Here’s Why You Should Care About Cybersecurity Awareness Month

Cybercrime is Growing – That’s Why Cybersecurity Awareness Month is So Important 

1. The Post-Pandemic Digital Shift
 

The way we live and work has changed dramatically since the pandemic, with remote work and cloud-based operations becoming the new normal. With these shifts came a cybercrime boom: cybercriminals were quick to exploit vulnerabilities in less secure networks and personal devices, leaving both businesses and individuals more exposed than ever before.  

It’s not just companies at risk. More than two thirds of Americans have experienced one of the seven types of data breaches (not surprising since there have been almost 7 billion known data record breaches in the US since the start of this year) – with passwords being the most commonly compromised information. As our digital footprints grow, so does the challenge of keeping our personal data safe. 

2. The Role of AI in Cybercrime


AI is transforming industries, but it’s also giving cybercriminals new tools to launch more targeted attacks – from deepfake impersonations to automated phishing. In 2023, the FBI reported USD $2.9 billion in losses from AI-fuelled Business Email Compromise (BEC) schemes. And that’s only the data that’s been reported.

Neal Jardine, BOXX’s Global Director of Cyber Risk Intelligence, says AI is already changing the cyber threat landscape. “It’s no longer about brute force hacking; AI allows attackers to be smarter and more targeted in their approach – making cybersecurity for everyone more important than ever.” 

3. Lack of Awareness and Education
 

Despite the rise in cybercrime, many people are still unaware of the risks.  

A concerning 65% of senior executives revealed they’ve been the target of at least one cyberattack in the past 18 months, while one in five companies admit they don’t know enough about cybersecurity to protect themselves. 

Part of the problem is cyber fatigue, experienced by over 40% of companies, where businesses become desensitized to the constant warnings about cyber threats, making them less proactive to securing their systems.  

On an individual level, it’s even more alarming. The majority of Americans don’t know what to do after a data breach – and most have never checked to see if their data has been compromised by one. And unsurprisingly, they don’t trust government organizations not social media sites to protect their data from unauthorized use or access.

Americans seem to generally be more aware of their cybersecurity as 68% of US adults say they have changed their social media privacy settings as a way to manage their online privacy — and a similar share have declined or turned off cookies or other tracking tools on apps or websites for the same reason.

4. Lack of Cyber Insurance 

Despite rising cyber threats, many businesses hesitate to invest in cyber insurance, often assuming they won’t be targeted. Over 40% of insurance brokers report clients refuse coverage, believing their data isn’t valuable or that small businesses aren’t appealing to cybercriminals.  

“But that mindset leaves them exposed to significant financial losses,” says BOXX CEO & Co-Founder Vishal Kundi. “Most hacks target small businesses, and 80% of victims could have financially survived the attack with better preparation.” 

How to Stay Safe Online: Cybersecurity and Insurance 

As cyber threats evolve, so must our cyber awareness, preparedness and defences. Taking cybersecurity measures and getting the right cyber insurance are your best bet against growing cyber threats. Here are some best practices to safeguard yourself, your family and your business: 

1.  Training and Awareness: Educate employees and family members on the latest cyber threats, including how to spot and report phishing. Consider prioritizing BOXX’s 10 online safety tips and cyber safety resources, including how to deal with cyberbullies and how to avoid romance scams.
2. Strong Password Policies: Over 24 billion passwords were exposed by hackers in 2022 and the average smart home could be at risk of more than 12,000 hacker attacks in one week. Implement strong password hygiene, use multi-factor authentication, and change passwords regularly, using a password manager.
3. Cybersecurity Tools: Invest in cybersecurity tools like VPNs, firewalls, and antivirus software to secure both your personal and business networks and devices, and regularly keep software updated.
4. Cyber Insurance: Cyber insurance is no longer just an option; it’s a necessity. Whether you’re insuring your home or protecting your business, policies designed to protect against cyber risks can offer a critical safety net. In addition, BOXX helps businesses and individuals prevent, prepare and recover from cyber incidents. BOXX’s virtual Chief Information Security Officer (CISO) can provide an extra layer of protection for small businesses, acting as your personal cybersecurity team with a policy or Cyberboxx Assist. 

Make Cybersecurity Awareness Month a Priority  

There’s a lot to be anxious about in our digital world as we observe Cybersecurity Awareness Month in 2024. But consumers and businesses can fight back by making cybersecurity awareness and resilience a priority. Stay informed and invest in the right protection and insurance to keep your business, home and family safe.  

Becoming cyber aware is your first step – for more insights on how to safeguard your digital world, check out BOXX’s cybersecurity resources.