National Cyber Security Awareness Month: Latest Cyber Concerns

Cyber risks are a significant concern for businesses that have only grown in recent years. To help understand your business’ risks and cyber concerts, join us by participation in October’s National Cyber Security Awareness Month. This campaign encourages business owners with companies of all sizes and in all industries to learn about cybersecurity concerns, preparedness, and mitigating risk with cyber insurance.

Cyber risks are most prevalent now more than ever due to modern technology and businesses need to take preventive action. A recent study found that 54% of participants acknowledged the inevitability of a cyberattack. These attacks are often targeted, causing prolonged disruptions, or even shutting down entire companies for long durations of time. A survey of business leaders revealed common cybersecurity concerns across multiple industries, including: unauthorized access to financial accounts, security breaches, and employee actions jeopardizing information security. Remote work has only amplified these threats, with open ports and employee actions posing vulnerabilities. Notably, 50% of participants expressed concerns about falling victim to extortion/ransomware attacks.

Ransomware attackers have become more aggressive, demanding large ransoms, and deleting backups, making recovery challenging. 2023 surveys have highlighted alarming statistics: 23% of surveyed businesses had fallen victim to cyber events, indicating a 130% increase since 2015. Furthermore, 60% of affected businesses experienced multiple attacks, emphasizing the persistent nature of these threats. Common cyber events include security breaches, system glitches, employee errors, loss of customer data, and cyber extortion/ransomware attempts.

The findings underscore the urgency for businesses to address cyber risks seriously. Vulnerable businesses that do not take appropriate action remain at risk, emphasizing the importance of proactive cybersecurity measures. As cyber threats continue to evolve, businesses must adapt and implement robust strategies to mitigate risks, safeguard financial assets, and protect sensitive information from malicious actors. To learn more about common cybersecurity risks in 2023, reach out to an agent at Diversified, or visit: https://www.travelers.com/resources/risk-index/2023-cyber-top-business-risk.

DII is your partner in business safety and mitigating cybersecurity risks. Our team of experts can work with you to understand the best ways to protect your employees and virtual assets from online attacks. Please contact your DII representative for more information. #October #CyberSecurity