The landscape of online hacking and potential damage to business is always changing, so you need to stay on your toes. Cyber risk management should be a key part of any business’ risk management strategy in 2017.
Wondering if your business is safe against cyber threats? Read on to find out the forecast trends for cybercrimes against businesses in 2017.
According to cyber risk management firm Stroz Friedberg, there are three main areas of risk in 2017’s cybersecurity landscape. The most likely trends to emerge in the world of online crime that could harm your business are as follows:
Increased potential for hackers thanks to connected loT devices
Now even your temperature gauge and home toaster can be connected to the internet. This increased connectivity can be very useful. For example, you can control heating and cooling systems remotely, and enjoy improved business practices such as greater comfort and sustainability.
However, the increase in items with online connectivity gives cyber criminals more opportunity to hack into your system. 2017 will see more people turn to loT to run their workplaces, which is why it is predicted that hackers will have more chances to work their way into the infrastructure of your business.
Spear-fishing fraud will get more sophisticated
Spear-fishing is one of the most effective and dangerous forms of malicious online activity. A spear-fish is when mass emails systems are hacked, allowing malicious users to send emails that look as though they are from trusted sources. These hijacked mass emails can be used to get individuals to give up sensitive personal information.
2017 will see more targeted and advanced forms of spear-fishing. Once a business has been spear-fished, it is incredibly difficult to rebuild the bonds of trust between a business and their customers. Don’t let this be you.
The integrity of data will be questioned
Businesses rely on data more than ever, which makes it an attractive target for those wishing to cause a business harm. Online criminals will likely create doubt around data as a way to impede business activity.
Does your business have plans to counteract these shifting online threats? If the unthinkable happens and you suffer a spear-fishing incident or compromised data, do you have the right insurance policy to protect you from losses?