Cyber Insurance Trends 2022
While we have definitely been broadening our horizons when it comes to using technology in many different aspects of our lives, the last couple of years have seen an acceleration of technology being further incorporated into the business world as well.That being said, the insurance world is no different, and as we move closer towards 2022, the reality is that this conversation can not exist without also touching upon cyber security and in turn, cyber insurance.In 2021, cyberattacks became more and more common and the upcoming year will, unfortunately, be reflect more of the same. In order to ensure you are adequately protected from a wide range of online threats, read on to learn more about the cyber insurance trends for 2022.
The Evolution of Ransomware
Again, while ransomware was nothing new to us in 2021 and even well before that, one major cyber trend to continue into 2022 is the presence of ransomeware schemes. Not only are these the same old ransomware attacks, ransomeware is evolving to become even more of a threat to businesses and individuals as technology advances, and is more widely in use.
For example, monetary expenditures for one thing, increased significantly in the previous year. Not only was data security a leading issue, but personalized money extortions are predicted to grow, with new and improved ways of cyber-hackers targeting business in highly invasive and unique ways.
Fortunately, the goals of cyber insurance plans in 2022 and beyond are likely to address these increased cyber security needs.
The 5G Expansion
Another advancement in technology and the way in which we communicate is the development and expansion of the 5G cellular networks. For individuals and businesses, this mean that cellular technology will align with the need to access the internet from anywhere, even outside of areas where wifi services are otherwise unavailable.
Again while this is an exciting step forward in unburdened connectivity, it also opens the doors to further cyber security vulnerabilities. As such, we can expect to see cyber insurance areas acting accordingly, and businesses will want to be like-minded in their approach to protecting themselves and their employees from these potential cyber risks.
The Continuation of Remote Work
Perhaps not at all appearing to be a completely new trend at this point, remote and working from home is, however here to stay. Since this major shift, there has also been a heightened level of cyber-attacks in 2020 and 2021, with ransomware threats, for example, being linked to increased remote work environments.
With this growing trend seeming to have again presented an opening that cyber criminals are more than happy to exploit, companies and individuals will want to thoroughly ensure that they are taking extra precautions with safeguarding their data and communication systems from cyber threats as working remotely will continue to be more of the norm in upcoming years.