Predicted Cyber Risks for 2018

2017 has been a big year for cybersecurity: between ransomware attacks such as WannaCry and Petya and breaches against large companies such as Whole Foods, Equifax, and Sonic, many millions of people have been impacted by cyber-attacks and many headlines have called for increased awareness of prominent cyber threats and how to minimize them. This trend is not likely to slow down at all in 2018; in fact, it is predicted that worldwide annual cyber crime costs will reach $6 trillion by 2021 (for perspective, this figure was estimated in 2016 to be $3 trillion annually). Every business should have a policy in place to reduce their Cyber Liability, as well as providing an initial line of defense by knowing what their risks are. These are three of the biggest predicted cyber risks for 2018.

Cloud Security

Cloud computing has grown in use and popularity in recent years, and while it offers many advantages for storage, security, and usage, its online and remote nature means that it could be a prime target for data breaches and attacks. If your business uses cloud technology, it would be best to ensure that you have a security plan in place for your cloud and that all data stored on the cloud is also stored on the premises and offline (such as on a USB drive).

The Internet of Things

The internet of things (IoT) is also growing in use and popularity, and while implementing internet connectivity into all of our devices can increase productivity and convenience, many of these products are insecure by design and create additional weak points to be exploited on your network. According to PwC’s 2018 The Global State of Information Security survey, 67% of respondents reported that they have an IoT security strategy in place or that they are working on implementing one. Any business that uses IoT devices should implement security measures to the devices before connecting them to the network and assess their security on a regular basis.

Algorithms

Automation has been a popular topic in science fiction for decades, and today that vision is finally coming to fruition with self-driving and self-parking cars, automated trading, and more. While algorithmic systems do take some of the liability associated with human error out of the picture, they unfortunately have the potential to interact and cause disruptions, and without a human in the center of operations, it can be difficult to immediately resolve conflicts. When using algorithms, the Information Security Forum recommends that you regularly update your code and identify exposures to know when human involvement with an algorithm-controlled system would be necessary.

 

About Axis Insurance Services

At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (201) 847-9175 to speak with one of our professionals.

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