How to Protect Your Business From Cyber Crime and Attacks
This is our second blog in our cyber crime series. In this blog you’ll learn about company losses after cyber attacks, cyber safety and a few tips on how to keep your business safe from cyber criminals.
Over the last few years, everyone has heard about recent cyber-attacks happening to fortune 500 companies. In fact, in 2017 Equifax experienced a cyber-attack that affected over 143 million world wide and 19,000 Canadians. The cyber-attack was a breach of personal security and cyber safety, as the hackers got access to customers’ names, addresses, social insurance numbers, date of births and credit card information.
Here are a few tips to help keep your business safe from cyber criminals.
- Make sure all your software has the latest updates. One of the areas that cyber-crime is prevalent is within small businesses that use unpatched software. To mitigate the risk of a breach and to improve your cyber safety, make sure to update your software and system updates on a regular basis or when the notification window pops up.
- Do not use free anti-virus software or downloads for cyber safety. Free anti-virus solutions often provide very limited protection. As a consumer you would not want to have business dealings with companies that use basic software. Similarly, as a business owner you would not want to use free versions to protect your customers’ data.
- Keep your passwords protected. According to the Chubb insurance, 20 per cent of all recent cyber-attack incidents in 2018 were related to human error (i.e. stolen or weak passwords, accidentally clicking on malicious files, etc.). 81 per cent of these attacks happened becuase of either stolen or weak passwords. Therefore, it’s best create a strong password, something that consists of long phrases or difficult for someone to guess.
- Two Factor Authentication (2FA). 2FA offers additional security into your accounts. Most social platforms, email providers, banks and several other vendors have already adopted this technology. For example, you could select to receive a text message to your cell phone with a pin code that you have to enter before you get access to your account, or answer an additional set of security questions, etc. This additional step may seem to be a hassle, but it’s really a safeguard to help keep your account safe.
- Reducing the use of Wi-Fi. According to Global News If you use a lot of free Wi-Fi to save time and to keep yourself organized you may become a victim of cyber-crime and security breaches because most free Wi-Fi services do not require a password to access their network. If you’re business owner use free Wi-Fi services when you are on the go, it’s strongly recommended that that you don’t access your clients confidential information until you get to a more secure network.
Why is cyber safety is important for your business?
Protecting your organization from cyber crime is serious business. If you are a victim of a cyber crime, it could cost your business thousands of dollars to get your business up and running, or in worst case scenarios can put you out of business for good as you won’t be able to recuperate the losses. The good news is, there are a variety of options available for you to be proactive and protect your business before it is too late.
Is your business in need of a cyber security policy? Contact us today to speak with one of our brokers who will provide advice and coverage you need for cyber safety.
Tags: Cyber Insurance