Cyber Security Threats and Your Business

Cyber Security Threats and Your Business

Both small and large businesses are equal targets for Cyber Security threats. While large businesses are a tempting target, they often have dedicated IT teams and security protocols in place. Smaller businesses usually do not have the IT resources that a larger business has, making them tempting targets for Cyber Criminals.

Cyber Security threats come in various forms. Some of the more common Cyber Security threats are detailed below.

Malware

Computer viruses and trojans are a huge threat to businesses. A business computer or network can be infected through malicious links in emails, from website downloads, or from other devices on the network that are infected. Malware can be used to steal or destroy data on computers.

Strong internet security tools on all systems, including employees using their personal computers for work purposes are necessary as the first line of defense against viruses and trojans.  If you do not have a dedicated IT person, consider using an outside firm to ensure your computers are protected and up to date.

Ransomware

It always makes the news when a large company gets hit with Ransomware, but what isn’t widely reported is how many small businesses get ransomware as well. When your company’s data is fully encrypted so it is unusable, companies must choose between paying the ransom or rebuilding their data, which means a large loss of revenue while the business is trying to get back up and running.

Internet security tools will also help protect against ransomware.  Ensuring your data is frequently backed up in the event of a ransomware attack will also help get your business back up and running.

Phishing

Phishing accounts for a large number of all data breaches and this type of cyber attack is on the rise. Through phishing, users will click on a link that looks legitimate or looks like it came from a trusted source. This is how cybercriminals can gain access to systems, by sending files or links with malicious links with malware. Phishing attacks are used to steal data, passwords, credentials, or to get access to the systems to re-route payments. Fraudulent invoices and changed bank data are common ways phishing is used to steal money.

Security awareness can help employees know what to look out for and be aware of before clicking anything. See the last section for more information on this.

Weak Passwords

With cybercrime on the rise, the use of unique, strong passwords is important. Weak passwords make it easy for criminals to gain access to systems.  By re-using passwords, if one website has a data breach, that stolen password if re-used across various systems, can be used to gain access to more than one system.

Choose a unique password for each website, with more than 6-8 characters, and a mixture of numbers and symbols. This makes it harder to guess passwords. Create a protocol for password security and make sure all users are following it.

Lack of Security Awareness

If your employees are not trained in basic cyber security awareness, they have a higher likelihood of clicking a malicious link or falling for a phishing attempt. 

By training your employees on what to look out for, such as phishing attempts, you can help stop a great majority of the cyber threats to your business. You can find many online training classes for employees to review or to create a Cyber Security manual for your business.

Cyber Liability Insurance to Protect your Business

Cyber Liability insurance is the best way to protect your business assets.  Without insurance, all costs for a data breach, ransomware extortion, or loss of data would be coming out of your pocket.  IBM identified that the average cost of a data breach is $4.24 million.

Cyber Liability is essential for all businesses, no matter what size.  From malware to cyber extortion, they can provide coverage and resources to help protect your business assets and keep your business running. We have multiple Cyber Liability carriers and can tailor the coverages to suit your unique business needs. Most of our carriers also include cyber awareness training and cyber security tools to help keep your business secure and protected.  Contact [email protected] or [email protected] for a no-obligation quote or for more information about Cyber Liability insurance and how it can help your business.