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Why Your Business Needs a Cyber Insurance Policy

October is National Cyber Security Month. Whether an individual or a business, cybercrime does not discriminate.

When it comes to businesses, according to Traveler’s Insurance, 47% of people interviewed believe the business environment is becoming riskier. And despite the fact, only 55% of businesses carry cyber insurance policy.

With COVID, businesses have been challenged in many ways. Roughly 40% of Americans are working from home which brings another avenue for cyberattacks. Business owners now have to worry about the protection of information on individuals’ computers at home.

When considering a shared network for employees to use while working from home, it is important that you use a VPN or virtual private network.

Here are a few tips:

  • A VPN is a network accessed via WiFi that allows for the encryption of data. This adds a level of protection for information including passwords, credit card numbers, and other private information.
  • Employees should never let unauthorized users on company resources (e.g., laptops, mobile devices), including family members.
  • Keep all of your personal information protected at an individual level.
  • Many account providers now use multi-factor authorization. Before you conduct business on their site, if offered, take advantage of it.

All of these tips will help protect you from an emerging trend in cybersecurity known as ransomware. Ransomware cyberattacks are a big business, so big in fact, that research anticipates costs from these attacks will hit around $20 billion by 2021.

What is ransomware?

Ransomware is a type of malware that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid.

Ransomware attacks made up 41% of cyber claims filed over the first six months of 2020, according to a report published by Coalition, a cyber-insurance vendor.

Typical attacks usually ask for $100 to $200. Other attacks seek much more, especially if the attacker knows the data being held hostage would be can cause a significant direct financial loss to a company. As a result, cybercriminals who set up these scams can make big sums of money.

Make the most of National Cybersecurity Awareness Month 2020 and take steps to further protect your business and yourself from cyber risks. Get a quote now! Simply click here.

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