Cyber Security Awareness

Consider every action or task you complete on any given day.  Do you use a cellphone, tablet or laptop?  Do you run a business that collects personal information (ie; credit card, phone numbers, and emails)?  Do you use a robotic milker or other farm technology?  If the answer to any of these questions is yes, then you should be thinking about cyber security.

What safeguards do you have in place to protect your operation?  Any individual or size of operation can be the target of a cyber attack.  These attacks can lead to major consequences for the company and any customers affected. 

So, what exactly is a cyber attack?  Any attempt to expose, alter, disable, destroy, steal, or gain unauthorized access to private information for the purpose of vandalism or monetary gain through a digital medium is considered a cyber attack.  These can appear in computers and computer networks, including cell phones.

One of the most effective ways to protect yourself and your organization from a cyber attack is to create a strong password. Here are some tips from Duo Security to improve your passwords:

• Have a minimum of 16 characters (include upper cases, special characters & numbers)
• Do not use personal information, repeating or consecutive characters (1234567 or abcdefg)
• Use a phrase to make your passwords more secure and easier to remember (ie; SamBuiltA4ftTallPumpkin!)

You can also think beyond a single password and use two-factor authentication (2FA) or a password manager. Two-factor authentication (2FA) strengthens security by requiring two identifying pieces of information. This information can come from an app, a phone number, and so on. A password manager stores your login credentials to access websites, apps, or other programs. If used properly, password managers can make it easier and safer to access your accounts.

Cyber attacks can include data being stolen, being locked out of computer systems and identity theft.  Cyber safety is very important and neglecting it can be very costly to a company.  Apart from the monetary cost, a business’s reputation can become tarnished if customer’s personal data has been compromised.  Being aware of the different types of attacks and how to avoid them is your first line of defense. 

The most common types of attacks are:

1. Phishing – cyber attack where the hacker tries to lure the user posing as a legitimate company or individual into providing sensitive information such as banking and credit card details, passwords and more.
2. Ransomware – this form of cyber attack uses malicious software to deny the users access to a computer or data until the ransom is paid.

Cyber insurance offers a last line of protection to help you recover expenses in case of an attack or security breach.  Having the proper protections in place can help you respond to concerned customers or vendors while you resolve the issue quickly.  This coverage can help protect your business, but it should never be your only line of defense.  To reduce your risk exposure; companies need to be vigilant on how they store customer information, how they protect their systems from potential attacks and most importantly keep staff informed on the latest attacks and how to avoid them.  There are certain factors of an insurance policy you will want to keep in mind when thinking about how to protect yourself from cyber attacks.

Some factors to consider include:

1. Data Recovery Costs (including recreating & replacing the lost, stolen, or corrupt data)
2.  Loss of Income (and additional expenses incurred)
3. Cost of Restoring Computer Hardware
4. External Public Relations Costs

Here are some other cyber safety tips to keep in mind:

• Review Statements & Look for Unusual Transactions
• Emails: If You Didn’t Expect It, Don’t Open It!
• Use Different Passwords for Different Accounts

Cyber threats are constantly changing, which means that our preventative practices must grow as well.  Being informed of potential risks and learning about how to protect yourself can help you stay ahead of these threats. 

To learn more about cyber attacks and how you can protect yourself and your business, contact a Josslin Insurance Broker. They can provide more information on how to protect your business from all types of risks including cyber attacks.