3 Top 2021 Cyber Risks for Businesses

The COVID-19 pandemic has precipitated a seismic shift in the workforce landscape: remote work. Resulting changes to business operations have opened the door to cybercriminals, creating a massive increase in 2021 cyber risks. Company data systems may be severely damaged in one click by a hacking victim. Businesses must address cyber threats in 2021 by implementing powerful insurance and risk management programs.

Prominent 2021 cyber risks include:

1. Ransomware

Ransomware is a major challenge for company security teams. Ransomware is a form of malicious software transmitted by email. Cyber thieves steal and encrypt data and then demand a ransom to release the data. Network access developed for remote workers has enabled cybercriminals to infiltrate systems more easily.

2. Internal Threats

Insider threats are an increasing security risk for organizations. An at-home workforce provides more opportunities for accidental breaches. Data and critical information may be leaked if a remote employee inadvertently opens a phishing email.

3. Network Technology Evolution

Data secured on the company premises is safeguarded by limited access to vulnerable information. However, businesses are moving to other alternatives such as cloud technology, which presents new risks.

Significant 2021 cyber risks exacerbated by the pandemic demand vigorous identification and attention. A solid, expertly designed insurance program and updated risk management plan are essential to address COVID’s enormous impact on business network stability.