On average, American businesses lose about $200,000 to cyberattacks every year. Even worse, most of the affected businesses end up collapsing within six months following the cyberattack. To prevent such eventualities, ensure you increase the cyber resilience of your business. However, considering cyber threats evolve from time to time, this should be a continuous process. For instance, as the availability of the 5G network grows, the cyber attack surface is also increasing.
Keeping this in mind, here’s a detailed look at the cybersecurity threats to prepare for in 2021.
Although attackers have been deploying IoT-based botnets for some time now, expert projections indicate that events will soon be the new thing. This is due to the possible upgrading of the IoT-based botnets with swarm-based technology, which results in events rather than botnets. In turn, events facilitate hackers’ operations by minimizing detection, increasing distribution, and enabling automation.
Ransomware Hijacks IoT
According to the Cybersecurity and Infrastructure Security Agency (CISA), ransomware is an attack in which the cybercriminal encrypts your files until you pay a ransom. Experts say that criminals will soon be directing ransomware attacks to smart devices interconnected through IoT technology. They may either attack those devices or use them as their gateways into wider networks.
The use of chatbots is now widely accepted in customer service, as reported by Statista. Unfortunately, attackers intend to use this technology to misinform website visitors as well as spread fake news to ruin the reputation and share price of companies.
Next-Gen Morphic Malware
While current morphic malware can change its form to avoid detection, next-generation polymorphic malware will be able to launch new customized attacks instead of just creating variations based on an algorithm.
5 Ways to Prepare for Cyber Security Threats
To protect your business from the threats discussed above, you should:
- Encrypt Sensitive Data – If you store sensitive data such as people’s social security numbers, ensure that it is encrypted using a reliable encryption tool.
- Leverage Threat Intelligence (TI) – Since cybercriminals are working around the clock to attack your system, you should also stay up to date with the security of your network. One way to achieve this goal is to utilize the information provided by your cyber threat intelligence.
- Secure Your Network – In case of an attack, the first step should be to secure your network systems. Instead of taking the affected computers offline, keep them online but block internet access to increase the chances of finding the source of the attack. Also, change passwords and the access control list to implement the data loss protection solution.
- Implement Security Measures – In the event of a network breach, you should think proactively rather than reactively. More specifically, identify the compromised devices and implement security measures such as multi-factor authentication, network access control, and network segmentation to stop or minimize the spread of the threat.
- Buy Cyber Insurance – While cyber insurance will not protect your business network from attacks, it will cover the costs that may result in case of an attack
These are some of the biggest cybersecurity threats to be aware of in the current world as well as tips to prepare for them. To get a cyber liability insurance policy that meets your needs and budget, contact the experts at Humble & Davenport Insurance today. Our dedicated team serves Renton and the surrounding areas in Washington. We’re ready to ensure your business today!