What You Need to Know from the Advisen Cyber Risk Trends Report

Cybersecurity risks are always evolving, which makes it important to keep up with the latest trends. For example, training employees how to scan for a virus isn’t very helpful if your biggest risk is network attacks. It’s also a good idea to know what’s becoming a more popular form of attack to proactively take steps to protect your business.

In this article, we will take a look at the major takeaways from Advisen’s Q1 Cyber Risk Trends report, which analyzed tens of thousands of cybersecurity incidents.

Cybersecurity risks are constantly changing, which means that it’s important to keep up with the latest trends to remain safe.

Protect, Backup & Encrypt Your Data

Advisen’s Cyber Risk Trends report found that data privacy incidents remain the most prevalent risk for most businesses — and these risks continue to grow as a percentage of incidents. This means that it’s imperative for businesses to ensure that their client data is protected against attack and encrypted to ensure that it can’t be read even if it is stolen.

The report found that Personal Financial Identity (PFI) information surpassed Personal Identity Information (PII) as the most common type of compromised data from these attacks over the past few years. While corporate assets aren’t stolen as frequently as PFI or PII, they are the fastest growing type of compromised asset in these attacks.

There are three steps to protect your data:

  1. Prevent data theft: The first step is training employees and installing software to prevent data theft. For example, Jungle Disk’s Active Network Protection locks down a network to prevent intruders from accessing sensitive data.
  2. Encrypt your data: The second step is to encrypt all sensitive data. By encrypting data, you can ensure that it cannot be read by attackers if it’s stolen. This may even protect your business from penalties and fines.
  3. Backup your data: The third step is ensuring that all sensitive data is backed up on a regular basis. By backing up data, you can ensure that it can be restored if stolen or deleted (including when it’s deleted by accident).

Protect Your Network from Attack

Advisen’s Cyber Risk Trends report found that network disruption was the fastest growing cybersecurity risk for most businesses. While it didn’t account for a large share of total incidents, the fast-growing nature of the attacks means that businesses may want to proactively address these concerns before they become more prevalent.

Download our free checklist of the most common types of cybersecurity attacks and how to protect against them.

There are many different types of network attacks, ranging from distributed denial of service (DDoS) attacks designed to disrupt availability to attacks targeting specific ports to gain entry to an internal network. If you think your network might be at risk, try our free network scanner that checks seven common threats in just a few minutes!

There are three steps you can take to protect your network:

  1. Update software: The first step is updating your router and network software to eliminate any known vulnerabilities that may exist on a hardware level.
  2. Change passwords: The second step is changing the default password for your router and other equipment. The default passwords are common knowledge for criminals!
  3. Use a firewall: The third step is setting up a firewall to lock down any open ports, as well as filter web content. For example, Jungle Disk’s Active Network Protection service locks down ports, protects against DDoS attack and also filters malware and viruses from reaching internal users.

Know if You’re at High Risk

The Advisen Cyber Risk Trends report found that financial and insurance firms remained the most common targets, accounting for more than one-third of all incidents. This isn’t surprising given the high value of the data stored by these companies, such as credit card numbers, account information and other details that can provide criminals with a direct benefit.

Don’t forget to download our free checklist of the most common types of cybersecurity attacks and how to protect against them.

Healthcare came in second place with a 13 percent share of all incidents. In these cases, many criminals try to steal personal healthcare information that can be used for Medicare and insurance fraud. They may work with unscrupulous doctors or medical firms to bill insurance companies for medical procedures or acquire medical equipment that they can immediately resell without using it.

It’s also worth noting that both large and small businesses can be targets for cyber attacks. Unlike large businesses that can afford the costs of these attacks, 43 percent of small businesses that experience data loss immediately go out of business and only six percent survive two years. This means that cybersecurity should be a priority for everyone.

How to Protect Your Business

We have already discussed several ways to protect your business form cybersecurity risks, but it’s important to have a higher level strategy in place to guide these efforts.

The first step is creating a cybersecurity plan. Make a list of all of your technology assets, such as laptops, smartphones, and routers, and audit their security. If they aren’t updated or secure, come up with a plan to upgrade software, encrypt the data, back up the data or take other necessary actions. This will ensure that you’re starting from a secure point.

The second step is educating employees. The best cybersecurity software in the world won’t protect against an employee that inadvertently gives away their password to a phishing scammer. Employees should know how to recognize phishing emails and phone calls, report any suspicious behavior and how to use the cybersecurity software solutions that you’ve installed.

The third and final step is locking down the network. In an ideal world, network security solutions would block any potential cybersecurity threats from even reaching an employee. While that’s not possible (and may never be possible), strong network security software can help reduce the number of threats that make it through the first line of defense.

The Bottom Line

Advisen’s Q1 Cyber Risk Trends report shows that cybersecurity risks continue to evolve. Many of the most significant threats continue to grow in prevalence while lesser known threats could become tomorrow’s biggest concerns. It’s important to understand and act on these trends in order to protect your business against a potentially devastating loss.

Jungle Disk cybersecurity suite is designed specifically for small businesses with two to 250 employees. With network protection, password management, secure backup and other services at your fingertips, you can ensure that your business is protected from many of the most common cyber threats.

Sign up for Jungle Disk today or contact us to arrange a free demo.

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