Concerned that you may not be able to obtain or afford Cyber Liability coverage? You should be, if you don’t have extensive Firewall, Multifactor Authentication (MFA), and other security measures in place. Even if you learn you are presently uninsurable through the underwriting process, in most cases such deficiencies can be rectified so that Cyber coverage can subsequently be obtained, and either way, the process will be informative and beneficial to protect your business from one of the most likely and most potentially severe types of loss to a business today.
In a society heavily dependent upon data, technology, and internet infrastructure, there are plenty of cybersecurity threats around. The rapidly changing dynamics of the industry make it challenging to keep up. Every business owner should understand the risks and be attentive to 2023’s upcoming cyber threats.
Cybersecurity Threats In the Coming Year
Every business should be watching out for the following four cyber risks.
1. Increased Frequency of Cyber Attacks and Data Breaches
There has been an increase in ransomware attacks in recent years, both in frequency and in the significance of the targets. Cybercriminals are increasing the risk factor by targeting businesses with high-value operations, including core infrastructure operations.
Attackers could easily weaponize these attacks in an attempt to destabilize commercial infrastructure. Ensure your company’s infrastructure is resilient and secure against brute force and sophisticated penetration methods. Cybersecurity insurance is essential to protect your company from financial losses caused by these breaches.
2. Risk Exposure for the Software Supply Chain
The software supply chain is more cloud-based and digital than ever. With this transition to borderless operation comes increased security risks. Cloud-based systems require dependence upon third-party security measures.
Trends indicate that open-source and commercial software will continue to be a target, and attacks will likely increase. Ensure supply chain integrity through routine supplier communication and frequent security infrastructure reviews.
3. Greater Vulnerability with Increased Data Dependence
Data production and consumption are happening faster than ever with the reliance on the Internet of Things and AI technology adaptation. The increased data volume brings an increased dependence on that data.
Targeted corruption of that data’s accuracy, stability, and integrity may prove devastating to businesses. Ensure your business has a robust cybersecurity plan and review the plan and the teams involved regularly. Prioritize your efforts to the data that needs protection through a comprehensive review of your infrastructure and operation.
4. Challenges for Security Teams Keeping Up With Changes
Evolving supply chain data, communication, and data access needs make cybersecurity a moving target for most businesses. In addition, ethical and regulatory considerations play a crucial role in many of the data integrity and security decisions businesses make. Your team needs the tools and information access that keeps them on the cutting edge of technology’s evolution to ensure that they remain current on those changes.
Sometimes response times are critical as vulnerabilities become apparent. Recognizing security holes, patching weaknesses in infrastructure, and responding to the latest changes in acceptable technology keep your business on the cutting edge of data protection.
The Importance of Proactive Cybersecurity Measures
Recognizing these risks facing businesses in 2023 is a start. Proactive preparation for those risks is essential. Build a team that knows the industry well enough to build your company’s security infrastructure and keep it relevant. Stay informed of the latest changes in data management, integrity, and security, and hold your third-party providers accountable for security measures.
These are the critical cybersecurity threats that businesses should be attentive to in the coming year.
Contact a Brooks, Todd & McNeil Agent Today
Our dedicated team can make sure you and your business are well protected from insurable cyber threats. We can review your current coverage or help you secure a new policy that is customized to your needs. To learn more about our products and services, contact us today at (800) 448-4567.