From the Equifax Data Breach to the WannaCry ransomware attack, we saw a record number of major cyber attacks in 2017, and unfortunately, cyber breaches of this nature show no sign of slowing down in 2018. Here at Quincy Mutual Group, we want to help business owners protect themselves against potential cyber threats and believe that education and preparation are key to achieving this. Here are five major risks to consider, along with some important information on cyber liability insurance options.
IoT (Internet of Things) and Connected Devices
Technology and the business world are inextricably linked, but as businesses adopt more new tech, cyber criminals are tirelessly working to find ways to exploit these new devices and systems. While IoT devices can make many business processes more efficient, they can also open your business up to a potential cyber attack if not properly configured.
Nation State Actors
Foreign cyber criminals are a growing threat for American businesses. Attacks from nation state actors are often difficult to trace and chances of legal retribution are often less likely. Moreover, understanding the motivation for these crowd-sourced attacks can be much less clear.
Just as businesses adopt things like two-factor authentication as a way of compensating for password vulnerability in order to increase security, hackers are finding ways around these systems. Social Engineering schemes attempt to trick people into voluntarily giving up their sensitive information. Common social engineering tactics include phishing or baiting schemes.
Consistently updating cyber security software is important to address potential patches in software that can leave your business vulnerable. Unfortunately, cyber criminals are catching on, as we saw in 2017’s MeDoc and CCleaner incidents, where hackers were able to embed malware into software updates.
Weak Link Risk Management
No matter how strong your cyber security protocol is, if you work with a third party business who has not invested in increasing their cyber security practices, you could be opening yourself up to a potential attack.
How to Protect Your Business
When it comes to protecting your business against cyber threats, there are a few important things you can do to minimize your risk of a hack. Here are a few major tactics to employ today:
- Passwords: A strong password will be long and include upper and lower case letters, numbers, and symbols. Do not use the same password for multiple things. Regularly change your passwords to minimize your chance of a hack.
- Wi-Fi: Encrypt or hide your Wi-Fi network so that it is not visible to other users. Use a secure password for your Wi-Fi network and only let employees access this. If you would like to allow guests to use your Wi-Fi, create a separate network for this.
- Updates: Make sure any device you use — be it a desktop computer, laptop, or mobile device — is regularly updated with the newest anti-virus software, operating systems, and web browsers.
- Access: Consider who has access to what within your company. Make sure to limit and authorize access to data appropriately. This is especially important when employees leave the company.
- Training: Cyber security protocols should be a constant topic of conversation with your staff. Create a comprehensive cyber security policy and make sure all employees understand it and are following through.
Cyber Liability Insurance Options
When it comes to insuring yourself against cyber attacks, Quincy Mutual Group is here to help with cyber liability insurance. This coverage can be added to a new or renewal policy. Cyber Liability coverage provides comprehensive data security and privacy insurance solutions that address both first party insured events and third party claims. Third party coverages include:
- Multimedia Liability for things like copyright or trademark infringement, libel, slander, or plagiarism.
- Security and Privacy Liability offers coverage for third party damage against virus attacks, denial of service attacks, or malicious codes from your own computer system.
- Privacy Regulatory Defense and Penalties provides coverages for investigations brought against your company by the federal, state or local government agencies.
- PCI DSS Assessment Coverage protects against suits by banks or credit card companies due to non-compliance with Payment Card Industry Data Security Standard or payment card company rules.
A Cyber Liability Insurance policy also provides several first party coverages, including:
- Privacy Breach Response Costs
- Notification Expenses
- Customer Support and Credit Monitoring Expense Coverage
- Network Asset Protection
- Cyber Extortion
- Cyber Terrorism
- Business Owner ID Theft Recovery
More information on cyber liability policies can be found through the NAScyberNET website, provided by ePlace Solutions, Inc: http://bit.ly/2GYWeAF
Cyber threats are unfortunately a part of today’s business world, which is why cyber security should be a priority for any business owner. Contact one of our more than 500 independent insurance agents to learn how you can achieve peace of mind through a cyber liability insurance policy with Quincy Mutual Group: http://bit.ly/QuincyFindAgent