In today’s business world, cyber-attacks and the threat of a cyber breach is an ongoing issue for businesses of all sizes. Recent Government figures showed that almost half of small businesses had experienced a cyber-attack or breach in the last year. From these figures alone it is clear that this isn’t a risk businesses can afford to ignore.
Cybercrime is big business – some figures suggest it is worth more than $600billion a year. As the rewards continue to grow, the threats also continue to evolve and change.
Here we look at 4 cyber threats your business may want to be aware of in 2019.
The use of artificial intelligence and machine learning is cited by many as a big threat in the world of cyber-crime. It is thought to have the potential to disrupt and alter what has gone before.
As AI is used more in the defence against cybercrime, experts suggest it is a logical next step that cyber criminals will look to adopt and make use of similar technology to fight back.
Some ways in which AI may be used as part of cyber-attack include:
– Learning and adapting to cyber defence systems. Aiming to allow attacks to bypass technology put in place to guard against them
– Developing ways to bypass security algorithms
– Making it more difficult to identify and remove malware from a network if it does get in
Phishing attacks involve the sending of fake emails asking you to disclose sensitive information or asking people to click a link to a bad website. These types of attack really focus in on the vulnerability of the employee and the fact that mistakes can be made.
In response to the systems that many companies have in place which have proven very effective at blocking phishing attacks, it is thought that use of AI techniques will mean phishing attacks become more sophisticated in 2019.
Through the use of advanced social engineering techniques phishing emails will become extremely targeted and convincing. Making it difficult for both systems and humans to spot when something isn’t right.
Risks from Third Party Suppliers
Whilst you may have thought about your cyber defences and ensuring your immediate business has cyber security in place, have you given thought to your third-party suppliers?
Third parties, whilst adding value to your business, can pose a significant risk from a cyber-attack perspective. As cyber security technology becomes more sophisticated, hackers and cyber attackers start to look for alternative routes into systems or ways to access data and third parties can sometimes offer this way in.
Being aware of what security defences your suppliers have in place, carrying out regular audits and knowing where they store (your) data will be crucial in 2019 and beyond.
Having the right staff in place
A recent report from Hiscox found that over a third of businesses surveyed were ranked as ‘novices’ in terms of cyber readiness and that British businesses had the lowest cyber security budgets.
Cybercrime isn’t a risk that is going away. So, making sure that your business, whatever the size, has the right personnel in place could prove critical in staying ahead of the cyber criminals and the ever changing and evolving threat.
Cyber Insurance is one way that you can help protect your business if the worst should happen. At Anthony Jones we can work to help you understand the types of risk your business may face and identify whether it may be beneficial for you to have cyber insurance as a part of your business insurance.