Cyberattacks are down but remain a concern for multiple companies, especially as the year winds down. Significantly, cyberattacks have threatened various industries throughout the years. Businesses, banks, and even healthcare facilities have been targets, with attacks frequently wreaking havoc and financial devastation. However, progress is finally happening. Sources report that cyber insurance claims have recently declined.
It highlights how cyberattack incidents are possibly on the decline, too, which is fantastic news for any insurer or managing general agent who covers this market. It doesn’t mean that organizations should let their guard down. Conversely, it’s imperative to continue combatting cyber threats.
Find out why cyberattacks might be on the decline and how organizations can bolster their prevention strategies.
When cyberattacks were at an all-time high, many organizations invested in defense infrastructures to avoid becoming targets. These defenses included hiring cyber security experts and installing comprehensive security software on devices. Unsurprisingly, these efforts did indeed help to minimize the chance of attack that many businesses face. Cybercriminals are likely to abandon their efforts and look for an easier target when an attack is difficult to execute.
The increase in cyberattacks also resulted in an increased awareness of the threat that businesses face. Many organizations hosted cyber attack training sessions for staff to alert employees to warning signs of a potential assault. For example, people who were previously unaware of phishing learned about this common cyber attack tactic. With more employees aware of cyberattack threats, businesses can better detect potential threats before they emerge. Investing in a secure policy insurance software such as Verity is one of the best defenses against these potential threats.
Along with training and defense infrastructure, better security measures may also play a role in recently reduced cyberattack rates. Unfortunately, internal forces can cause data theft, compromised credentials, and other cyberattacks. Employees are not always trustworthy, and some may seek to attack their organization’s security. Businesses that invest in internal security measures could nip this problem in the bud before it comes to fruition.
Finally, the reduction in cyber claims is likely due to improved response resources. Sometimes a cyber attack is inevitable, regardless of how much an organization invests in prevention. In these cases, the best thing a business can do is implement an immediate response plan. This plan should include a detailed protocol for containing the threat, detecting its source, and restoring any services that have dealt with interruption due to the attack. It will help companies prepare more efficiently for any potential attacks.
Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at 541-209-0700.
