{"id":990,"date":"2018-06-06T13:12:07","date_gmt":"2018-06-06T13:12:07","guid":{"rendered":"https:\/\/www.quincymutual.com\/blog\/?p=990"},"modified":"2023-11-07T16:03:52","modified_gmt":"2023-11-07T16:03:52","slug":"5-cyber-security-risks-business-owners-should-be-aware-of-in-2018","status":"publish","type":"post","link":"https:\/\/www.quincymutual.com\/blog\/5-cyber-security-risks-business-owners-should-be-aware-of-in-2018\/","title":{"rendered":"5 Cyber Security Risks Business Owners Should Be Aware of in 2018"},"content":{"rendered":"

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.<\/p>\n

IoT (Internet of Things) and Connected Devices<\/em><\/p>\n

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<\/a>. 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.<\/p>\n

Nation State Actors<\/em><\/p>\n

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<\/a>. Moreover, understanding the motivation for these crowd-sourced attacks can be much less clear.<\/p>\n

Social Engineering<\/em><\/p>\n

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. <\/a><\/p>\n

Corrupt Software <\/em><\/p>\n

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\u2019s MeDoc and CCleaner incidents, where hackers were able to embed malware into software updates. <\/a><\/p>\n

Weak Link Risk Management <\/em><\/p>\n

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.<\/p>\n

How to Protect Your Business<\/p>\n

When it comes to protecting your business against cyber threats<\/a>, 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:<\/p>\n