The Expert Podcast

Unlike other types of risks for your business . Cyber security and cyber prevention is something which changes on a very frequent basis Look , the risks you have in your business for things like fire or theft or . Personal injury . Pretty much stays the same from year to year . Things having to do with cybersecurity . Change on a week by week or month by month basis Here's a report from the anti-phishing working group . Which goes into one area of cybersecurity which is phishing and phishing is described As you can see from this Article . Is a crime employing both social engineering and technical subterfuge . It base . steals consumer's identity . And financial account credentials So as a company you may get a message sent to one of your employees . That looks like it comes from somebody in authority . It may even look like it comes from somebody's boss or an executive It may look like it comes from . A an accountant or an attorney and it asks that employee to give them a login or give them access to something . And once they get that access now they can get in and lock down your system or do ransomware . And the frequency of this type of crime has gone up dramatically Look in April of 2021 it was barely 200,000 . In March of 22 it was almost 400,000 . So this is almost a doubling of the phishing attacks in a year In fact the last quarter was the first time according to their research . That there was over a million total attacks never was over a million attacks before now Here's an important factor . The number of sectors . That have seen a decrease in overall ransomware attacks . is lower . But the financial services industry is higher and phishing is higher . Most sector saw a decrease in ransomware . So for the last year or so ransomware was the big thing to watch out for in cybersecurity . Even in the last few months that trend has gone down So these cyber risks are going to be changing on an ongoing basis So if you're a company . And you have a cyber security or cyber insurance interest . You want to stay on the cutting edge of what the current trends are six months from now the risk for cyber attacks or cyber losses may be completely different than what it is now . And that prevention factor is huge . So your side . security . Efforts have to be dynamic . And if you have cyber insurance you want to be with a carrier . That's giving you constant updates . And that carrier is going to be exposed to the wider range of . Different industries outside of yours What are those industries We'll look at the breakdown These are the most targeted industries It's not one . Large areas certainly financial . Companies are the biggest percentage but that's even only 23% . There's many industries that are in the double digit range . Social media e-commerce web mail crypto . Logistics . They're all significant factors There's no very small slices . Everything is pretty much evenly distributed So unless you're in all these industries you're not going to know what are the new emerging trends for cybersecurity . And in ransomware it's even more broken up . Manufacturing is higher at 25% , but everything else is 12, 10, 8 There's nothing that's significant . Other than manufacturing for ransomware . So as you're monitoring your company's risked . Profile . And your loss footprint . You want to make sure that you're staying aware of what the common in emerging losses and attacks are , you're not going to be able to do that unless you hire full-time people to , to monitor the threat exposure . A good cyber liability policy will connect you almost as a partner . With an insurance company . That is insuring all these industries . They have policies in all of these sectors , so they'll know what are the emerging trends and they can give you a heads up Look , be aware that this type of router . Is being attacked and you might want to lock down yours if you really want to . Scroll down deep into some other trends registrar's used to . register a tack domains What this means is . All of these hackers use a website that makes it look like they're a legitimate business . These websites are normally hosted on free registrars Namecheap GoDaddy Google , these other registrars . So if you see a company . That's trying to connect you with . A login . You can look to see where their domain is registered . To get a perspective on what's the probability that it's a hacker domain . It's not a fool-proof cause there's some legitimate companies on Namecheap and GoDaddy , but do you want to make sure that you're looking at the odds and percentages if you're going to do this in house and not outsource it to an IT company .