Top 5 Cyber Threats of 2022

Since the 1990s, cyber security has become a foremost concern for many businesses, and it still is to this day. Nowadays, we face numerous online threats daily, mostly because of all the activities we do online. In fact, it could be argued that online crime is more prevalent than real-world crime.

The beginning of the pandemic also heralded an alarming rise in cybercrime activities. This is probably because people began spending more time working, shopping, and communicating online. And with these activities expected to increase in the years to come, cybercrime incidents will likely rise correspondingly.

Getting cyber liability insurance is one of the best ways to protect your business against a cybersecurity attack. Taking this proactive measure before an incident takes place helps minimize the damage it can cause and reduces your loss potential.

Of course, it would help to know what you are safeguarding yourself against. Cyber security experts have compiled this list of the top cyber threats to look out for in 2022:

Ransomware

Ransomware is a type of cybercrime involving the use of malware that either disables the target’s computer or threatens targeted individuals with the release of their personal information unless ransom is paid. There are many different types of ransomware, some of which have become especially prevalent over the past few years.

Ransomware has been around in some form for many years, and has become quite sophisticated. Over time, hackers have refined their methods and are now able to launch attacks with alarming ease.

Nowadays, hackers could subscribe to “ransomware-as-a-service” providers, which supply pre-developed ransomware tools. And given the popularity of this particular cyber threat, the tools are more affordable than ever, making it possible for anyone to unleash ransomware on their targets.

Cloud threats

IBM reports that cloud vulnerabilities have increased by 150% over the past year. Because of the high volume of information flowing between organizations and cloud providers, cloud threats‒which is the leakage of personal information to untrusted third parties‒has become more commonplace. Consequently, almost all smartphones and devices are vulnerable to being accessed by unknown parties.

A common reason to access cloud information nowadays is to mine cryptocurrencies. Although it has yet to become the main purpose for accessing cloud data, exploiting these vulnerabilities to steal crypto will likely become more commonplace in the next few years.

Mobile device vulnerabilities

Cashless payments have become more widespread since the pandemic began. Because of their usefulness in preventing the spread of germs, many health experts now recommend using touchless payment systems and mobile wallets when purchasing goods or services. They essentially involve performing online transactions via a cellphone or scanning a QR code generated by a phone app.

Unfortunately, the use of these payment methods increases the risk of cyber-attacks that take advantage of mobile device vulnerabilities. Hackers typically target device management systems, which are designed to secure and encrypt company devices and corporate data.

But even private individuals can be targets for mobile device vulnerabilities. Because of the ease by which data can be accessed, cybercriminal may attempt to access your private information, including texts, financial statements, passwords, and other sensitive data.

Supply chain threats

In the case of supply chain threats, cybercriminals may target and compromise third-party providers. This effectively prevents them from completing legal transactions between companies and their suppliers.

Supply chain threats typically involve the illegal access of data, products, and sensitive customer information. This can be extremely damaging to a company’s reputation, possibly resulting in the loss of hundreds or thousands of customers. Expect this type of cybercrime to increase in the coming years as more and more people opt to shop online instead of in physical stores.

Social engineering

This type of cyber threat is regarded as one of the most dangerous forms of hacking since it involves the exploitation of human error. It essentially involves manipulating people into releasing sensitive information and other critical data. Because of the large number of people working and studying online these days, there is an increased risk of this type of cyber-attack.

Conclusion

Whether or not you use the internet daily, it is vital to be aware of the potential cyber threats that can affect you and know what to do about them. Remember that cybercriminals generally want access to as much information as possible.

Ultimately, the best way to protect yourself against an attack is to follow safe practices as much as possible and to get the appropriate cyber liability insurance. This will help mitigate the losses and damage that you may incur if you fall victim to cybercrime, and increase your chances of recovering from the incident.

About Daniels Insurance, Inc.

At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.