Insurance Insights

Cyber Security Threats in 2020 – What to Watch For and How to be Ready

Ransomware Among Major Cyber Threats to Watch For in 2020.

A recent survey indicated 53% of businesses in the United States reported being the victim of a cyber attack in 2019. And the forecast doesn’t look good for 2020. Cyber security experts predict an increase in cyber attacks in terms of both frequency and severity while warning that businesses of all sizes can be targeted.

One of the challenges of implementing reliable cyber threat protection is that the finish line keeps being moved. As security measures continue to improve, so do the methods and tools of cyber criminals. There is a range of possible threats to be aware of when it comes to keeping your organization cyber secure in 2020. Here are five risks you should know and understand:

Ransomware—This type of attack can be among the most expensive for your company to have to deal with. Ransomware refers to a type of malware that can breach and encrypt the victim’s files. The victim is then forced to make a ransom payment in order to regain access to their data. In addition, some attackers may also extort your company, and threaten to disclose or sell your data. Companies are advised to regularly back up all critical data and keep the backups separate from the rest of your network.

Phishing—This threat refers to fraudulent emails that intend to trick employees into revealing sensitive information. In 2020, phishing kit developers are expected to make it even easier for potential attackers to launch phishing campaigns. Be certain that employees are trained in anti-phishing practices and that training is regularly updated.

Personal Device Attacks—With businesses continuing to increase flexibility for employees to use personal devices for work-related tasks, attackers may start targeting personal devices more heavily as a means of bypassing corporate cyber defenses. Companies should review and update their policies as they pertain to personal devices.

Third-party Suppliers—According to a survey by One Identity, 94% of organizations provide third-party suppliers with access to their network. What’s more, 18% of organizations reported that a third party was to blame for a data breach. Establish a strict security policy for all third-parties that access your network, and closely monitor that each user is only given the permissions they need.

DDoS Attacks—While not as notorious, DDoS attacks are about as common as ransomware incidents. Network speed increases, such as the wider release of 5G, also mean that DDoS attacks can be more difficult to stop. Have your IT department or contractor inspect devices for possible misconfigurations or vulnerabilities, and be certain that your employees are following your cyber security policies.

To learn more about protecting your business from cyber threats, contact a VTC Insurance Group agent near you. Call 248.828.3377 or visit vtcins.com.

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