We understand the importance of safeguarding your moving and storage business at Reason Global. So, as we step into Cyber-security Awareness Month, we shed light on some of the most prevalent emerging cyber threats for 2023-24 and how to limit your exposure to them.
Ransomware attacks are increasing, and criminals are making it easier for others to carry out these attacks through RaaS platforms. Ransomware attacks involve encrypting a victim’s data and demanding a ransom for release. RaaS makes this nefarious tactic more accessible to cybercriminals, allowing them to rent ransomware tools and reducing the technical skill required. To safeguard your business, regularly back up data, update security protocols, and consider cyber insurance to mitigate the financial impact.
Cybercriminals are increasingly using artificial intelligence to enhance their attacks, for example, by employing machine learning algorithms to craft highly convincing phishing emails, making it harder for users to discern legitimate from malicious messages. Educate employees on how to recognise AI phishing emails and consider employing AI-powered email security solutions to help detect and stop cyberattacks before they reach users’ mailboxes.
Supply Chain Attacks
Third-party suppliers can be vulnerable points of entry for cybercriminals, who can target a target organisation’s suppliers and service providers to gain access to their systems. For instance, the SolarWinds breach of 2020 compromised a widely used software provider, allowing attackers to infiltrate numerous high-profile organisations. Protect your business by vetting your suppliers’ security practices and implementing strict supply chain security measures.
Deepfakes and Disinformation
Deepfakes use AI to manipulate audio and video content to deceive viewers. The spread of fake videos and disinformation can harm your business’s reputation. Train your employees to recognise deepfake content and encourage them to stay vigilant.
With businesses relying more on cloud services, securing your cloud infrastructure is crucial. Cybercriminals exploit vulnerabilities in cloud infrastructure to steal sensitive data or disrupt services. The Capital One breach in 2019 exposed over 100 million customer records due to a misconfigured firewall in an Amazon Web Services (AWS) server. Protect your business by utilising robust authentication methods and encryption for cloud data.
These come from employees, contractors, or business partners accessing your systems. This happened in 2019 when a former Twitter employee exploited their privileged access to deactivate high-profile individuals’ accounts temporarily. You can implement access controls and employee training to minimise insider threats.
The moving and storage industry is not immune to this evolving cyber threat landscape. Fortunately, Cyber Liability insurance policies can provide different types of extensions to protect your business from cyber-attacks. Learn more about our Cyber Liability Insurance Cover.