Cyber Risks for Businesses in 2022

January 13, 2022 Blog

Did you know that cybercrime is predicted to cost businesses around the world $6 trillion this year? That’s a lot of money, and it’s no surprise that businesses are starting to take their cyber security more seriously. Why are the experts predicting an increase in cybercrime in 2022? The pandemic changed the world in myriad ways and increased cybercrime is just one of them. Many companies moved and have stayed predominantly online. As a result, our market (and lives in general) have become more digitized which has made us more vulnerable to data breaches and other cyber risks.

The problem is many business owners don’t know where to start when it comes to protecting a company from cyber risks. Don’t worry – we’re here for you! Business Insurance cyber risk experts are here to discuss some of the top cyber threats to businesses in 2022 and how you can protect your company from them.

Top Cyber Security Threats 2022

According to a study by IBM, 61 percent of businesses say they anticipate a cyberattack in the next 12 months. From ransomware to data breaches, businesses need to be aware of the many cyber dangers you’ll face as you continue to operate online. Cyber security is becoming increasingly important, and businesses need to be prepared for anything that could happen. So, what types of cyber threats might your business encounter in 2022 and what steps can you take to protect your company from potential cyber risks? Read on to find out! cyber threats for businesses in 2022

  1. Ransomware is the fastest-growing cybercrime. Victims facing ransomware crimes paid out over $600 million in the first six months of 2021 alone and these numbers are predicted to increase this year.
  2. Remote work or hybrid business approaches also create new and increased cyber risks for businesses. Businesses are now largely at risk for data breaches where company and client information is compromised. Businesses that have weak technologies or a lack of protocols for cyber security are more vulnerable to such risks.
  3. Cybercriminals will always adapt! As cyber security continues to evolve and improve, so will hackers. With ransomware and other attacks becoming more sophisticated, it’s important for businesses to stay current on the most effective cybercrime protections.
  4. Phishing attempts, identity theft, and post-disaster scams are predicted to increase, as cybercriminals take advantage of the fact that times of emotional stress make individuals and businesses more vulnerable to falling for such schemes.
  5. Due to supply chain shortages, high-demand products pave the way for cybercriminals to create ways to impersonate vendors in “selling” these products. People are more likely to fall victim to such crimes in attempting to secure the product they desperately need. Legitimate businesses may be utilized by cybercriminals in such nefarious endeavors if proper cyber security precautions are not in place.

Best Cyber Risk Insurance 2022

Pandemic disruptions and resulting changes in the business world have increased cybercrime around the globe. As a business owner, you have to improve your security protocols and have a data breach response plan in place so that you’re prepared for any scenario. Most importantly, it’s vital to have a cyber risk insurance policy in place to cover your costs should any such crime occur. For the most comprehensive cyber security insurance and for sound advice on what coverage your company needs, contact Business Insurance Center today! With just a click or call, your valued assets can be protected against cybercrime.

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