Business as Usual During COVID-19
Click here for important information on Atlantic Insurances Business
Continuity measures during the Covid-19 Pandemic
business insurance - Atlantic Insurance

    Click Here to Get a Quote

    Cyber Insurance: The Changing Cyber Threat Landscape

    Cyber attacks are growing in both frequency and sophistication. With growing dependence on the digital world come more opportunities for cyber criminals, leading to a 358% rise in malware attacks in 2020 compared to 2019, explains a cyber crime statistics report by AAG. The report states 2021 also saw a 125% global increase in cyber attacks, with higher volumes again in 2022. 

    Phishing, in particular, remains a common method of attack. 92% of organisations faced a phishing attack in 2022. As reported by the FBI, total financial losses to criminal cyber events were over $10 billion, compared to a total of $6.9 billion in 2021. 

    An awareness of the current trends in cyber incidents, as well as preparing for cyber risk, is important to protect against the growing threat and ensure you are able to financially recover. Learn about the current landscape of cyber crime and how best to protect your business with Cyber Insurance and more. 

    Current Cyber Trends

    Growing Online Presence 

    As Mimecast explains, cyber threats have multiplied due to emerging technologies enhancing and encouraging online collaboration and digital networking. This is creating a more treacherous online landscape as the popularity of these online interactions is exploited by cyber criminals. With growing online presence, small security shortcomings and mistakes can lead to data breaches and have a devastating impact. 

    Email-based Threats

    Email-based threats and phishing attacks remain a primary method of cyber attack that threaten intellectual property. Mimecast states that ¾ of companies have experienced an increase in email-based threats, while 97% of companies have been targeted by email-based phishing attacks. 

    The most prevalent forms of email attack include:

    • Phishing: Emails which induce individuals to reveal sensitive or personal information
    • Ransomware: Malicious software which involves blocking access to systems until a sum of money is received. 
    • Spoofing: Emails which disguise the identity of the criminal/sender as another individual. 

    Preparing For Cyber Threats

    Comprehensive Cyber Preparedness Program 

    Cyber preparedness involves devising a strategy to prevent, respond to, and recover from a cyber security breach. While initial steps include identifying risks and implementing an incident response procedure, it is also important to spread awareness of the strategy and continually review and improve this strategy over time.

    Bitsight recommends that you PREP:

    • Proactively identify risks
    • Recovery procedure implementation
    • Enterprise-wide continuous improvement
    • Practice

    Cyber Insurance 

    While cyber preparedness is essential to avoid cyber threats, appropriate insurance cover is recommended to assist with recovery in the event of a successful cyber crime attack. This will assist with financial loss to your business as well as compensating for loss to others should customers or others become impacted by an attack. 

    The type of business that you operate, the data you store, your IT infrastructure and approach to risk management are all factors that will determine the level of coverage that is appropriate to protect your business. A reliable Insurance Broker such as Atlantic Insurance will be able to assess your unique circumstances to devise a tailored insurance plan. 

    AI and Machine Learning

    Artificial intelligence and machine learning can be a great resource to stay ahead of cyber attacks for accurate threat detection, improved attack blocking, and faster attack recovery, says IBM Security

    Increased Awareness & Alertness

    Mimecast’s 2023 email security report states that 97% of users are unable to recognise a phishing email when it is received, and over 95% of all data breaches are due to human error. It is therefore extremely important to foster a culture of cyber awareness to assist in recognising attacks. 

    For an awareness culture that protects your business, it is recommended that you:

    • Implement good password hygiene
    • Use personal emails correctly
    • Do not share company information on insecure platforms such as social media
    • Use smartphones smartly
    • Use collaboration tools appropriately 

     

    Comprehensive Cyber Insurance Cover With Atlantic Insurance 

    With the increasing risk associated with cyber threats, appropriate insurance is more important than ever to ensure your company is able to recover, and to recover quickly to avoid business interruption

    Atlantic Insurance Brokers has been arranging Insurance Programs to protect businesses for over 25 years, and is dedicated to providing you with comprehensive, personalised cover. 

    Contact us today to discuss your requirements and receive a quote. 

    Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

    About The Author

    CLICK HERECLICK HERE