Cybersecurity is an ever-evolving and increasingly necessary protection at the personal and business level. Cyberattacks continue to increase in frequency and complexity—a problem compounded by a shortage of cybersecurity professionals. The increase in sophisticated cyber attacks mirrors the advancement of technology. While tried and true tactics such as malware and phishing are still in play, artificial intelligence, machine learning, and cryptocurrency add new layers of complexity to the cybersecurity landscape.

The following are some of the newest cybersecurity trends threatening businesses:

  1. Cloud vulnerabilities. People think of cloud storage as the height of cybersecurity for good reasons. Encryption, firewalls, and ever evolving cybersecurity measures make cloud storage infinitely safer than other storage options, such as external hard drives. However, it’s not without vulnerabilities. Shared storage, poorly controlled access, and misconfigured assets create gateways for hackers to access the content stored on the cloud.
  2. Remote workers. Many companies adopted a remote business model in response to the pandemic. While employees have returned to the office, many continue to work part-time from home. Hybrid work models provide numerous benefits for employees and employers but increase certain risks. Wi-Fi networks in employees’ homes aren’t nearly as secure as the office. They often have weak, easily guessable modem passwords, and many lack basic cyber protections for their connected devices.
  3. Smartphones. People use their smartphones for much more than communication. They pay their bills, shop for groceries, monitor their health, and, increasingly, catch up on work. Whether answering emails, researching, or completing work documents, smartphones are critical for the average workday. However, they have many weak points, including weak passwords, malicious apps, and frequent phishing attacks—particularly through texting.
  4. Cryptojacking. Mining for cryptocurrency consumes a lot of processing power, and cyber criminals have no qualms about hacking into a company’s network to get it. While they make their money in secret, they also cause performance problems, lagging, and downtime while IT attempts to figure out what’s causing the issues.
  5. Attacks on the Internet of Things (IoT). IoT comprises a plethora of connected devices, including laptops, tablets, routers, webcams, home security systems, smart home technology, medical equipment, cars, and more. These devices have embedded sensors and software that facilitate numerous tasks and rapid data exchange over the internet. Businesses in all sectors understand the benefits of streamlined processes and insightful data, but cybercriminals have turned their sights to IoT networks. Many connected devices lack secure passwords or multifactor authentication. Hackers exploit the weak spots in cybersecurity to gain access to the network at large. Once they infiltrate the system, they can sew chaos, bring the network to a halt, or lock down equipment for ransom.

Emerging cybersecurity threats increase the likelihood of business disruptions, information distortion, loss of privacy, and data theft. Businesses can’t afford to forego or underinvest in their cybersecurity. Contact Windermere Insurance Group to discuss your cybersecurity needs and eliminate any coverage gaps to maximize your security.