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4 of the Most Common Cyber Attacks Against Businesses

Posted on: March 14, 2018 by Signature Insurance Group

Cyber security is a hot topic right now, and for good reason. According to the 2017 Cost of Data Breach Study, the average cost of a data breach is $3.62 million, and that number is expected to rise significantly. A study by Juniper Research estimates that the average cost of a data breach will exceed $150 million by 2020 as more businesses shift their operations to include more mobile, cloud and internet-based solutions. The most common – and most costly – causes of data breaches for businesses in the U.S. are the result of criminal attacks, human error and system glitches.

Monetary damages aren’t the only worry for business owners when it comes to cyber crimes, either. A data breach can tarnish a brand’s reputation with customers, clients and the general public, too. Business owners in all industries should become familiar with the different types of cyber attacks in order to better protect themselves from becoming victims. Here are four of the most common cyber attacks against businesses:

1. Malware:

Malware is term that is used to describe a variety of cyber threats including viruses, bots, spyware, trojans and worms. Simply put, malware is code written with malicious intent designed to steal or destroy data on a computer or network. It’s typically introduced to a computer through email attachments, software downloads or network vulnerabilities.

2. Phishing:

Phishing is the practice of sending emails purporting to be from reputable companies in order to induce the recipients to reveal personal information such as usernames, passwords and even credit card numbers. Phishing emails often look legitimate, like a bank email for example, and will usually ask the recipient to click through to a copycat website to enter their login information or update payment information – where the creator can then steal it.

3. Password Attacks:

A password attack is when a third party tries to gain access to a computer system or network by cracking a user’s password. This type of attack does not usually involve any type of malicious code or software to be installed on a system, but instead uses software on the attacker’s computer that is capable of cracking passwords using information provided by the attacker.

4. Denial-of-Service (DoS) Attacks

In a denial-of-service (DoS) attack, the attacker focuses on disrupting the service to a network. A DoS attack can prevent the target from accessing emails, websites, online accounts and any other services that rely on the affected computer. Attackers essentially hijack multiple computers and use them to create and send high volumes of data or traffic through the network until it becomes overloaded and can no longer function. While targets are usually large corporations or government entities, anyone can fall victim to having their computer hijacked for use in a DoS attack. Many victims are completely unaware, especially if they have no system in place for monitoring data flow.

As with other types of crime, business should take all precautions possible to protect themselves against cyber crimes. Cyber security and cyber liability coverage should be high priority for any modern day business owner.

About Signature Insurance Group

Signature Insurance Group has been working since 1969 to provide comprehensive insurance solutions to individuals and businesses across the United States. We offer a range of insurance products and services in risk management, employee benefits, business insurance, and personal insurance, and we pride ourselves on our commitment to creating “Signature Relationships” with our clients where we commit to providing the best, most comprehensive service possible. To learn more about our goods and services, contact us today at (800) 464-3606.

Posted in: blog Cyber Liability