Cyber incidents have proliferated globally, with Canadian insurers reporting a cyber net claims ratio of 105 percent in 2020, up from 39 percent a year earlier, according to Fitch Ratings. These losses drove rates for cyber coverage sharply upward in the fourth quarter of 2020, with premiums increasing by 11 percent on a year-over-year basis. To know why this is happening, any organization or individual should aware of Cybersecurity vulnerability than Cyber threats

A cybersecurity vulnerability is any weakness within an organization’s information systems, internal controls, or system processes that can be exploited by cybercriminals. Through points of vulnerability, cyber adversaries are able to gain access to your system and collect data.

Cybersecurity vulnerabilities are extremely important to monitor as gaps in a network can lead to a full-scale breach of a system.

Types of cybersecurity vulnerabilities

System Misconfigurations - Faulty Network Components with Vulnerability
Out of date or Unpatched Software – System without New software patches
Missing or weak Authorization Credentials – Guessable employee credentials
Malicious insider threats – Employees having Critical systems access
Zero-day vulnerabilities – No visible availability of Threat

Most Common Example for Cyber Security Vulnerabilities

Hidden Backdoor programs – a backdoor program is a program or bit of code designed during the hardware Manufacture that allows a computer to be remotely accessed.
Exposure of Admin / Superuser account Privileges – Failure to control user account access Privileges
Automated Running of Scripts without Malware/Virus Checks in the browsers – Visiting untrustworthy websites violating security alerts by Antivirus software
Unknown Security Bugs in Software or Programming Interfaces - Programming bugs and unanticipated code interactions
Unencrypted Data on the Network- Unencrypted data on the network can be a severe risk for organizations of all sizes.
Cross site Forgery website – Third Party websites fools and misuses the user’s browser

Managed Security Services Provider (MSSP) helps in identifying major network security risks and closing them before an attacker smell the gap. Moreover with their tools and experience, they will form a Threat intelligence framework and cyber security architecture to protect the business.