Cyber Insurance in 2020
Cybersecurity has been on the mind of various executives working for multiple organizations and enterprises. Promptly enough if some business wants to transcend into the future then they would have to implement some strong cybersecurity rules and regulations to make sure that they are secure from cyber attacks and hackers jingling around to cause a major breach. Thus the idea of cybersecurity insurance comes into play. It was first a laughed at scenario but after understanding how vicious the modern cyber threats are and how maliciously the attackers and hackers are trying their very best to manipulate security systems, it was soon a recommendation for every security intensive enterprise working out there.
Following are some of the emerging trends about cybersecurity insurance in 2020 that you need to have a look at right now;
Common cyberattacks
The number of cyberattacks being inflicted on a single enterprise is likely to increase given the follow-up of bad security practices by enterprises and not taking cybersecurity seriously. Some of the consistent cyber attacks that have been going on and on for some time might include;
Malware attack
When a cybercriminal decides to unleash a malicious script into your system or network to cause havoc no one can stop them but a strong firewall or some other security-related checkpoint placed in there. This is the malware attack for you, these are the most troubling out there and can’t be controlled unless proper security measures are not taken.
Phishing attack
Now, this is the type of attack that has the highest success rate, why? Because it doesn't depend on your security system defending the data-intensive systems, humans are the target here. Phishing attack works by manipulating the human perception of trusting someone and how credible they are and it is full of loopholes which cybercriminals cash in as their advantage. Phishing emails packed with malicious scripts are being delivered to the customers, users, staff, as well as the management level employees of the companies, and most of them, fall for it.
DDoS attack
The DDoS attack is all about stuffing your website with false requests to overload the system that follows up as the denial of service from the website by denying the new connection requests from getting successful.
SQL injection attack
SQL injection attacks directly hit on your data center or server logging system which is controlled by the SQL (a programming language). Since the SQL injection attack can easily manipulate the SQL part of the logging system then it means that not only your data can get modified, deleted, copied but also exposed on a pretty dangerous level.
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Which companies are at the most significant risk?
Although any online entity that uses a network and has a website is at risk there are some specific businesses that pledge danger to these gruesome acts of cybersecurity events at a whole new level. Following are a few examples;
Financial institutions; No wonder why these won’t be on the hot list of the cybercriminals and hackers because they have the most sensitive data on-board and even if some of them are using the cloud technology the chances of intrusion are still practically fair
Healthcare organizations; The healthcare business has mounts and mounts of personal data for not only the patients but also their staff, this makes them a prime target for cybercriminals and hackers. As this personal information can not only help them to get more clear on their target but if leaked or sold on the internet can earn them a great cash revenue
Cryptocurrency companies; Usually it might go under the financial institutions but it has a separate base of operations. Cryptocurrency is new but is already picking up pace as the enthusiasm of people is striking hard towards investing in it. Cybercriminals would absolutely adore to have such high key information about the investors and getting or hacking their passkey would become a lot easier to exploit the whole organization in itself.
Why do you need cyber insurance?
Does your business have some sort of contingency plan in place if a cyber attack or breach were to hit you right now? Malware oriented cyberattacks focused on stealing the sensitive information from the users can be extremely dreadful as not only the important data is at the stake of being modified or leaked but would also leave your business inoperable. This inoperability of business is what causes irreparable damage to your business in the long run. Dealing with the breach, investing heavily in the security solutions, and notifying the business associates and clients that were affected by this cyber breach can be a nightmare.
This is why the idea of cyber insurance needs to be taken strongly because otherwise, you will have to afford all of it by yourself which is pretty hard even for a staggering digital company out there.
Do you want to work as a cybersecurity professional and land a decent job in the process? If so then you should work on retrieving cybersecurity certifications that are most current and resonate with your interests as doing so you will be able to land a decent job and make yourself a great career.