20 Things You Should Know About Cyber Risk Management

In a marketplace where you can easily transact and attract new customers online, you’ll need to be aware of truths about Cyber Risk Management. The topic of Cyber Attacks is another reason why your every move in the digital world must be protected.


Before formulating your very own protective and possibly, counter-attacking strategies, here are 20 of the things which you can find helpful about Cyber Risk Management:

  1. The top three triggers of Cyber Exposure and data vulnerability are hacking, human error and lost or stolen devices.
  2. A large percentage of Cyber Attacks are towards small businesses. These include web-based, social channel and service-related attacks.
  3. Among various industries, there have been top four fields which have the highest claims in reference to their Cyber Risk Management efforts: Healthcare, Professional Services, Technology, and Retail.
  4. The field of healthcare has the highest risk in cybersecurity due to cases of human error such as loss of information or sending details to the wrong person or company.
  5. When it comes to technology, hacking, theft and loss of devices constitute a large portion of Cyber Attack issues.
  6. Retailers are also at risk due to the amount of information and customer details they handle.
  7. Lately, antivirus solutions have also become more and more questionable or less effective.
  8. Attacks can cost millions of dollars. Companies have reported losing hundreds of millions of dollars due to lack of data security.
  9. Companies are vulnerable to attackers every less than a minute of every day.
  10. Millions of valuable records can accordingly be stolen, costing you not only money but also the trust of your investors.
  11. Not all companies are prepared for hackers and Cyber Attacks. Due to lack of training, not enough resources or tools, inability to quickly respond and more, companies are not completely prepared against hackers and attackers.
  12. Hackers are now considering Cryptojacking as another major source of their income.
  13. Information security is getting more and more expensive – you can only cover so much especially as a small or medium business owner. This is where the applicable insurance coverage becomes quite handy.
  14. The need for cybersecurity jobs is unmet, thus increasing the chances of attackers to pry into your system.
  15. Did you know thousands of Cyber Attacks happen every day?
  16. Hackers are now using e-mails with malware to infiltrate systems of unsuspecting recipients.
  17. Billions of dollars are stolen due to identity fraud, with hacking used as a means.
  18. To avoid arrests, hackers have also become well-versed in the use of encryption. With the use of the latter technique, their steps will not be easily traced.
  19. There are businesses who could only detect attacks when it was too late. Some companies even still go about their operations without a clue that they’re being watched.
  20. Two of the most attacked platforms are Windows and Android.

By knowing these truths, you may hopefully become better equipped in handling your Cyber Risk Management program.

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