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What You Should Know About Cyber Threats

Business, online, security

How to keep your online business secure?

One of the most important issue for businesses worldwide is its security online.

In spite of the assistance of technology to improve their operations using different methods, cyber attacks are still growing in numbers. This year, cyber threats are expected to hit even the nation state cyber espionage and this without question can damage many businesses. Know the top cyber risks and what they can do.

Here is the top list of key problems:

  • Human error – is losing a smartphone or laptop that has sensitive data. When that happens, clients might decide to take legal action because of non-prevention of unauthorized access that contains confidential information of other people.
  • Blackhat Hacker – this person can break into the computer system. Often, these cyber criminals do this for sheer profit. Hacktivists can damage your business and your reputation. They could also endanger the nation’s security.
  • Spear Phishing – is sending emails that seems to come from someone you know. This could be a way of revealing certain confidential information,  it could disable security measures, and could set off a computer virus that could compromise the system.
  • Extortion – is when a person breaks into the data system of a firm by Structured Query Language (SQL) injection attack and since SQL is used for query, insert, update and modify data, the attacker can do a malicious payload or an SQL statement.
  • Ransomware – is a malware that threatens a business in exchange for money. The hacker will expose sensitive files to the public if the ransom is not given.
  • Distributed Denial of Service (or DDoS) attacks can disable multiple huge names. This is an outcome of a multiple compromised systems that can cause flooding the targeted system with a traffic of malformed packets, incoming messages, and connection request that can slow down or even crash and shut down. This will deny service to the legitimate users or systems.
  • Internet of Things (or loT) – is a significant privacy threat. It is an inter networking of physical devices to connect a computer network with another. This will allow exchanging and gathering of data that cyber criminals can access.
  • Dronejacking – drones are a helpful tool for professional photographers, videographers, but this technology can be hackedr.
  • Social engineering – since cyber technology has been complex, cyber criminals can now use social engineering to bypass such system. This can manipulate or deceive key persons in sharing financial information or data by the use of the phishing techniques.
  • Insider threats – is a threat from the inside and research shows that 60% of the security issues comes internally.

Of course, there are more cyber risks like mobile malware, machine learning, and fake ads.

Businesses should be way ahead of these cyber criminals as when an attack happens to your business, it can be catastrophic. You should make sure you have the right systems and software to keep you protected. Hire a good security professional or think of getting a cyber risk insurance. Know more about it here.

What Is a Cyber Risk Insurance? Should You Get One?

business, computer, codes

Protecting your business from online attacks.

Online businesses rely heavily on the internet for its marketing, administrative work, processing of credit cards, managing the inventory, and distribution controls. Any disruption of the operation can lead to damages like discontentment of stakeholder, financial loses, good name and brand, and regulatory inspection. It only takes one cyber attack to wipe out your business.

To correct a breach has ballooned to over $6 million.

All online business is at a tremendous risk for data breach or commonly known as cyber attack. Just one good hacker, a lost paper record, a stolen laptop, or one virus can create such an enormous financial lost. It can also destroy your business reputation. The question now is, when will you be prepared if that should happen to you?

Presenting, the cyber risk coverage, a new product in the insurance business. Yes, there could be at least 50 insurance carriers that offers this, but the coverage is limited. The policies are called many names like “privacy,” “cyber risk,” “information security” and “media liability” coverage. This type of coverage frequently gives room for reflection of the terms of cyber policies as compared to other types of coverage.

Most cyber policies has a combination.

The customary liability coverage safeguards businesses against the third party claims, and the first party coverage, secures businesses from losses. There are important terms and conditions of this policy that can affect the coverage on hand. Businesses should realize not to hope and presume to secure all parts of the coverage. Know the dissimilarity in the policies that are being offered so you can maximize your budget.

For fair comparison of the policies available, know the special circumstances and limits.

  • Know if the cyber insurance policies offered by the insurance policy companies has more than one types. The thing is, a coverage could just be an extension of an existing policy. If that is so, then get a stand-alone policy which is more comprehensive. Perhaps the policy can be adjusted to your business.
  • Differentiate the deductions of the insurers.
  • Is your cyber coverage and limits applies to first and third parties? Then ask if your service provider offers cyber insurance. Will that have an effect on your agreement?
  • Does the policy covers attacks where the business falls as victim or only aimed attacks against a particular business or industry in particular?
  • Does the policy also covers the non-malicious action of an employee which is part of the E&O coverage (errors and omissions, a form of a liability insurance) that is applicable to cyber insurance?
  • Will it cover network and social engineering attacks?
  • Does the policy has a time frame within which the coverage applies?

Get a cyber risk insurance or cyber liability insurance if you want your business to survive. Be cautious when doing transaction online. You should have a computer that is strictly used only for your business. Do not mix your personal files and your work. Do not wait for a cyber attack, always be prepared.