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Have you stopped to think about the risks your business faces this year? Among other risks, cyber threats remain a high-ranking concern across businesses of all sizes and industries—especially those in technology, banking and professional services sectors.

In 2018, cybersecurity threats grew from small, local attacks to attacks causing disorder on a massive scale. Consequently, it’s critical to be informed of cyber security trends and prepared to prevent cyber attacks in 2019.  Risk Management Magazine reports that the “massive gap between confidence and key fundamental preparation may itself pose a risk.”

Recently, Chubb announced 3 key cybersecurity trends to watch this year:

  1. “Cybersecurity regulation and enforcement will increase and focus more on actions taken by businesses pre-incident, in addition to post-incident protocol.”

For instance, in March of 2018, Alabama enacted the Alabama Breach Notification Act of 2018 (2018-396), which requires business entities to have certain security measures in place and predetermined notification measures to alert impacted individuals of the breach within a reasonable amount of time. Chubb predicts that this year lawmakers will not only shift their attention to companies’ data collection and data usage practices, but also on the actions that organizations should take to better prevent a cyber incident from occurring.

  1. “Crime does pay, and business is booming: the business model of cybercrime will tilt heavily toward direct monetization attacks.”

According to Chubb, this means that cyber criminals will prioritize attacks that result in direct monetization, and in order to pursue these types of attacks, criminals will continue to employ ransomware. Consequently, ransomware will continue to grow and become more destructive.

  1. “Cyber criminals will target individuals just as much as businesses as billions of Internet of Things (IoT) devices come online.”

IoT devices, such as vehicles, smart phones, nanny-cams and home appliances, will provide cyber criminals with more ways to target individuals and opportunities to gather personal information.

All in all, business leaders should strive to defend their companies from cyberattacks through preparedness rather than respond to cyber attacks. Cyber insurance plays a key role in protecting your company and managing cybersecurity risks. If you’re interested in obtaining cyber insurance, contact a consultant at The Prewitt Group today!