While major data breaches or intrusions against large companies continue to grab media headlines, data shows that cyber criminals increasingly turn to smaller companies.
In fact, more than 60% of all cyber breach victims are small and mid-size enterprises (SMEs), according to Small Biz Trends1.
Why are smaller businesses the favored target of cyber criminals? It may be because bad actors know that leaders at small and mid-size enterprises (or SMEs) often mistakenly think that cyber security services are beyond their means, which can make SMEs under-protected and more easily accessible.
While the types of attacks continue to evolve, this quarter’s Cyber InFocus monitors and raises awareness of the following three specific threats that are problematic for all sized businesses, including SMEs:
- Emotet, a virus leading to increased business interruption claims
- Ryuk, a new, sophisticated ransomware strain
- Credential Stuffing, an attack that is on the rise to both businesses and consumers.
To learn more about these attacks, how they work, and trends associated with each, visit www.chubb.com/cyber. There, you will find access to the Chubb Cyber IndexSM, as well as a host of resources and insights on how you can protect your business.
Anthony Dolce is Vice President, Cyber Lead, North America Cyber Claims.
1 Alton, Larry. “How to Protect Your Small Business as Cyber Security Threats Rise” Small Business Trends: https://smallbiztrends.com/2016/06/cybersecurity-strategies.html (June 3, 2016)