Ah... technology! Its progress never ceases to amaze us. Today, our interpersonal relationships, work schedules, billing, bank accounts, and business decisions are all dependent on technological tools, leaving the door wide open to data-hungry hackers.
For them, this data has a monetary value and is very easily sold on the so-called dark web; that part of the web inaccessible to people using popular browsers.
Does your company use the Internet as part of its activities? Like many others, it is therefore exposed to computer security risks. A single attack is enough to cause reputational damage, financial losses and even closure of your business. Cybersecurity measures exist, of course, but if an incident occurs, do you have insurance protection to limit the damage? Being well informed is becoming essential.
What are the Cyber Risks you Face?
There are as many computer crimes as there are people with malicious intent, but be aware that the most common ones against businesses are:
- Violations of automated data processing systems;
- Violations of bank cards;
- Unauthorized or undeclared encryption;
- Online scams;
- Intellectual property infringement.
Criminals Prefer Corporations
Whether you’re a startup with just two employees or a multinational enterprise, it doesn’t matter – hackers have no preference. They mostly target companies, because some of their behaviors provide a golden opportunity for an attack:
- Your employees or customers access your system remotely;
- Your staff takes computers and smartphones home or on trips;
- Your facilities are open to the public;
- Your employees log in to their bank account or transfer funds from their workstation;
- Your passwords stay the same for too long.
Educating your Employees is Key
First and foremost, training is still the best way to protect yourself from cyberattacks. If you are aware of your potential vulnerabilities and how they could be exploited, you will be better equipped to deal with them. So take the time to teach your employees how to recognize cyber threats, how cyber attacks are conducted, and how to respond in the event of a cyber attack.
Second, have a clear policy on the use of personal computers or those provided. Also consider:
- Segmenting networks;
- Keeping your software up to date;
- Investing in a good protection system;
- Shopping for an insurance policy.
Cyber Risk Insurance, a Must
Again, there are many solutions on the market to protect you from the consequences of cyber risks. In the event of a lawsuit, an insurance policy provides coverage against damages and also pays the costs of defending your interests.
Liability for network security, protects against:
- An attack resulting in denial of service, virus transmission or electronic security breach;
- Theft of mobile computer equipment, such as a laptop or smartphone, for the purpose of illegally obtaining data.
Privacy liability, protects against:
- Theft of non-public personal information in electronic and paper format;
- Failure to comply with privacy laws and regulations governing collection, transmission, use.
Electronic Media Liability, covers:
- Liability for the publication of electronic content on a client’s website.
Now that you have gained more knowledge, it’s time to take action. At Lussier, our cyber risk insurance covers the essential features you need to protect yourself from the risks associated with today’s and tomorrow’s technology.