Cybercrime, cyber insurance and business disruption are a very real concern in the cyber age. Cyberattacks will only become more frequent and sophisticated as time progresses, and unfortunately, we may never be able to totally prevent them. By analyzing similar attacks of the past, we can expect to see similar cyber claims in the future that were common in previous years. Here are the top five cyber claims we can expect in 2022.
1. More Ransomware Attacks And Data Breaches
Cybercrime will increase throughout 2017 and into 2018. More ransomware assaults and data breaches are likely. The crooks behind these cybercrimes are unconcerned about your personal information. They are just interested in gaining access to your system (what could be lost within it).
2. Work-From-Home Phishing Scams
Employers should expect an increase in work-from-home phishing attacks. Remote employees have emerged as a popular target for hackers. The bad guys will send out emails that appear authentic in order to trick victims into clicking on links or opening attachments. Employers can safeguard their remote employees from these types of assaults, therefore protecting the firm.
3. New Technologies Will Create New Opportunities For Risk
As new technologies become more common, the growing connectivity of these devices creates a larger risk of cyber vulnerability. It’s simple to understand how this may result in a data breach or other problems if one of them is compromised. Most new technologies are intended to make our lives simpler, not more dangerous, but they do have flaws that must be addressed.
4. Attacks On Internet Of Things Devices
Criminals enter and seize control of connected devices in attacks related to the Internet of Things. For some years, this has been a developing cyber trend, but in 2021, we saw the first criminal conviction of a man who utilized hacked IoT devices to attack the internet. This will further worsen in 2022 as more individuals work from home and remote management of vital infrastructure becomes more frequent.
5. Data Privacy Laws Open The Door To More Blackmail And Extortion Claims
Fines for data privacy violations could reach 20 million euros, or about $24 million, for Google in 2020. GDPR fines can also be up to 4 percent of a company’s global annual revenue based on its most recent fiscal year. Now is the time for businesses large and small alike to start thinking about how they will address these issues. The cyber threat landscape is always evolving; cyber insurance can be used to mitigate the risk of a data breach or cyberattack.
Cyber liability insurance is designed to help protect your business against the many risks of doing business online. If a data breach or cyberattack happens, it can potentially cost your business millions in revenue and can significantly damage your reputation. Cyber liability insurance is designed to cover those costs and help you recover from an attack. A common question we get asked is, “Why do I need cyber liability insurance if I already have general liability insurance?” Unfortunately, general liability policies generally exclude coverage for any losses associated with a cyber incident. That’s why it’s important to consider additional protection with a tailored cyber insurance policy to ensure that you are covered in case the worst-case scenario happens.