What Cyber Risks Will Companies Be Facing in 2016

What Cyber Risks Will Companies Be Facing in 2016?

The cyber threat landscape is increasingly more complex for companies to navigate as cyber criminals step up both their game and targets. Recently, Intel Security released its McAfee Labs Threats Predictions Report, outlining the top cyber risks firms will be facing in 2016 – from threats around ransomware, infrastructure attacks, and the warehousing and sale of stolen data. Here is a brief rundown on several of the key cyber threats based on the report’s findings:

Hardware: Attacks on all types of hardware and firmware will likely continue, and the market for tools that make them possible will expand and grow.

Ransomware: Greater numbers of inexperienced cyber criminals will leverage ransomware-as-a-service offerings, which could further accelerate the growth of this threat. Ransomware is a type of malware that prevents or limits users from accessing their system, and forces its victims to pay the ransom through certain online payment methods in order to grant access to their systems, or to get their data back.

Wearables: Although most wearable devices store a relatively small amount of personal information, wearable platforms could be targeted by cyber criminals working to compromise the smart phones used to manage them.

Attacks through employee systems: Attackers are likely to increasingly attack enterprises through their employees, by targeting, among other things, employees’ relatively insecure home systems to gain access to corporate networks.

Cloud services: Cyber criminals could seek to exploit weak or ignored corporate security policies established to protect cloud services. Home to an increasing amount of business confidential information, such services, if exploited, could compromise organizational business strategy, company portfolio strategies, next-generation innovations, financials, acquisition and divestiture plans, employee data, and other data.

Warehouses of stolen data: Stolen personally identifiable information sets are being linked together in big data warehouses, making the combined records more valuable to cyber criminals. The coming year will see the development of an even more robust dark market for stolen personally identifiable information and usernames and passwords.

Integrity attacks: Compromises to the integrity of systems and data involve seizing and modifying transactions or data in favor of the cyber attackers, such as a malicious party changing the direct deposit settings for a victim’s pay checks and having money deposited into a different account.

Sharing threat intelligence: Threat intelligence sharing among enterprises and security vendors will grow rapidly. Legislative steps may be taken making it possible for companies and governments to share threat intelligence with government.

As we enter into a new year, it’s important for businesses to truly understand the cyber threats they face and to take measures to minimize these risks. Also, imperative is addressing these exposures through a responsive Cyber Liability insurance policy. Caitlin Morgan can assist in you in providing the right coverage for your insured’s operation and industry profile. Give our professionals a call at 877.226.1027.

Source: McAfee Labs Threats Predictions Report