This past year, most industries saw a wide range of changes and advancements in workplace technology. Coincidently, as digital offerings continue to evolve, so do cybersecurity threats. This is why it is crucial to remain up-to-date on the latest technology trends and adjust your cyber risk management strategies accordingly.

As your organization navigates through 2021, be sure to monitor the following cybersecurity threats closely in order to reduce your risk:

1. Remote Work Exposures

Remote work arrangements are a valuable method to protect your staff from the ongoing COVID-19 pandemic. Unfortunately, it can also lead to increased cybersecurity vulnerabilities for your organization. Many employees may not have the same workplace security capabilities while working from home. Remote staff should be provided with appropriate cybersecurity instruction and resources to elevate protective measures. Organizations should also implement effective cybersecurity policies and procedures.

2. Elevated Ransomware Threats

Cybercriminals continue to create new and improved ransomware attack methods. According to recent research from Cybersecurity Ventures, ransomware attacks are expected to cost organizations more than $20 billion in 2021, with an attack estimated to take place every 11 seconds. We recommend organizations implement virtual private networks, install security filters on your email servers, implement multi-factor authentication and educate staff on ransomware prevention to protect your organization from ransomware attacks.

3. Cloud Hijacking

Maintenance of cloud security is critical as more employees continue to work from home. Cloud breaches have become more common as cybercriminals develop methods to hijack cloud infrastructures through credential-stealing malware. Trusted next generation anti-malware software and regular software updates will help to combat this concern.

4. Data Privacy Expectations

More and more organizations house sensitive information on digital platforms, which increases the concern of data privacy. If your organization stores sensitive information digitally, it is vital to utilize proper security techniques to protect such data (e.g., encryption) and abide by all relevant data privacy regulations.

5. Skills Shortages

Despite ongoing advancements in workplace technology, cybersecurity skill shortages have become a major issue. The demand for cybersecurity professionals now exceeds the number of individuals who are qualified for such a role. This shortage emphasizes the importance to invest in effective cybersecurity tools across all workplace devices to help minimize your risks.

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These trends emphasize that it is crucial for your organization to secure adequate cyber insurance. This coverage will provide appropriate attention and protection for hefty out-of-pocket costs in the event of a cyber incident. For more information on cyber insurance, connect with a member of our team.