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How Companies Can Up Their Cyber Game in 2018

Posted on: January 5, 2018 by Signature Insurance Group

Happy New Year! In addition to setting your own personal New Year’s resolution, this is the perfect time to take a look at your business’s successes and failures over the past year and look ahead to the future. The world of technology is constantly changing and evolving, and the most successful businesses are the ones who adapt their own cyber policies to reflect the changes in the field. The changes are numerous: 230,000 new malware samples are created each day, and ransomware attacks alone rose by 36 percent in 2017. These are far from the only developments in the cyber world. Protect your business with a Cyber Liability insurance policy and familiarize yourself with some of the biggest trends anticipated for 2018.

Cloud Security

Cloud technology offers a new model for cyber security and storage, but as its popularity grows its likelihood of becoming a target increases. If your business makes use of cloud technology for its employees or you are planning on switching over to the cloud, it’s imperative that you make decisions about who can and cannot be trusted to access the cloud’s data and develop security guidelines specifically for your cloud.

AI and Machine Learning

According to a recent Gartner survey, 59 percent of organizations are in the process of gathering information to develop AI strategies, and the remainder are already making headway in implementing AI solutions for their business. But while AI technology offers countless new business opportunities to increase productivity, accuracy, and business results, it is also a new security risk, as additional technology offers additional opportunities for breach. In addition, if not closely monitored, a compromised or malfunctioning AI device could cause damage to the business before being subdued. As not all threats can be stopped, cyber security policies should focus on detection, response, and remediation.

However, AI and machine learning have an additional silver lining in their potential for security assistance. Cyber threats evolve very rapidly, but with further research and development we could potentially see machine learning models that are capable of identifying attacks almost immediately and even predicting future attacks.

Social Engineering Threats

The fastest-growing area in cyber crime, surprisingly, does not have anything to do with technological advances; in fact, it’s simple social engineering. There was an estimated 74 percent increase in phishing attacks from Q2 to Q3 in 2017, and over 90 percent of attacks are thought to be attributable to simple unpatched software and social engineering. Provide your team with a refresher on some of the most common forms of social engineering threats, and make sure you regularly patch and update your software.

IoT Devices

Much like artificial intelligence and machine learning, the Internet of Things creates an additional cyber liability. As these devices are in their infancy, many of them do not have safety features comparable to more established, traditional devices, or they may not be properly configured from the get-go, making them vulnerable to brute force attacks that rely on default or insecure passwords. Before it becomes ubiquitous in the workplace, the IoT needs to be adequately secured against attackers.

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