Your Business and Cyber Security in 2021

Due to COVID-19, 2020 was a record-breaking year for cyberattacks. Consumers, government institutions, and businesses were all affected by cybercriminals. 2020 was a highly unprecedented year in many ways, and all businesses were hit hard. Most businesses, big and small, were not ready for a fully remote switch. We now have the opportunity now to move forward by being prepared and cyber secure.

CyberScout has released their 2020 survey on cybersecurity, consisting of 2,055 small and medium-sized businesses (SMBs). Using survey data we will cover top cyber concerns, post-pandemic planning, and cyberattack recovery.

Top Concerns

According to the Beazley Group, nearly 70 percent of ransomware attacks in 2018 targeted small businesses. If you are not familiar with ransomware, it is one of the most harmful cyber threats businesses face. It is malicious software that blocks access to computers until payment is made to the cybercriminal holding the computer hostage.

Per the graphic (left) 30% of SMBs believe that a data breach is the top cyber concern while only 10% fear ransomware. Datto’s findings say that ransomware is the leading threat to SMBs. It is time for businesses to shift their focus and start planning, not just for data breaches and phishing, but also for ransomware attacks. [1]

Post-Pandemic Plan

Even with the shift to work from home, one-in-four businesses still have not taken any steps to prepare or edit their current continuity plan. 25% of the CyberScout survey responders said they either do not scan for network vulnerability or did not know their company’s policy on testing vulnerability.

Since moving to remote, the survey found that 34% of the businesses surveyed required a VPN connection to remotely login to their business system. But only 17% established or reiterated their IT protocol for remote work. Still, 14% of businesses did not implement or follow any sort of cybersecurity measures for remote work.

Cyberattack Recovery

All the news focuses on big businesses being hit by cyberattacks, but businesses of all sizes are vulnerable. Cyber insurance is designed to reduce losses from a variety of cyberattacks, such as data breaches and network damage. We write several companies that offer standalone cyber security policies as well as cyber coverage extensions. It is important to protect yourself from any type of business disruption; cyber is a new and always changing threat.

[1] https://www.datto.com/resources/dattos-global-state-of-the-channel-ransomware-report