The issue of cyberattacks is not just what industry you are in, it’s if you are vulnerable. The business world has changed drastically over the years, and now almost every business has some sort of technology that allows them to work from anywhere. This has made it easier for businesses to conduct their daily tasks and operations, but it has also made them more vulnerable to cyber-attacks.
As employees spend more time working remotely, companies are seeing a new wave of cyber-attacks. While working from home can result in increased productivity and reduced overhead costs, it also puts your business at risk.
After all, remote devices are more vulnerable to attack than company-owned desktop computers and tablets. With less oversight and without the protection of a corporate security system, remote devices can be easily used by criminals to steal sensitive data or launch attacks on your business.
More recently, cybercriminals have been looking for businesses that have a time-sensitive component that makes them more likely to pay the full ransom. For example, a grocery store will have time-sensitive products that will go bad if they’re not able to sell them. A hacker could potentially shut down their point of sale system, preventing customers from buying food items, and the store would be motivated to pay for a quick fix. If you are running any type of business where there is an urgency factor to your products or services, you may want to consider taking extra precautions to protect yourself from these types of threats.
No industry is immune to a cyber-attack. Once a scammer finds out they can get a quick payout from a certain type of business, this information is often shared across the dark web for other scammers to access. And because most ransomware infiltrates systems through email attachments and links, all businesses are vulnerable. The best way to stay safe is to protect your data with a comprehensive cyber security plan and multi-layered defense system that focuses on prevention, detection, and response.
Cyber liability insurance is a type of coverage that can help protect your business in the event of a data breach or cyber-attack. It helps to cover the costs associated with these types of events, as well as help with any lawsuits that may arise if customers sue you for negligence after their personal information has been compromised. Your cyber liability insurer can help you put preventative measures into place to avoid being hacked from the start.
Another good way to determine the cyber risks of your industry is to ask your professional network. You probably have competitors or partner companies that you talk with regularly—and if they’ve experienced a breach or attack, they’re likely to be willing to share their story with you and others who could benefit from the experience.
The best way to protect yourself is to adopt a defense philosophy that includes blocking, monitoring, and responding. Having an awareness of the latest risks is vital in preventing an intrusion. It’s also important to have confidence in your ability to respond to problems when they do arise. A cyber liability insurance policy is one of the most effective tools in the risk management toolbox. Not only does it offer protection, it provides peace of mind leading to higher productivity and a better bottom line.
Looking for more information?
A cyber liability policy can help cover your business and keep you updated with industry tips like this one. Get in touch with us today to learn more about cyber liability insurance coverage, or set up a no-obligation consultation with a commercial lines expert through TelaClient.com.