Unabated: Current Cybersecurity Trends

It’s such an obvious question, but one that bears repeating: Does your business have adequate contingency plans in the case of a cyberattack?

From malware and loss of data to reputational damage, the fallout from an attack could harm your business significantly, and from a number of different and distinct directions – not the least of which is business interruption and the major loss of income it could represent.

Here are a few of the most common cyberattacks seen in 2019 and continuing so far this year, according to FounderShield*:

Malware Attack – When a cybercriminal installs malicious software in your system without your consent, wreaking havoc on your daily business operations.

Phishing Attack – When a cybercriminal sends fraudulent communications via email that may seem legitimate—typically appearing from a trusted source—but instead is meant to install malware or trick people into handing out personal and sensitive information.

Man-in-the-Middle Attack – When a cyberattacker stealthily slips into your system between a two-party transaction, such as public Wi-Fi, interrupting your traffic by installing malware, giving the cybercriminal plenty of time and space to steal your information.

Denial-of-Service Attack – When used by competitors, Denial-of-Service (DoS) attacks overtake your networks to drain your resources and bandwidth by stopping your system from fulfilling authorized requests—from clients or customers, for example.

SQL Injection Attack – When a cyberattacker uses malicious code to force your Structured Query Language (SQL) servers into divulging sensitive information, potentially modifying your data, administrative operations, or operating system.

Mitigating such data breaches requires substantial costs in notifying customers, providing credit-monitoring services, restoring files and computer systems, dealing with lawsuits, and paying regulatory fines, all of which create additional financial losses following the cyberattack.  A cyberattack could also put your reputation at risk. While plenty of trustworthy companies experience breaches, such an episode erodes a brand’s image of security and trust.

The threat from cyberattacks continues unabated, so make sure you’re adequately protected with cybersecurity insurance.  Talk with the professionals at The Reschini Group to learn more.

* https://foundershield.com/cyber-insurance-trends-2020/

Copyright 2020 The Reschini Group

The Reschini Group provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Safeguarding Cyber: Protecting Against Ransomware Attacks

If the sneak attack that got through your IT defenses was ransomware, the damage is done. Your files are encrypted, unusable. That’s why it makes sense to supplement antivirus software with a program focused solely on ransomware.

Depending on the nature of the business, every hour of lost productivity might cost thousands of dollars, or even more. Fortunately, while ransomware attacks are on the rise, so are techniques for fighting them.

As described by PC magazine*: “The premise of ransomware is simple. The attacker finds a way to take something of yours, and demands payment for its return. Encrypting ransomware, the most common type, takes away access to your important documents by replacing them with encrypted copies. Pay the ransom and you get the key to decrypt those documents (you hope).”

The article continues: “If you’re hit by a ransomware attack, you won’t know it at first. It doesn’t show the usual signs that you’ve got malware.  Encrypting ransomware works in the background, aiming to complete its nasty mission before you notice its presence. Once finished with the job, it gets in your face, displaying instructions for how to pay the ransom and get your files back.”

Cybersecurity insurance supplements specific ransomware software protection packages, helping to cover losses in time, productivity, and sales in the aftermath of an online attack.  No business is safe, regardless of location, industry segment, size, or level of sophistication.  It only makes good business sense to recognize ransomware for the danger it is and to make the appropriate steps to protect your company and your employees.

The professionals at The Reschini Group can help your organization understand the risks of ransomware and how best to protect your organization.  Contact us to talk more about this important consideration.


* https://www.pcmag.com/roundup/353231/the-best-ransomware-protection

Copyright 2019 The Reschini Group

The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.