More than halfway through 2023, cyber incidents continue to be the most frequent cause of loss.  Three trends in particular continue to affect small businesses across the country:

Fraudulent Instruction Campaigns

Cyber criminals are using more convincing approaches to carry out fraudulent instructions on business owners and employees.  Typically, these instructions will come from a seemingly harmless email address or web domain. 

HERE’S WHAT YOU CAN DO:

Establish consistent protocols for vendor authentication, payment verification, as well as routine employee training to identify red flags of fraudulent messaging.

Increase of Data Breach Class Actions

Class actions against small businesses who have experienced a data breach of any sort are at an all-time high.  Because of the complexity of data breach incidents, many small businesses are named in multiple class actions for the same incident, dramatically increasing defense costs.

HERE’S WHAT YOU CAN DO:

Implement or review sensitive data protection protocols with your IT professional; review limits of protection for privacy and data breach liability with your insurance advisor.

Cloud-Based Cyber Attacks

45% of cyber incidents in 2022 involved cloud-based technology.  Cyber criminals continue to target managed service providers, IT professionals and their clients who are not keeping up with the fast-paced evolution of cyber security with cloud-based tech.

HERE’S WHAT YOU CAN DO:

Review device management and cyber incident response procedures with your IT professional; implement end-point detection software and strict network rules to prevent unauthorized access.