Top Cybersecurity Concerns This Year

In the Internet age, cybersecurity should be a top priority for every business. Even one incident can undermine your reputation, compromise your systems and cost your company millions. Fortunately, you can protect your enterprise from threats if you understand them. To help you mitigate risks, here’s everything you should know about the top 2023 cybersecurity concerns.

Cybersecurity Threats To Supply Chains

Technology makes it easier than ever to manage supply chains but also adds new vulnerabilities to logistics. Today’s supply chain relies on the Internet of Things — everyday items integrated into the online world. For example, many shipments have sensors connected to the internet, allowing suppliers and buyers to track their movements and access information about the contents:

  • Origin
  • Past storage locations
  • Type of material
  • Amount of material

While real-time data is invaluable in business planning, it creates entry points into the overall system. Enterprising hackers can utilize these weaknesses to access critical data — or take the entire system hostage, halting all movement.

Supply chain issues have massive real-world consequences, and businesses aren’t the only ones who suffer. While maintaining cybersecurity for the IoT is complex, it’s essential for keeping your company profitable.

Business Email Compromises

Since the invention of email, scammers have baited people with messages claiming they won a prize, inherited money, or had suspicious activity on an account. Once recipients click the links, they reach a legitimate-appearing page asking for personal information. If they enter it, the scammers have the necessary data to steal their identity. Called phishing, this tactic becomes more sophisticated every year.

A business email compromise uses the same playbook but specifically targets businesses. Scammers may spoof emails from higher-ups within the organization, business partners, or vendors. All it takes is one employee falling for the fraud; hackers have a way in. Consequently, training people at all levels to identify and report possible phishing emails is essential.

Ransomware Attacks

As you may have guessed from the name, ransomware attacks involve holding your systems hostage until the hacker receives payment. Cybercriminals may also threaten to leak or delete critical data, leading to more far-reaching consequences.

In addition to shoring up your security measures, consider getting cybersecurity liability insurance. Should hackers breach your systems, cybersecurity liability coverage can protect your business in the following ways:

  • Compensating businesses for losses
  • Paying legal costs from data breach civil suits
  • Covering customer notification expenses

Mobile Cybersecurity Risks

Mobile security is a rising concern as devices grow in importance to both customers and companies. Many people conduct business on smartphones and tablets, which are relatively new targets and, therefore, not as protected as desktops. As a result, many people are unaware of the dangers:

  • Drive-by downloads
  • Unsecured public Wi-Fi
  • Questionable app security
  • Insidious spyware

Mobile devices also present an oft-forgotten cybersecurity risk: physical loss. If someone gets hold of a smartphone and brute forces the password, they can access the owner’s accounts, including sensitive business systems. To combat this, businesses should have protocols for accessing business accounts on personal devices and dealing with the loss of a business-issued device.

About Provident Protection Plus

For more than 65 years, Provident Protection Plus has served the businesses and residents across several states nationwide. Today, we are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.