☰ Navigation

1-888-643-2217 Email ABEX
Keeping you updated

Category Archives: Cyber Liability

Social Media Security Tips for Businesses

Posted on by

Social media is common tool for businesses and can be used to increase customer engagement, gain immediate market feedback, improve search engine visibility and increase sales. However, social media can create a number of security and privacy challenges for organizations and their employees.

In order to keep your business’s sensitive information safe, consider doing the following:

  1. Incorporate social media security strategies into an overall cyber security training program. Ensure that your employees are aware of your company’s overall social media strategy.
  2. Create secure passwords. Consider using numbers and uppercase and lowercase letters in your passwords. Avoid using the same password on multiple sites.
  3. Keep your anti-virus software up to date.
  4. Train employees on phishing scams and on how to protect their usernames and passwords from cyber criminals.
  5. Use lists and privacy settings. Many social networking sites allow businesses to limit social media access to certain user groups.
  6. Filter carefully. On most social networking sites, users have control over their posts but not over what others decide to share. Think carefully about the image you are trying to portray and whether other users’ postings help or hurt that image. Talk to your employees about the impact others’ postings may have on their image and how it could jeopardize their job.

© Zywave, Inc. All rights reserved

6 Considerations When Buying Cyber Insurance

Posted on by

As more and more companies have experienced data breaches in recent years, the market for cyber insurance has grown exponentially. However, unlike other forms of insurance, cyber insurance is not a one-size-fits-all approach.

Most cyber policies are offered a la carte, allowing policyholders to negotiate terms and conditions and purchase the coverage that fits their needs.

The level of coverage your business needs can vary depending on your range of exposure, and it’s important to work with a broker who can tailor a policy to match your business’s requirements.

The following are items to keep in mind when building the ideal coverage:

1.       Limits and sublimits

2.       Retroactive coverage

3.       Exclusions

4.       Panel provisions

5.       Consent provisions

6.       Vendor acts and omissions

Cyber insurance is a relatively new form of coverage—one that will continue to evolve alongside emerging cyber threats. As such, cyber insurance requires organizations to be proactive in assessing their risks and ensuring that their insurance coverages are in line with their specific business practices and exposures.

For more information on the items discussed above and how they may impact your policy, contact your insurance broker today.

© Zywave, Inc. All rights reserved

5 Types of Cyber Attacks That Threaten Small Businesses

Posted on by

Because news surrounding data breaches often highlight major companies like Target or Yahoo, it’s easy to think of cyber attacks as a big business problem. However, small businesses are just as much at risk and could have to front $46,000 or more per cyber security event. As such, it’s important to be aware of the following five common cyber attacks that threaten small businesses:

  1. Denial-of-service attacks (DoS). A DoS attack occurs when a cyber criminal sends a large amount of data from multiple computers in order to overwhelm your system and shut it down. This attack can result in a direct loss in revenue, as your website could be down for extended periods of time.
  2. Inside attacks. Cyber attacks don’t always come from outside sources. In some cases, a disgruntled employee who has access to your system can hijack your critical data and hold it for ransom.
  3. Malware is any malicious software that can be used to gain access to your system and cause damage. Typically, malware refers to worms, viruses and ransomware.
  4. Password attacks. Password attacks are when hackers crack your password and gain access to your system. This type of attack can be difficult to defend against because it doesn’t always require a malicious code or software.
  5. Phishing is a cyber attack in which a hacker disguises him- or herself as a trusted source in order to acquire sensitive information. This can be accomplished via email or other direct forms of online contact.

To protect themselves from all types of cyber breaches, small businesses should consider evaluating their systems for exposures on a regular basis. In addition, it is important to train workers on cyber security and ensure that antivirus and other protective measures are up to date and operational.

© Zywave, Inc. All rights reserved

1 in 4 Internet Users Don’t Know How to Respond to a Ransomware Attack

Posted on by

The 2017 Centre for International Governance Innovation (CIGI)-Ipsos Global Study on Internet Security and Trust, which surveyed 24,255 users across multiple countries, recently found that 1 in 4 internet users would have no idea how to respond to a ransomware attack. In addition, the study found that just 16 per cent of users would know how to retrieve data from a backup while another 13 per cent wouldn’t even attempt to recover data if vital information was compromised.

This survey comes on the heels of the recent WannaCry ransomware attacks, which impacted over 200,000 users in at least 150 countries. Initial reports indicated that the WannaCry attack used ransomware to hijack computer systems and demand money in the form of bitcoin, a type of digital payment system.

The ransomware initially requested around $300 and, if no payment was made, it threatened to double the amount after three days and delete files within seven days. This type of cyber attack is common and can impact businesses of any size, so it’s important to know what steps to take in order to protect your business.

The WannaCry attacks illustrate the importance of ensuring that any and all software patches are up to date. For further protection, consider training every employee on cyber security, and instruct them to never click on suspicious emails or attachments.

Other ransomware precautions include the following:

  • Update your network if you haven’t yet and implement the appropriate software patches.
  • Turn on auto-updaters, if available.
  • Don’t click on links that you don’t recognize.
  • Don’t download files from people you don’t know.
  • Back up your documents regularly.

Following this attack, organizations are likely to be more proactive in adjusting security measures so malware can’t spread automatically. Taking these precautions into mind, your organization can avoid potentially costly ransomware attacks. As an added benefit, a higher focus on in-network security measures can make your organization more attractive to potential customers and other third parties.

© Zywave, Inc. All rights reserved

The Importance of Cyber Insurance for Manufacturers

Posted on by

While it’s commonly thought that cyber breaches are only a threat for large companies, small and mid-size businesses are just as much at risk. This is especially true for manufacturers, as it is an industry norm for them to quickly adopt new, more efficient technologies—technologies that are often a target of cyber criminals.

While specific cyber exposures for manufacturers are vast, they typically include the following:

  • Data breaches. Almost every business stores sensitive information. For manufacturers, this typically includes personally identifiable information of employees and customers. Items like names, addresses and credit card information are all at risk.
  • Third-party damages. When an email sent from your server has a virus and crashes the system of a customer, you could be held liable for the damages.
  • Business interruption. A natural disaster, malicious activity or fire can cause physical damages that could result in data or code loss. Manufacturing businesses often require the use of computer systems, and a disaster can halt your ability to transmit data and lead to lost revenue.
  • Cyber extortion. Hackers can hijack websites, networks and stored data, denying access to you or your customers. They often demand money to restore your systems to working order. Because a variety of manufacturing projects are time sensitive, delays of any kind can wreak havoc on an organization’s bottom line.

All of the above exposures apply to businesses of all sizes and industries. A critical cyber incident could result in financial loss or severe reputational damages. What’s more, without cyber insurance, businesses are not adequately protected from cyber exposures.

Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur. To protect your business, speak with your broker about cyber insurance today.

© Zywave, Inc. All rights reserved

Blog

FOLLOW OUR BLOG

Receive notifications of new posts automatically.

ABEX - AFFILIATED BROKERS EXCHANGE IS ON FACEBOOK.

Like us on Facebook
Connect with us on LinkedIn

CONNECT WITH US ON LINKEDIN