As our work continues to migrate from office spaces to remote locations, the problem of cybersecurity becomes ever more pressing and urgent.
According to data from the FBI, cyber attacks have increased 400% over pre-pandemic levels. And like remote work itself, it seems these threats are here to stay.
Who is at risk?
Almost any company, large or small, can benefit from improved cyber risk protection. Some of the biggest targets for cyber attacks during the pandemic have been health organizations, government systems, and remote workers. Any company that relies on cloud technology is also at increased risk. Small businesses have an increased risk because they often run a tight budget, with very few resources devoted to cybersecurity. And financial institutions are also vulnerable because of the increase in mobile banking. But the reality is that no one is immune.
Part of risk management is performing a careful assessment of your company’s cybersecurity risks. It involves identifying what your specific risks are, whether it be data protection or the login credentials of your remote workers. In response, your company may decide it needs to invest in tighter cybersecurity.
Benefits of being protected by an insurance against cyber risk
There are many very good reasons to consider purchasing cyber risk insurance as a safeguard against cyber attacks.
For one thing, your insurer can cover the cost of lost business income due to decreased productivity or the inability to access data after a breach. And this goes even one step further: it also covers any secondary lost income experienced by companies that you rely on.
Cyber risk insurance can also cover any damages that you have to pay as a result of lawsuits related to the security of private information or corruption of your network.
In addition, insurance can cover any cost associated with notifying parties that have been affected by a data breach.
Finally, an insurer can pay a professional third party for forensic investigation to determine where, when, or how a breach occurred.
How much can a cyber attack cost?
Companies incur all kinds of risks to cybersecurity through threats like phishing, ransomware and malware.
Statistics show that 92% of all malware is delivered via email, which means that company email can easily be infected if there is a network breach.
Malware is so dangerous and costly that companies have spent an average of $2.4 million in the last year defending themselves against it.
Ransomware is quite costly too; it’s estimated to cost about $6 trillion annually.
The average cost of a ransomware attack on businesses was $133,000.
When taking all these statistics into account, it’s easy to see that malware and ransomware attacks can quickly eat away at your bottom line, losing you thousands, if not millions.
Making a solid investment in cybersecurity can make a big difference.
Cybersecurity: 5 things to consider as a business
Here are the most important things you should take into consideration as a business fighting cyber attacks.
- Maintain firewall security on your company operating system. Require remote workers to keep firewall protection on their home systems as well.
- Keep your mobile device secure, especially if you are the owner of a small business. Use a Virtual Private Network (VPN) and consider getting a separate mobile device for business purposes if you can afford it.
- Thoroughly train every employee in security policy and practice. Educate them on the importance of using strong passwords and appropriate Internet use guidelines.
- Install the latest anti-malware software on every machine, including those used by remote workers.
- Update your system regularly with the latest web browser, operating system, and security software.
Cybersecurity will remain a threat to companies of all sizes for the foreseeable future. But with some care and investment, you can protect your data, information, and income from future attacks.