In July 2020, we all saw the ramifications of a well-performed hack. Twitter experienced the most catastrophic security breach in their company’s history. Elon Musk, Barack Obama, Joe Biden, Bill Gates, and other high-profile Twitter users were all among the hacked users.
This hack caused Twitter to shut down all verified blue-checked accounts. In just a few short hours, this breach of security cost Twitter users more than $118,000 and the company even more in their reputation.
This was more than three months ago. So, what does this mean looking to the new year?
With most business and social interactions moving toward technology-centered avenues, this can be troubling for business owners. Some questions to keep in mind moving forward:
- What will your company do if this happens to you?
- Did the global pandemic and stay-at-home orders make you more vulnerable to potential cyber-attacks?
- How can you protect yourself and your company?
- What cyber security regulations are being put in place for 2022?
Consider Investing in Cyber Insurance
Cyber insurance covers the expense incurred due to a data breach, virus, or other cyber-attacks and fraud. It can also cover legal claims that come from a security breach. As companies utilize cloud software, personal computers and laptops, and other technology-based means to store their sensitive data, their risk for a security breach grows exponentially.
The Identity Theft Resource Center claims that in 2018 businesses experienced 571 breaches in security, which exposed 415 million employee and customer records.
When you do experience a breach as a company, federal law requires you to perform an extensive list of to-dos. If you have cyber insurance coverage, however, your carrier will take that responsibility on.
The United Nations (UN) provides information about their role in upcoming cyber attacks. One of the main adjustments for the future is the role that automated systems play in cars. Your Tesla could be a risk moving forward (the report highlights passenger cars, vans, trucks, and buses).
The higher risk associated with “connected” cars is another reason cyber security is crucial moving into 2022.
How Has Your Business Become More Vulnerable?
As businesses moved to a new work-from-home model, cyberattacks increased. With most company communication done through e-mail, Slack, and other online platforms, the risk of a breach increases. This could cause a company to experience massive monetary loss as well as reputation damage.
Signs You’re at Risk of a Experiencing a Cyber Attack
- You’re receiving requests for transactions, like direct deposits or electronic fund transfers
- Unsolicited communications are coming through from unknown companies or people
- Links within the email do not match—check links by rolling your cursor over the link to see if the two match with the content and the email address!
- Requests with a high sense of urgency, asking you to complete documentation immediately
- Requests for usernames, passwords, and other personal details like banking information
What Can You Do to Help Mitigate This Risk?
- Limit your use of large email attachments and programs that put pressure on your company’s bandwidth ecosystems
- Do not forward emails with attachments that contain highly restricted or company confidential information to personal accounts
- Avoid reading, talking about, or leaving confidential information in unsecured work-from-home areas
- Log-off of work devices when you’re not using them
- Shred sensitive documents
- Restart your computer regularly
These tips along with the added security of cyber insurance should prepare your business for potential cybersecurity breaches. Learn more about how cyber insurance can help your company today. Contact us at Benchmark to see how we can partner.
And if you’re wondering why your insurance premiums have skyrocketed recently, learn why here.