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Cybersecurity is becoming a big issue in companies of all sizes. Hackers increasingly use malware and ransomware to break into systems, steal data, or prevent access to the system. This is not just disruptive; it is also costly. Your clients need cyber liability insurance to protect them against potential cyberattacks, but they should also address their cybersecurity blind spots.
Addressing the Biggest Cyber Security Threats
Today’s technology systems are complex, leaving them especially vulnerable to cyberattacks. Most companies have users that access the system from remote locations and using personal devices. In addition, data is more frequently stored virtually rather than in one place. Companies need first to be aware of where their vulnerabilities are so that they can tighten their cybersecurity. These six areas are usually the weakest links:
- Dispersed usage: It is difficult to defend an enterprise system from attacks when users utilize multiple devices, services, and apps to access it.
- Password strength: Many users recycle their passwords or use ones that are easy to discover. It isn’t easy to enforce password policies, particularly when users frequently use the same password for external systems.
- Security updates: Security updates can be overwhelming. A company may receive notification for critical security patches on multiple components within the enterprise in any given week. Often, these updates lag, leaving the system open to an attack.
- User education: Though most users are at least minimally aware of cyberattacks, a surprising number are not knowledgeable about cybersecurity concerns. In 2020 alone, there were 304 million ransomware attacks globally, and criminals frequently gain access to systems using phishing emails or unsafe web browsing practices.
- Encryption methods: Encrypted communication and storage protect data throughout the system, yet many enterprise systems are not set up correctly. Encryption is either missing or ineffective, giving cybercriminals an opening to access sensitive information.
- System access: Another blind spot in cybersecurity is in how system access is handled. Frequently, users have more network privileges than they need, and identity verification is handled using only a password.
Staying on top of cybersecurity is critical for the well-being of any business. Your clients should implement measures to regularly assess their blind spots for potential trouble and address any weaknesses they find. Ideally, monitoring would occur continuously across the enterprise system, both on-site and off, and issues would be corrected immediately.
Protecting the Business With Cyber Liability Insurance
Small businesses are not immune to cyberattacks. They need cyber liability insurance to protect them if their enterprise is hacked. No two companies are alike, and business owners need to be able to tailor their coverage to meet their needs. Nobody wants to think that a data breach can happen in their company, but no one should go without the protection the right insurance policy provides.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.