Posts

Cyber Threats That You Should Know About

computer code

threats that you need to know about

Security online is fast becoming a significant issue for businesses worldwide. Despite the help of technology to optimize their operations in different new methods, cyber-attacks is growing in numbers. Cyber threats this year are expected to cover even the nation state cyber espionage. And this will surely damage many businesses.

Learn about some of the top cyber risks and what they may mean for your business, regardless of size.

Here is a list of key problems that you should know:

  • Human error – it means losing a laptop or smartphone with sensitive data. When you lose certain data, clients may consider legal action due to non-prevention of unauthorized access which has confidential information of other people.
  • Hacker – it is a person who breaks into the computer system. In most cases, cyber criminals are in for the profit. Hacktivists can damage your reputation and your business. He could also endanger a nation’s security.
  • Spear Phishing –  it is a dishonest practice of sending emails seemingly from a known sender. This is to encourage the receiver to reveal certain confidential information. This could trigger a computer virus to disable security measures which can include transfer verification emails.
  • Extortion – it is when an individual breaks into the data system of a firm by SQL injection attack wherein an attacker can do SQL statements or a malicious payload. This can control the web application’s database server. This is done to extort money in exchange for the restoration of vital project files or information.
  • Ransomware – it is a malicious software that threatens to make public the victim’s data and even block access if a ransom is not paid.
  • Distributed Denial of Service (or DDoS) attacks can cripple multiple gigantic names. This attack is a result of a multiple compromised systems bringing about flooding the targeted system with traffic of incoming messages, malformed packets, connection requests which can slow down and eventually shut down.
    This will deny service to users or systems.
  • Internet of Things (or loT) – this is an important privacy threat. It is an inter-networking of physical devices or “connected devises” to connect a computer network with another network. This can allow gathering and exchanging of data which cyber criminals can access.
  • Dronejacking – drone is a major tool for shippers, photographers, farmers and more. Cyber criminals are most likely to use this tool by hacking into technology.
  • Social engineering – the cyber technology has become very complex that cyber criminals will now turn to social engineering to be able to bypass such system. This involves manipulation or deception of key persons into disclosing financial information or data by using the phishing techniques.
  • Insider threats – it could be that the threat comes from the inside. Data shows that 60% of the security issues arise internally.

There are more cyber risks like machine learning, mobile malware, and fake ads.

Businesses must keep ahead of the sophisticated cyber criminals. You need to have the right software and the right systems. Hire the best security professionals and boardroom buy-in.

What You Need to Know About Cyber Risk Insurance

entrepreneur on a computerOnline businesses rely so much on the internet for administrative work, marketing, managing the inventory, processing of credit cards, and distribution controls. Any disruption of these tasks can lead to damages including reputation and brand, dissatisfaction of stakeholder, financial losses, and regulatory scrutiny. Just one cyber event can destroy your business.

All online businesses of all sizes is at a tremendous risk for data breach or cyber attack. A study suggested that to rectify a breach has gone up to over $6 million. It takes just one good hacker, a stolen laptop, one lost paper record, or one virus can make a huge financial and reputation damages to your business.

It is no longer a question of your business suffering a breach, but when will your business be prepared for such eventuality?

Cyber risk coverage is a new product in the insurance industry. There are more or less 50 insurance carriers that offer this, but the amount of its coverage is limited. These policies has different names like, “cyber risk”, “ privacy”, “media liability”, “information security” coverage. This kind of coverage often gives room for deliberation of the terms of cyber policies compared to other kinds of coverage.

There are combination in most cyber policies. The traditional liability coverage protects businesses against third party claims, and first-party coverage, protects businesses against losses.

There are significant terms and conditions of this policy that can have a great impact on the available coverage. Businesses should be aware not to expect to secure every part of the coverage. You should know the differences among the policies that are being offered in the market as it is critical to maximize money spent.

To be able to compare the policies in the market, know the limits and special circumstances.

  • Find out if the insurance policy company offers cyber insurance policies that are of one or more types. It could be that the coverage is just an extension of an existing policy. That being the case, a stand-alone policy is more comprehensive. Ask if the policy can be modified to your business.
  • Compare the deductions of the insurers just like what you do in other policies.
  • Does your cyber coverage and limits apply to first and third parties? Then find out if your service provider has cyber insurance. How will it affect your agreement?
  • Will the policy cover attacks where the business falls as victim or only targeted attacks against a certain industry or business in particular?
  • Will the policy cover non-malicious action of an employee? This is part of the E&O coverage (errors & omissions, a form of a liability insurance) that also applies to cyber insurance.
  • Will the cyber insurance cover social engineering and network attacks?
  • Does the policy comprise time frames within which the coverage applies?

The reality is: if you want your business to survive, get a cyber risk insurance or cyber liability insurance coverage. Always be careful in doing any transaction online. Make sure that work computers are strictly for business. Do not mix your work, and personal files. If one needs to play, browse, search, and so on, make sure it is on a personal computer. Do not wait for a cyber attack to happen. Prevention is better than cure.