Are you protected from cyber crime?
According to the FBI and the Department of Justice, cyber-crime is on the rise among American businesses, and the multitude of devious criminal practices—phishing, key logging, viruses, Trojans, spyware, and spam—is costing us dearly. Almost daily, online accounts are hacked, identities are stolen, data is altered or destroyed, and backup systems are trashed. But cyber criminals aren’t just targeting the biggest companies, the most well-known entities, or even the most profitable businesses. They are looking for any weak spots or access points, and they are going after anyone who’s vulnerable.
It seems that nowadays, businesses that operate online have to deal with cyber risk, one way or another. There’s no way to completely avoid it. So we certainly should not ignore it. The National Computer Security Survey (NCSS) found that in 2005, 67% of surveyed businesses had discovered at least one form of cyber crime. That number has since gone up, year after year. In fact, in 2015, cyber risk moved up to the number-four spot in the top-10 global business risks, according to the fourth annual Allianz Risk Barometer Survey.
Recognizing The Impact Of Cyber Crime
Undoubtedly, cyber security is a serious concern for businesses of all kinds. But fighting cyber crime can be tricky. And companies that want to protect themselves from online thieves will have to pull out their wallets to do so. A 2012 article from Investopedia.com shared: “There are costs in identifying risks, building new and safer operating procedures, and buying protective software and hardware.”
Of course, cyber crime can impact businesses in more than just financial ways. Their customers (and their customers’ information) may be at risk, and that speaks very poorly of the company who can’t protect sensitive information, such as credit card numbers, social security numbers, family details, medical information, or birthdates. Customers want to know that businesses can be trusted, and that includes more than just hiring upstanding employees and following ethical measures; it includes securing financial and personal information. And that security is not an added value. It’s an expectation.
For both the company and its customers, alike, there are no excuses for not taking precautions and having cyber security measures in place. According to the Department of Homeland Security, 96 percent of cyber breaches could have been avoided with simple or intermediate methods, including (but not limited to) regularly changing and using strong passwords, installing updates for operating system and applications, securing WiFi networks, using a firewall, regularly backing-up data, deleting suspicious emails, and scanning external devices for malicious software (malware). These kinds of actions mean that everyone plays a part in the stand against cyber crime. As an article entitled “Four Components Of Cyber Risk” recommends, businesses can also employ a cyber risk-management program that addresses “prevention, disclosure, crisis management, and insurance coverage in the event of a data breach.”
Ultimately, as cyber crime becomes more sophisticated, the risk of a cyber event to any organization will only continue to increase. And for that, businesses will have to stay one step ahead in order to protect themselves and their customers.
Getting Ahead Of Cyber Risk
If you are ready to get ahead of cyber risk, be sure to join our upcoming webinar on Wednesday, February 17, from 10-11 AM, CST. As part of our Nesbitt Educational Discussion (NED) programming, our expert panel will explore the ins and outs of cyber risk and what your business needs to know going into 2016. Considering that Symantec reports over 1 million victims of cyber crimes daily, your business can’t afford to operate without a well-thought-out cyber risk management program.
In this complimentary, one-hour webinar, you’ll gain valuable knowledge regarding:
- What cyber risk is and how it impacts businesses of every size;
- The nuances of cyber risk that may be causing hidden exposures for your business; and
- What measures are available to you now to help identify, transfer and mitigate your risks.
You’ll hear from panelist Robert Dowling, product manager for Cyber Risk Management Solutions at Dynetics, Inc. in Huntsville, Alabama, and Hank Stickley, RPLU, vice president for Socius Insurance Services, Inc. in Birmingham, Alabama.
We have the tools necessary to ensure you have the proper coverage to protect your company against losses from cyber attacks.