Aug 29, 2023Why Cyber Coverage Is Crucial
Identifying and Preventing Common Cyberattacks
According to a cybersecurity report from NordLocker, half of all computer users confirm they have fallen victim to some form of Cybercrime. The extent of cybercrime has no limits, and while cyber awareness campaigns have risen in recent months, cyberattacks targeting Internet users have increased in size and sophistication.
Cyberattacks can come in many different forms. From malware to ransomware to DDoS attacks, cybersecurity holes can be found everywhere. But with more awareness around how to prevent common cyberattacks, businesses and individuals alike can get out ahead of related complications, saving them time, money, and legal issues.
While cyber insurance programs can provide a foundation of protection, it is important to recognize the signs of common cyberattacks. Here are some of the notable digital attacks on personal or private data in the age of work-from-home and COVID-19.
Password Cracking Attacks
In password-related attacks, hackers use software and brute force to access secure digital accounts. They have password-cracking software that can test thousands of potential password combinations.
Users usually follow patterns when told that their passwords need to contain certain items like capital letters and punctuation combinations. What this results in is that it’s easier for machines and hackers to guess a password. The best way to combat this is by using passwords that are random. Users should give up their habit of using seemingly obvious passwords such as the street they live on or their last name. Another way to protect accounts is by having long passwords as they are more difficult for machines to decipher.
Social Engineering Attacks
These attacks include password phishing emails and are one of the most common types of cybersecurity attacks. For these attacks, hackers send out emails that have been designed to look legitimate in communication. This means that emails will look like official correspondence from sites like Amazon or PayPal. Hackers end up hoping that potential victims will click on the links in the email and provide their password or banking information.
The best way to protect against social engineering attacks is through training and education. These attacks, like the infamous Nigerian prince emails from the 90s and early 2000s, are successful when people are not able to spot the false emails. Employees should be encouraged to be vigilant when opening emails and clicking on links before they enter sensitive information.
Malware attacks occur when hackers design viruses, worms, or Trojan horses meant to disrupt companies by encrypting their files. The best way to prevent malware attacks from the start is by having the right software protecting networks. This means not just installing anti-virus software and setting up firewalls but also keeping them updated on a rigorous schedule.
When an anti-virus and other protective software becomes outdated, it becomes easier for hackers to infiltrate if they don’t have any anti-virus software in the first place.
These kinds of attacks, also known as DoS, is where hackers render a site inaccessible to legitimate customers. Hackers do this by overwhelming a website with data and traffic until it ends up crashing. Although these attacks do not have a direct financial cost to the victims they attack, the indirect cost of lost sales can add up quickly. In addition, companies have to restructure their website after a DoS attack occurs.
Besides keeping anti-virus software updated and security patches up to date, businesses should also be monitoring their traffic reports to protect against a DDoS attack. A sudden surge in traffic or other strange traffic patterns could be a major sign of an attempted or successful data breach.
About Tangram Insurance Services
Located across the Golden Gate Bridge, just outside of San Francisco, Tangram Insurance Services is a full-service Managing General Underwriter and Program Manager offering specialty programs. We focus on industry-relevant coverage, competitive pricing, and practical business and risk management solutions for your clients. Since we are not all things to all people, we make sure to create outstanding custom-built solutions that matter to those businesses, and the brokers who serve those industries. Contact us at (888) 744-9810