Businesses are experiencing cyber attacks in 2022 from multiple fronts daily. Every email link, friend request or shared documents needs to be looked at as a possible threat. The more your business relies on technology and cloud-based software the larger the threat to the loss of that data.
Cyber criminals are always evolving their plan of attack. How can you protect your business for a cyber attack?
Ransomware Cyber Attack in 2022
The 2021 Colonial Pipeline ransomware cyber attack is a great example of a very public ransomware attack. Hackers gained access to their system and shut down operations, resulting in widespread gas shortages and panic buying across the East Coast. Colonial Pipelines insurance paid $5 million in ransom to regain access to its system.
With the public success of the Colonial Pipeline ransomware cyberattack, similar attacks resulted in criminals tripling their ransom price and more businesses falling victim.
One way to keep cyber attacks out of your office is to utilize Multifactor authentication. The two-step login process can prevent up to 90% of cyberattacks. Most include a password and a second verification of identity such as sending a code to a cell phone.
Ransomware cyberattacks are one of the fastest growing insurance claims in 2021. Make sure you are covered by purchasing the correct cyber insurance.
How Much Could a Cyber Breach Cost my Business?
According to CyberTalk.org – Data breach costs increased from $3.86 million to $4.24 million in 2021, the highest in the past 17 years. … The average cost of a data breach increased by $1.07 million due to remote work. Because of COVID-19, remote work has increased the average cost of a data breach. This should come as no surprise.
Supply Chain Cyber Attacks in 2022
Supply chain attacks in 2022 are becoming more frequent as dependence on technology grows and businesses of all sizes contract vendors to handle payments, marketing, payroll, benefits and more. A Supply chain attack is when a vendor says a payment processing company has their software hacked and cyber criminals install malware into their code. When a business updates their software in a routine software update, they unknowingly install the malware as well. In 2013, Target was hit by a supply chain attack with hackers stealing data from up to 40 million credit and debit cards through a third-party vendor. Lucky this type of attack is also covered by Cyber Insurance.
Cyber Insurance to Protect Against Cyber Attacks in 2022
Lots of Business Owners Policies or Package policies do include some Cyber Insurance Coverage right now, but with such a large increase in Cyber related insurance claims it is getting harder to buy Cyber Insurance. The cost of the coverage is also going up. Not only can Cyber insurance help you if your data is being held for ransom, but it can also help if your customers, or employee’s data is stolen. It cost around $205/identity stolen to notify appropriately as well as handle PR for the Cyber Attack Event.
Again, experiencing a cyber attack in 2022 is not If but When. With international cyber criminals creating their own businesses in the niche of writing malware code to access personal information to use on the dark web or just to disrupt business for a large chunk or cash, THIS IS NOT GOING AWAY.
Buy the correct Cyber Insurance, and start utilizing Multifactor Authentication, maintain a cybersecurity plan, mandate employee training, and keeping systems and software up to date.
Bancorp’s insurance experts are available to provide you with a free review and consultation. Contact Us – Bancorp Insurance Call 800-452-6826
Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our agents.