-
Home
-
Knowledge Base
-
David J Steele
- The High Stakes of Cybersecurity: Why Businesses Can't Afford to Ignore It
Knowledge Base
The High Stakes of Cybersecurity: Why Businesses Can't Afford to Ignore It
Cyber security awareness, while not in the media spotlight, has never been more critical as the world becomes more digitally interconnected. Cybercrime is an ever-growing threat, with criminals constantly developing new and innovative ways to exploit vulnerabilities in digital systems. As technology advances, so do cyber attackers' abilities to target and steal sensitive data, identities, or money. That's why it is important to stay informed and continue training organizations and staff on the dangers of keeping data safe and networks running.
Cybercriminals continue refining their tactics and leveraging a wide range of hacking techniques to target businesses. Around 90% of all cyber-attacks are estimated to focus on email users. Email remains the most used method for communicating and exchanging sensitive information. Email users face various attacks, such as phishing, spear phishing, malware, ransomware, etc. Phishing emails are the most common attack, with over 85% of all reported data breaches starting from malicious emails sent to individuals or businesses. Furthermore, more than 50% of all targeted attacks include some form of malicious link or attachment sent via email. As such, individuals and organizations must stay aware of the risks associated with email communication and remain vigilant in implementing effective security measures to protect their accounts and data. This is why it's important to continue to train all employees in cyber security and awareness because they are the target.
Many businesses don’t have cyber insurance
 |
According to a study by the International Association of Insurance Supervisors (IAIS), only 31% of small- and medium-sized businesses have cyber insurance. The low adoption rate of cyber insurance among businesses is concerning, as it could mean that many organizations are unprepared for the potential financial consequences of a data breach or other form of cyber-attack. The average cost for a single data breach can range from hundreds to millions of dollars depending on the type and severity of the incident, and it's not something that most organizations can afford without proper coverage. Cyber insurance can protect against some or all these costs, allowing businesses to continue operating while covering any losses incurred due to the incident.
Organizations must be aware that having cyber insurance is no guarantee against falling victim to a cyber-attack. To effectively protect themselves from potential threats, they must establish robust security protocols and regularly update their systems with the latest security patches and updates. Nonetheless, having adequate coverage, proper systems, and procedures can provide peace of mind in knowing that most financial losses caused by a successful attack can be covered.
How valuable is cyber insurance?
But just how much value is provided by cyber insurance? A recent study by the Ponemon Institute revealed that the average cost of a cyber-attack was $3.86 million in 2019, and the cost of an incident response was $1.24 million. On average, businesses that purchased cyber insurance saw their costs reduced by 41%. This means they can save thousands of dollars on recovery efforts, allowing them to remain competitive and continue operations quickly after a breach or other digital disruption occurs.
Overall, those who invest in cyber insurance are better equipped to handle cyber threats than those without coverage. The increased protection provided by such policies leads to more peace of mind for business owners and improved cybersecurity posture for their organizations.
Importance of practicing good cyber hygiene
Companies with or without cyber insurance should still practice good cyber hygiene. Companies with insurance must do continual cyber awareness training with staff and implement several security protocols to protect systems and users. Companies without cyber insurance should apply the same efforts to safeguard systems and company data. Cyber awareness training is continual communication with employees about new tactics and to keep awareness top of mind with users.
Organizations must stay ahead of the game by implementing strong cyber security protocols such as two-factor authentication, regularly updating software and hardware systems with patches and antivirus programs, encrypting data transmissions using secure channels such as Transport Layer Security (TLS), and regularly monitoring their networks for suspicious activity.
There are a few key things you can do to protect yourself from becoming a victim of cybercrime:
- Use strong passwords for all your online accounts and change them regularly.
- Don't click on suspicious emails or links, even if they appear to be from someone you know.
- Avoid using public Wi-Fi unless necessary, as this can leave you more vulnerable to attack.
- Make sure your computer's operating system and applications are up-to-date with the latest security patches.
- Regularly monitor your financial accounts for any suspicious activity.
- Utilize two-factor authentication (2FA) on any accounts where it is available.
By taking these simple steps, you can significantly reduce your risk of becoming a victim of cybercrime and help keep yourself, your data, and your money safe from malicious actors. Additionally, it's important to stay informed about the latest developments in cyber security so that you can take additional steps to protect yourself as needed. Doing so will ensure you are better prepared for future cyber threats.
Download the latest Intrada Cyber Awareness Article designed to educate staff and fulfill the Cyber Insurance requirement for continual awareness. Intrada creates a monthly Cyber Awareness Article and offers freely to any client to download and share or post for employee awareness. Intrada also offers management clients a yearly cyber awareness session as part of a PRO-Active Agreement to run users through the same information in a more discussion atmosphere. This allows for questions and expresses the importance and dangers of involving the staff in the discussion for a more understandable training session.
If you want to learn more about Intrada's Cyber Security Awareness Training or Cyber Security Services, don't hesitate to get in touch with us today.
Cybersecurity Awareness Poster
 |
Click here for a cybersecurity awareness training poster that Intrada Technologies clients may print and post to meet cybersecurity insurance requirements. |
About the author
Contact Us
|
Contact Information: |
Hours of Operation: |
OUR FOCUS
Intrada Technologies is a full-service web development and network management company with a focus on creating ongoing, trusted partnerships with each of our clients.
We make sure our clients have what they require to run their businesses with maximum efficiency and reliability, as many of their needs are mission-critical.
Our unique, collaborative partnerships allow us to provide our clients with the assurance that we will be there when they need us.