Insurance brokers know their clients’ many threats, and cybersecurity is a critical topic to discuss. Your clients will face many cybersecurity threats in the new year. Likewise, you also know that virtual threats can be just as detrimental — if not more so — than physical liabilities. Insurers must understand the most common cybersecurity risks affecting their clients.
Cybersecurity Threats to Watch Out For
Predicting 2023 cybersecurity threats can help your clients minimize risk and prevent security breaches. Read on to learn how to identify cyber threats in 2023.
Internal Cybersecurity Threats
Many companies and insurers mistakenly assume that all cyber threats originate outside their organization. Unfortunately, though, the opposite may be true. Many security breaches occur as the result of careless or even malicious employees. An employee who does not vigilantly safeguard their login credentials, for example, may allow unscrupulous individuals to exploit them. It can lead to a significant security breach, affecting a company’s customers and damaging its reputation. Cochrane helps your clients protect their reputations by mitigating these attacks.
Vulnerable Supply Chains
Your clients’ supply chain may also be a source of the cybersecurity vulnerability. In 2020, many companies found themselves the target of an attack that hackers delivered through popular supply chain software. Cybercriminals managed to breach Orion, a program that SolarWinds publishes, and access privileged data from over 30,000 of the software’s users. If your clients use a supply chain program like this, it could allow cybercriminals to gain unauthorized access to their data and operational systems.
Phishing is yet another frequent method of cybersecurity breaches. This attack involves emailing a target with a message that appears to originate from a known sender. A cybercriminal may target employees of a company, for example, by sending an email that looks like it’s from another employee within their organization. Phishing attempts typically aim to collect the recipient’s login credentials or other sensitive information that the attacker can exploit. Companies can prevent phishing attacks by educating employees about common red flags and partnering with a provider such as Cochrane & Company.
There are few cybersecurity threats more dangerous than the spread of malware. Consequently, there are various types of malware, including adware, viruses, ransomware, and spyware. These threats can inflict varying levels of distress on the attack’s target. Ransomware is a perilous threat because it encrypts a user’s files once it reaches a device and demands payment before the user can regain access to their own data. Spyware can be equally dangerous, too, as it allows an unauthorized user to surveil a device and intercept its contents remotely.
Common Cybersecurity Misconceptions
The most significant cybersecurity threat is the general lack of information surrounding this subject. Misconceptions exacerbate this problem by leading companies to believe that they have adequate protection when, in fact, they are susceptible to attacks. Companies and insurers must take on a proactive role in preventing cybersecurity breaches, strengthening IT infrastructures, and identifying unique vulnerabilities.
Cybersecurity Solutions that Cochrane Provides
Cochrane can help you formulate a solution to identify and eliminate cybersecurity threats. Our professional liability team can also prepare you with the best information to relate to your clients and discover the answers to these issues.
Cochrane & Company
For more than six decades, Cochrane & Company has been proudly at the forefront of the insurance industry. Our experience has enabled us to innovate in powerful ways, reimagining the E&S market, and providing technology solutions that make it easy to do business with us. Licensed in all 50 states, we proudly serve clients across the nation, providing personalized and powerful solutions to help you become an even better partner for your clients. Speak to one of our experienced professionals today by calling (855) 967-0069.