9 minute read
Insurance Perspective
Ben Cavallo
C&S Insurance Agency
Cyber Insurance
In today’s environment, all business owners, regardless of their industry or the size of their company, need to be aware of the dangers of cybersecurity threats. Cybercriminals are constantly modifying their techniques, which means it’s more important than ever to have a cybersecurity plan — especially since cyber threats to companies is on the rise due to COVID-19. The increase of employees working from home are exposing vulnerabilities in many company’s infrastructures.
If you’re a privately owned company, you might think cybercriminals would rather target larger, public companies. This is far from true. In fact, almost 70% of small and medium size entities (SMEs) experience cyber-attacks, and without a cybersecurity plan and proper insurance, they run the risk of going out of business. 60% of small businesses that experience a data breach or cyber-attack close within six months.
The Rapidly Evolving World of Cyber Crimes
TOP 5 TYPES OF CYBERSECURITY
THREATS TO SMALL BUSINESSES 1. Malware
Malware (or malicious software) is a cyber-attack that “executes unauthorized actions on the victim’s system.”.This can be deployed through ransomware, viruses, phishing, or other malevolent tactics.
2. Viruses
Although there are different types of viruses, all are programmed to harm your hardware. Computer viruses can damage programs, harm or delete files, or slow down computer performance. You can get a virus in a variety of ways including sharing files, opening infected emails, visiting a malicious site, and downloading harmful applications.
3. Ransomware
Ransomware, as the name suggests, holds a company’s important information for ransom. This includes passwords, credit card and other personal information, files, databases, applications, and other valuable assets. The “ransom” typically has to be paid within 24-48 hours, or the files will be lost or compromised personal information will be shared publicly.
Ransomware is most often spread through email spam or network attacks and often targets small businesses. In July of 2021, a ransomware syndicate called the REvil gang orchestrated a large attack via Kaseya, a company that provides small and mediumsized IT and security management solutions. This attack left between 800 and 1,500 small business continued on page 74
vulnerable, and although Kaseya acted fast to control the situation, it still negatively affected many small businesses. Each business affected may have paid for an investigation into the breach and would have needed to notify customers if personal information was found to be stolen.
“Every 40 seconds a new business in the US is attacked by Ransomware” Source: Evolve Ransomware & Funds Transfer Fraud
4. Phishing
In a phishing attack, a cybercriminal aims to steal personal information like credit card or bank info, social security numbers, and passwords. These attacks often occur through emails or text messages that look trustworthy. Phishing and business email compromise (BEC) can be disastrous for small businesses. Criminals often make it seem as though an emailed invoice or link to a payment portal is legitimate, which is detrimental to both businesses and their customers. It’s important for businesses to have a cybersecurity plan and for everyone to stay educated about cyber-attacks.
which cyber criminals were able to access Target’s server through stolen credentials from a small third-party vendor.
Cybersecurity Best Practices
• Have a cyber-attack plan. Be prepared in case of Boston Area emergency. You want to be able to best protect Locations continued on page 75 2 Dexter Street
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5. Password Hacking
You may be aware that “123456” and “password” are among the most common passwords, and you shouldn’t use them. But did you know that 59% of people use the same password for all their accounts?
Password theft is an ongoing problem, and it’s important to protect your accounts with smart password choices.
Why Do Hackers Target SMES
BOSTON AREA LOCATIONS 2 Dexter Street Everett, MA 02149
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Cyber attacks on SMEs can happen for many reasons. Here are a few: • SMEs don’t think they will be targeted and aren’t prepared. • They can be easier to infiltrate due to outdated systems or lack of security protocols and training. • Cybercriminals are after personal data, which small business have, too. • They use SMEs to get to bigger businesses, like in the
Target data breach in 2013, in
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your business, employees, and clients if you get attacked. • Backup your data. Have a copy on a hard drive or on the cloud of all of your data in case you get hacked and your data gets erased. • Use a security software. Reduce your chances of getting hacked by using a security software that will constantly scan for threats. • Stay informed of the latest cybersecurity trends. Knowing how cybercrime is happening is a keyway to protect yourself from the latest methods. • Cyber Insurance. Even the most prepared companies can still be attacked, so a proper insurance plan in the event of a disaster is a crucial part of today’s insurance program.
How to Protect Your Business
• Educate your employees. Make sure employees are aware of cybersecurity threats and take precautions to protect themselves and your business. • Perform regular security audits and updates.
This will ensure that there will be no vulnerabili-
ties in your network and will reduce the chances of a cyber-attack. • Have malware and virus protection. This will automatically scan for threats and inhibit them from contaminating your computer and network. • Set up email spam filters. Spam filters will filter potential threats and reduce the possibility of a phishing scam. • Use Multi-Factor Authentication. Multi-factor identification requires a user to provide multiple verifications of identity. For example, a user logging into an account through a computer may be asked to enter a code that is sent to his/her cell phone.
Cybersecurity Insurance
Cybersecurity insurance can help cover losses associated with loss of data, lost profits after business interruption, investigation costs, legal costs, and more. As claims become more frequent and perhaps even commonplace, it is imperative for business owners to review their coverages and policy limits. No two cyber policies are alike, so please don’t make the mistake of thinking one
size fits all. n
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H. Perkins Construction Co., Inc. .....................................76 Perma-Patch, LLC.................................................................45 Podgurski Corp. ....................................................................70 E. J. Prescott, Inc...............................................Ins. Front Cvr. Putnam Pipe..........................................................................19 Rain For Rent-New England .................................................10 Read Custom Soils ...............................................................58 Ritchie Bros. 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