Keep posted, keep informed.
With winter coming and a pandemic ongoing, social distancing, working from home, and staying inside to stream new movies will be the temporary new normal for some time. This has put cybersecurity in the spotlight for businesses and families alike and brought more awareness around emerging cyber threats heading into 2021.
According to Fintech News, COVID-19 is responsible for a 238% increase in cyberattacks, causing most companies worldwide to boost their digital security structures to fight the potential long-term fallout and effects. Unfortunately, the pandemic we are all facing isn’t the only thing influencing current cyber threats, as malware, phishing, and the execution of widespread 5G technology also plays a role.
With that in mind, let’s take a look at some of the emerging cyber threats the business world can expect to see in 2021.
With more remote employees and companies poised to keep the bulk of their workers out of the office, cloud-based technology and services are essential to keeping business running smoothly. Both business-to-business (B2B) and business-to-consumer (B2C) sectors will soon have the opportunity to shift toward 5G data management technology, handling tasks like data transfers and storage.
While this is an excellent example of technological ingenuity and presents businesses with more speed and agility in their processes, it also presents new cyber threat opportunities for hackers. With high-speed data transfers, hackers will have the ability to infect data packs and conduct corporate espionage without being detected. Companies will need to focus on keeping a watchful eye on such malicious breach attempts while also taking steps to protect their finances and reputation with Cyber Liability Insurance in the process.
Cyber and data breach coverage is essential when protecting a company’s assets. Companies of all sizes and industries face the risk of network security breaches and exposures potentially coming with 5G. These risks can result in significant monetary damage as well as reputational damage. Having cyber liability insurance protects companies from these expansive consequences.
The Effects of COVID-19
Cybersecurity teams at companies already have enough to worry about when it comes to COVID-19. Since many Americans are working from home at least part-time—nearly half of all Americans—cybercriminals may capitalize.
Clients can expect hackers to continue to find ways to infiltrate networks as professionals log on while using their business computers from home. With a higher number of people operating out of their kitchens or home offices, systems are increasingly vulnerable to cyberattacks. As long as cybercriminals have more gateways into data, this trend will continue into the new year and potentially beyond.
Artificial Intelligence = Real Threats
IT security professionals can use this technology to implement useful cybersecurity procedures and diminish the entry points as an alternative to having to check for malicious activity on an ongoing basis. However, cybercriminals are learning to outperform companies, bolstering new hacking methods and technology to gain access to sensitive information.
Simultaneously, state-sponsored attackers and other low-level hackers can employ those same methods to burst through firewalls and defenses to avoid detection and unload harmful malware onto the device.
Hackers can use artificial intelligence to transform malware that changes its configuration. If this kind of exploitation continues to go undetected and sophisticate, organizations can expect to struggle to recoup their data that artificial intelligence techniques use.
Malware, Malware, and More Malware
More complex kinds of malware, such as parasitic malware, are created to take processing power from computers and mobile devices. Attackers may turn their attention to the massive interconnectivity and power expenditure of Internet of Things (IoT) devices, business control systems, and other critical infrastructure, all of which offer an attractive ecosystem for this kind of malware to live and thrive in.
Parasitic malware spreads all through a network by sponging data from computer programs. When users launch the infected program by clicking on a link or attachment in an email, the virus runs. From there, the malware reproduces, connects itself in the memory, and releases its attack. This form of malware drains the life out of systems, damaging performance, and eventually closing down essential services.
In the middle of escalating global threats, companies must make systematic and widespread commitments to make sure workable plans are in place to adjust to considerable changes heading into 2021. Employees at every level of a company will need to educate themselves on these risks, especially with no precise end date to work-from-home plans.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed, and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.