Cyber crime is on the rise–and your business is more susceptible than you think. In 2019, the World Economic Forum listed cyber attacks as the second biggest risk to businesses worldwide. The problem has only worsened as a result of the COVID-19 pandemic; technology is playing a bigger role than ever in business as social distancing efforts normalize working remotely. Home internet connections are often less secure and more difficult for company cyber security measures to control than office connections, and leave companies vulnerable to cyber attacks.
As cyber criminal groups become more sophisticated and learn to take advantage of new vulnerabilities, thwarting their attacks becomes harder. If a company is targeted by ransomware, a type of malware that blocks access to the victim’s computer systems until a ransom has been paid, a simple data backup might be all that is needed for the company to right the ship without paying the hacker. However, cyber criminals often block this solution by also stealing private data they can threaten to leak, giving businesses a second reason to pay up even if they’ve backed up their systems.
A growing number of companies are finding themselves in such situations. Not just small companies that lack the infrastructure to fight back; even large companies with the resources to defend themselves are falling prey to these attacks. The Colonial Pipeline recently made headlines when it paid ransomware attackers nearly $5 million to recover its stolen data. Likewise, the Washington, D.C. police department recently had sensitive data leaked by cyber criminals after refusing to pay a ransom in the worst ransomware attack ever experienced by a United States police department.
While cyber attacks have increased in frequency and sophistication in recent years, cyber insurers have responded with more comprehensive policies than ever before. Companies can take advantage of this to protect themselves from costs incurred due to a data breach or malware attack, or recover revenue lost during a cyber attack-related network outage. Cyber insurance can mitigate numerous risks, and the best type of coverage depends on your situation.
If you think your business will never be the victim of a cyber attack, think again. It can happen to even the largest and most well-funded companies, and it can happen to you, too. The best solution is to invest in cyber insurance. By assessing your company’s vulnerabilities and making a plan to protect yourself now, you will prevent lost time and money down the road. If you would like to protect your business from the unexpected cost of hackers, ransomware, damage to software / hardware and the lost revenues from downtime while dealing with hackers, call Samantha Kato, cyber liability specialist at 800-362-2809 or visit: https://www.getagreatquote.com/insurance-quotes/business-insurance/liability-insurance/cyber-liability-insurance/