Cybersecurity: Protecting Your Business
From Internet Threats
We live in a world wherein cyber liability insurance is something that just about every business needs. This is because technological innovations have changed the landscape of the modern world.
Through the use of technology, many industries and sectors have been drastically transformed when it comes to their efficiency and effectiveness.
Whether it be small businesses or large corporations, technology’s influence has spread far and wide.
The internet has been a vital instrument for many sectors of modern society. It’s provided the world with a way to stay connected and the ability to relay information no matter the distance.
The digital landscape has improved our way of life in many aspects, but it’s not without its risks. The continued rise of cybercrime shows that we have to be more vigilant than ever—especially since it looks like the digital realm is here to stay.
Why Invest in Cybersecurity?
Cyberattacks and cybersecurity threats are byproducts of the digital age.
While technology and the internet have made things easier and more convenient for businesses nowadays, they’ve also opened them up to new and unprecedented vulnerabilities.
It’s safe to say that many companies and businesses nowadays are aware of such threats, but not everyone has completely bought into cybersecurity. As such, here are a few reasons why insurance coverage for identity theft, cybersecurity, and cyber liability is important.
The aftermath of cyberattacks is pretty well documented. Cyberattacks have cost major corporations upwards of $110 billion due to data breaches, emphasizing the need for better cybersecurity as well as cyber liability insurance.
And while we often hear about big corporations being victimized by malicious forces on the digital space, it’s also worth mentioning that they aren’t the only targets. Small businesses are extremely vulnerable to these threats.
In fact, 43% of total cyberattacks are directed towards small businesses and are costing them around $200,000 in damages.
It’s safe to say that businesses and companies of all sizes should allocate resources towards cybersecurity and cyber liability insurance, as it could save them a significant amount down the line.
Customers nowadays trust more than just the services or products your company provides. By signing up for your newsletters or mailing lists, your customers are implicitly surrendering their data to you.
And while you want to use this data to improve your services, it could cause some real damage if it were to fall into the wrong hands. This poses a real threat to your customer base as this information could be used against them or leaked online.
It also goes without saying that data breaches and other cyberattacks can lead to a decline in consumer trust. A decline in consumer trust can eventually lead to a significant loss of revenue, as your customers may seek other services.
Simply put, businesses who don’t have cyber liability insurance are putting their customers at extreme risk.
Data is quickly becoming the lifeblood of modern business, which brings more value to cyber liability insurance. Protecting your own information and data should be one of your priorities.
The importance of your company’ data and information cannot be understated. Remember that your documents, records, and operational data are also at risk and can be exposed to cyberattacks.
Your day-to-day operations may rely on this data, emphasizing the need to protect it like you would any aspect of your business. Losing this information could lead to permanent damages to your company if it can’t be recovered.
Protecting data continues to grow in importance as companies and businesses continue their trajectory towards being data-centric.
Common Cybersecurity Threats
Before you can address cybersecurity threats, you must first be aware of what threats to prevent. By knowing the most common threats to companies and businesses, you’ll be able to take the necessary precautions to protect yourself against them.
While they may seem trivial, these threats can do some serious damage if you’re unprepared. After examining this list, you’re sure to be convinced that all modern organizations should be doing all they can to prevent these cyberthreats.
Weak passwords may seem insignificant but it can actually make your company incredibly vulnerable to cyberattacks. This is because they’re susceptible to brute force attacks that rely on bots to input as many passwords as possible until the perpetrator cracks your password.
The harder it is for your password to be cracked, the safer your data will be. It would also be wise to routinely change your password.
It’s not just the actual password strength you have to look out for. Reusing a password across multiple platforms, even if it’s a strong one, can stil make your organization vulnerable.
Malware is malicious software developed by cyber attackers to damage and compromise your system.
Ransomware is an extremely common type of malware that cyber attackers use against companies and businesses, as it allows them to hold files hostage by encrypting them.
One common way that malware gets into your system is by piggybacking on other programs. These programs are usually found on third-party sites and are often a result of illegal downloads.
Malware can also affect your system through infected removable drives. If another computer is affected by malware and you insert a removable drive into that computer, the malware can hop onto the drive and infect other computers you use it on.
Phishing is a scam carried out via email, social media, or other messaging platforms. It works by tricking the other person by getting them to click on a malicious link or even give up sensitive information that will compromise your company’s or business’ system.
Aside from ransomware, phishing is another common threat that companies and businesses encounter. This is because cyber attackers are able to create an endless number of phishing schemes due to how simplistic they are.
If phishing attacks are so simple, why do they still persist to this day?
The lack of awareness is the main reason why people are so susceptible to phishing attacks. Not everyone can discern when they’re experiencing a phishing attack, leading them to carelessly click on links.
How To Protect Your Business
Given the multitude of cybersecurity threats that are present in the world, it makes sense that there are also quite a few ways to defend your company. We’ve picked out the most practical and cost-effective strategies that you can deploy to better protect yourself from these threats.
One of the best ways to protect your company from threats is by training your employees about cybersecurity best practices.
As we’ve mentioned previously, knowing is half the battle when it comes to some of the most nefarious cybersecurity threats.
This type of training becomes even more necessary when you consider that 43% of employees don’t get regular cybersecurity training, which may explain why more and more businesses are put at risk of cyberattacks.
Indeed, your employees may be your biggest cybersecurity threat.
Proper training will help your employees recognize potential threats such as dubious links or bogus emails.
This, coupled with the right cyber liability insurance, makes your company less prone to phishing and other cyberattacks that rely on human error and social engineering.
Backup and Encrypt Data
Data breaches can occur even if you’re prepared for them. This is why backing up and encrypting your data is of the utmost importance. Encrypting your data prevents it from being read even if the database itself is compromised.
Having backups will save you a lot of trouble if your systems are compromised. This saves you both time and resources, as some cyberattacks may destroy data that you need for your day-to-day operations.
Use the Right Software
It goes without saying that using software that’s designed to protect your system from cyberattacks and malware is a key step when it comes to protecting your organization and your customers’ data. Make sure that the software is also on every device that is used for business operations.
Aside from having the software, you’ll also want to make sure that it’s up to date. It’s best that you update your cybersecurity software regularly in order to keep up with new types of threats and malware.
Invest in Cybersecurity Insurance
We’ve been mentioning cyber liability insurance throughout the article, precisely because it is a necessary line of defense when it comes to cyberattacks. These plans can help cover losses that your company may accrue in the event of a cyberattack.
Investing in cyber liability insurance should be a priority for any modern business.
This is especially true if your company makes use of sensitive data. Having insurance for cyber security attacks can save you millions (if not billions) of dollars in the long run, which makes it well worth the initial costs.
We hope all of this has made you more aware of the threat that cyberattacks pose. Look into your business’ cybersecurity protocol to make sure that your operations are protected from all the potential threats out there.
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