone that does business online.
- Don’t Click! If you’re not 100% certain a website link is safe, leave it alone until you can alert a member of your IT team.
- Think Twice. Do not install any software without first consulting with IT and getting the go-ahead.
- Privacy is Key. Never give out personal information to anyone you’re not working with.
- Stay Safe. Keep passwords protected at all times. Make sure that you’re also updating them regularly.
- Speak Up. Accidents happen. If you believe you’re in a phishing, malware, or ransomware situation, ask for help immediately!
Get Cyber Liability Coverage
The most efficient step you can take to increase cybersecurity is to include cyber liability insurance coverage that fits the needs of your business.
Cyber liability insurance is specifically designed to address the risks that come with using modern technology—risks that other types of business liability coverage simply won’t cover. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure.
Your cyber liability insurance policy can be tailored to fit your unique situation and can be written to include the costs of disclosure after a data breach. Contact us to learn more about cyber liability insurance and how you can protect your business from a data breach.