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Insurance should protect what’s most important – your family, your business, your employees.
We look at insurance differently. Our consultative broker approach identifies your greatest risk and develops solutions to give you peace of mind.
Our highly specialized team will ask the questions others don’t.
- How does your insurance impact your bottom line?
- What are you actually protected against?
- Will you survive a loss?
We know life can be unpredictable but careful preparation and smart decisions can help you manage the unexpected.
Escalation of Cyber Attacks in 2017
According to a recent report from Experian, businesses can expect to see an increase in the number and severity of cyber attacks. Businesses in the financial, security, and healthcare industries will be the most frequently targeted.
Experian made five major predictions for cyber attacks:
- Password breaches will contribute to the abandonment of passwords. The report emphasizes that two-factor identification — where two separate pieces of authentication evidence are required — should be used by businesses to defend against cyber attacks.
- New, sophisticated attacks will target the health care industry. Because medical identities and information remain relatively easy to access and profitable for hackers, large establishments, such as hospital networks, will continue to face sophisticated threats, such as ransomware.
- Politically-motivated and state-sponsored attacks will become more common. The large number of recent high-profile cyber attacks — many believed to be state-sponsored — may lead to businesses being damaged. The report predicts that such attacks will only grow as politically-motivated hackers seek retaliation against others.
- Hackers will focus on payment-based attacks, despite new security measures. Although EMV chip cards and the PIN liability shift were expected to protect against payment breaches, uneven adoption could lead to additional cyber exposures. Additionally, criminals are beginning to use sophisticated skimming machines to steal card data at physical retail and ATM locations.
- International data breaches will cause major problems for multinational businesses. The loss of consumers’ data is a large problem, but multinational businesses must also deal with ever-changing regulations in all of their markets.
The United States, EU, Australia, and Canada have passed new regulations that will force businesses to re-evaluate their cyber security plans.
Our cyber experts can craft a policy to meet your unique needs and protect against cyber losses.
Learn more about cyber security and threats.
Source article: "2017 Fourth Annual Data Breach Industry Forecast"
The information and recommendations contained here have been compiled from sources believed to be reliable and represent the best current opinion on the subject. No warranty, express or implied by KeyBank, is made as to the absolute correctness or sufficiency of the information contained. This is meant as general information only; particular situations may require additional actions. This document is designed to provide general information only and is not comprehensive nor is it legal advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. KeyBank does not make any warranties regarding the results obtained from the use of this information.
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