In 2021 we experienced rapidly climbing ransomware attacks, which then led to cyber insurance rates rising. Experts around the world are doing their best to stay ahead, but it doesn’t seem to be looking up in 2022. Rates are projected to stay the same despite the efforts to slow down the devastating attacks. With our world being immersed in digitality, hackers have more areas to attack, and commonly used e-signatures are becoming more of a target.

Digital Signatures Targeted

As the world has transformed into a digital one, we have become more vulnerable to attacks. It is common that before a doctor’s appointment and many other occasions, you are asked to provide your signature electronically. Making signatures digital has opened up a new area to hackers, despite the efforts to keep signatures confidential. Popular online signature companies such as Adobe Sign and DocuSign have multiple layers of protection and laws to keep them confidential, however that doesn’t seem to be stopping hackers from obtaining the signatures. 

Cyber Education begins

Insurers along with companies around the world have been doing their best to educate companies and anyone whom it may concern about these cyber risks. Many have been aware of the commonly used phishing tactics such as emails asking for information, but cyber risks have become more unpredictable with time. As the major risks become seemingly disguised, it has also become harder to combat the problem. Attackers are targeting new areas and ways to exploit cybersecurity risks, causing losses to rise. The only way companies can help protect themselves (outside of being insured) is to be careful with sensitive information, and educate their employees on ways that exploitation can happen.

It is important as a business owner to provide your team with the correct training to avoid these situations, as they don’t seem to be any less frequent. Speaking with your insurance provider to make sure you have sufficient coverage along with identifying potential scams and avoiding them is the best way to stay out of the issue.

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