Understanding Cyber Risk To Your Business

Businesses rely heavily on online storage and technology to operate. The advantage of storing all information in “the cloud” is that it’s convenient, accessible, and safe from physical destruction like fires; but there are also some disadvantages to online storage – cyber threats. Cyber attacks take over your company’s operating system to access, steal, or alter confidential information.  Once the targeted computer or network has been hacked, the company’s financials and branding can be corrupted.  It does not matter the size of your industry, no company is immune to data breaches and theft caused by cybercriminals. 

What is a Cyber Attack?  An attempt by a third party to gain access to a target computer or network to steal, disable, or alter information.  Below are some ways cybercriminals attempt to hack systems to access information:

  • Malware (short for Malicious Software) is designed to corrupt data and take over the system.
  • Spam (a Malware carrier) is designed to steal sensitive information like passwords,  financial records, and personal information.   
  • Phishing creates fake emails and accounts in an attempt to trick the recipient

Into disclosing confidential information. 

Cybercriminals can create emails and websites that look legitimate.  Do not think you or one of your employees can’t be fooled-these scammers have gotten pretty good at being deceptive.  

Below are 5 cybersecurity basics that will help you protect your business and reduce the risk of cyberattacks:  

  1. Conduct on-going cybersecurity training: Hold regular meetings to update employees on the newest security threats and how to prevent them.  
  1. Teach effective password management: Educate your employees on how to create a secure password. Enforce strong passwords that include a mixture of capital letters, numbers, and symbols.  Require that passwords are changed every 60 to 90 days. 
  2. Apply regular updates to your business operating system: Implement a policy to update data regularly and to apply privacy settings.
  1. Detect Insider Threats: Control access to data by allowing admin access sparingly. Monitor vendors, part-time employees, and contractors.
  1. Cyber Liability Insurance: Cyber liability insurance covers financial loss due to data breaches, viruses, and other cyber attacks.

According to cybersecurity experts,  it’s not a matter of “if” your business is threatened but “when” it’s threatened.  Because all businesses are at risk, including yours, it is crucial that your company has a cyber attack prevention plan in place.  Is your business prepared for a cyber attack?

Contact Blanchard and Calhoun Insurance Agency for more information on how to protect yourself and your business from cyber-attacks.

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