Cyber Insurance Predictions to Brace for in 2022

More Digitalization Means More Hacking

Everything is getting digital. Almost all companies are shifting to the digital medium to make things easier and faster for their customers and themselves. However, the more companies get digital, the more options these hackers would have and the more hacks will take place.

To keep the data of your company safe, it is suggested to install the best anti-malware and to keep yourself extra protected, purchase cyber insurance for any unforeseen cyber attack as it will provide coverage for the specified inclusions in the policy documents.

Ransomware: Government Lending Hand

2021 made us realize that every company is at risk of a ransomware attack. In 2022 the governments will come together and start cooperating to find and prosecute the ransomware groups. The hacking operations against these hackers will also keep on happening. This will alter the behavior of hackers that in turn will decrease their options on whom to target.

Increment In Insurance Premium

As cyber attacks increase day by day, insurance companies have to enhance their cyber insurance policies according to the latest cyber threats. When the insurance company enhances their insurance plan coverage, it tends to increase the insurance premium as well.

Insurance companies have to keep on evolving and expect to see offers and discounts that are linked directly to the integrating policies. This will increase the number of platforms to help mid-size companies to afford the policies.

Open Banking Is Vulnerable

Financial organizations such as banks have started providing banking services through mobile applications to make their customer experience better and easier. With better customer service, these apps also bring security concerns.

In recent years, API security has been a growing issue, It has been predicted that API abuses will double in the coming two years. Hence it can be expected that there will be an increase in fintech-related account abuse.

Attacks On Shipping & Transportation

It is expected that the 2021 supply chain crisis will get severe in the year 2022. Transportation companies are struggling due to the covid-19 related challenges whereas the hackers take it as an opportunity against shipping and transportation companies. As per Naval Dome, who is an Israeli cybersecurity specialist, there has been an increment of 400% in the cyberattacks on maritime vessels between February 2020 to June 2020.

Hackers For Hire

The gig economy is enhancing the contract services in various legitimate industries and the hackers are also increasingly getting active. Hackers for hire is becoming a prime security threat, it shows no sign of decrement even after the success of ransomware attacks. In 2022, it is expected to more mercenary-driven cyber attacks and more creative strategies for hiring contract hackers like a Russian group that made a fake company to hire IT specialists.

End of Telcos & Identification Verification

Hackers have entered the Worldwide Cell Tools Identification (IMEI) numbers, so it is expected to see a rise in sim swap assaults. This is also expected that the risk actors will get access to the two-factor authentication by hacking one time passwords by utilizing the victim’s cellphone quantity.

Conclusion

These were some of the cyber security predictions for 2022 that companies should look out for. It is better to be ready than sorry later. Even though, none of the companies are immune to these cyber attacks so purchasing a cyber insurance policy as a back up option is a smart yet important move.