Cyber Liability Trends for 2021

In 2020, the COVID-19 pandemic forced many businesses to send employees home to perform their jobs. Cybercriminals have found this new remote workforce a tempting target, unleashing phishing, malware and ransomware attacks.

These threats exploit the weaknesses of many businesses’ cybersecurity systems. In 2021, businesses will see a continuation of these attacks and new, emerging vulnerabilities, making it all the more important for organizations to keep the following in mind:

1. Data breaches and malware—In 2020, 25% of businesses incurred unexpected costs for data breaches and malware. This trend is expected to continue into 2021, making it imperative that you protect your business’s data and reputation by having strong cybersecurity protocols in place.
2. Remote work—Half the world’s employees are remote, and more and more businesses will continue to lean into work-from-home practices going forward. Put the right cybersecurity and malware protection in position, so your remote team isn’t the unsuspecting gateway into your business’s sensitive data.
3. Digital transformation—Many businesses use digital solutions to transform their capabilities, such as cloud-based services. Make sure your business’s intranet, firewall, and antivirus and malware solutions are reinforced to prevent cyberattacks.
4. Adoption of new technologies—To save time and money, many employers are adopting new technologies, such as paperless systems. When adopting these technologies, it’s crucial to assess your system for vulnerabilities. By 2023, 60% of organizations will phase out VPNs in favor of zero-trust network access, giving users access to only the smallest set of permissions necessary to perform their work.
5. 5G technology—Almost half the world will use 5G technology (the fifth generation of wireless network technology) by 2024. High-speed data transfers with 5G will give hackers easy access to data. Be sure to have the necessary protocols in place to prevent a data breach.

To ensure you have the necessary safeguards in place to protect your business, employees and clients from cyberattacks, contact Ollis/Akers/Arney Insurance & Business Advisors today.

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