Cyber Insurance

Why Cyber Insurance Is Vital for Protecting Your Business in 2017

Specialised cyber risk management firm Stroz Friedberg has announced the top cyber threats facing businesses in 2017. Their most recent report “2017 Cybersecurity Predictions,” claims cyber espionage, data integrity attacks, and attacks on Internet of Things (IoT) devices, will be prevalent in 2017.

They warn business owners that cyber attacks are likely to intensify in the coming year as cyber criminals become more advanced and more cunning in exploitive techniques.

The report listed the following as the top cyber risk predictions for 2017:

  • Exploitation of Internet of Things: Cybercriminals will use IoT devices to attack infrastructure. As more people connect more devices to the internet (such as heating/cooling systems and household appliances) cybercriminals have more opportunity to hack these systems. Once they have infiltrated the system, criminals can infect the devices with malicious software, without the knowledge of the owner, and use them as launch points for distributing malware, spam and distributed denial of service (DDoS) attacks.
  • Data Integrity Attacks Will Increase: Data sabotage is likely to become a reality in 2017, where criminals try to create confusion and doubt over the accuracy and reliability of information and data, in order to impair decision-making.
  • More Sophisticated Methods of Spear-Phishing: Spear-phishing is a fraudulent act, where criminals send mass emails from a known or trusted sender in order to encourage targeted individuals to reveal confidential information. In 2017, the way criminals spear-phish will become more advanced and more targeted. The report warned that criminals are likely to increase their focus on using human error as an entry point, and will exploit employee weaknesses to enter the business system, known as ‘social engineering’.

The report emphasised the importance of including cyber risk management as a key part of any business’ risk management strategy this year, describing this as “a critical part of doing business” in 2017.

Cyber attacks are likely to intensify significantly in the coming year, and it’s important that your business is protected. Speak to your insurance advisor about how Cyber Insurance may be of benefit to your business.

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