Bitcoin exchange house impersonators, CryptoLocker ransomware, watering-hole attacks—cyber criminals found a multitude of crafty ways to infiltrate companies’ data in 2013. And if history is any guide, 2014 will be no different.
New York-based risk mitigation firm Kroll recently released its 2014 Cyber Security Forecast, which provides insight into emerging cyber security trends for 2014:
– Companies that have lax cyber-security standards will be urged to comply with various National Institute of Standards and Technology (NIST) and International Organization for Standardization (ISO) frameworks or face potential action by regulators and other legal repercussions.
– Insider cyber attacks will become more prevalent. Kroll predicts that almost half of all data breaches will come from a company’s employees or people who work with the company.
– Companies will become better and more efficient at responding to cyber-security events. While being 100 percent safe from an attack is impossible, companies can save a lot of money and headaches in the future by preparing for an attack and responding as soon as possible to limit the damage.
To manage the always-evolving landscape of cyber threats, many businesses are purchasing or renewing their cyber liability insurance coverage for the new year. Contact Warren G. Bender Co. today to learn more about this type of insurance protection.