Cybersecurity Awareness: A Business Imperative
The landscape within cybersecurity has changed, and it is not just regulated industries that really need to be concerned about cybersecurity. Cybersecurity is a business imperative for all. It is a business decision to implement the best security practices to keep you, your business and employees safe.
Three Cybersecurity Gaps
Here are three cybersecurity gaps you are overlooking that are putting your company’s reputation on the line:
1. Assuming Your Industry Is Less Vulnerable to Cyberattacks
People are desensitized as to how critical cybersecurity is. They think it will not happen to them in their lifetime. But all data is valuable, and organizations of all sizes in all sectors are targets. Hackers will get into any organization they want to, because of the supply chain and the interconnectedness of our digital ecosystem.
Ransomware is not something that is just happening to large companies anymore. It is directly hitting smaller organizations, such as family-owned businesses. It is happening to anyone who has money, where they can interrupt business or steal personal information (PI). The average cost of ransomware has gone up fivefold in the last couple of years to over $800,000 per incident. This encompasses not only the initial cost of dealing with the ransomware, but also the continued repetition and interruption of costs that continue to occur in the compound.
2. Underestimating the Power of Business Email Compromise
Did you know your organization can be fully taken down through a phishing attack? Business email compromises even go beyond phishing – compromising the credentials of an existing user, and creating a fake account. This is an extremely powerful move that hackers are successful with, costing companies money, brand reputation and consumer trust.
Many assume multifactor authentication is the end-all-be-all – but it is important that users understand how to use it and the importance of what they are doing. Nowadays, it is very common for multifactor authentication to be more complex than just pressing a button or putting in a code. It is typical for the process to be a bit more behavioral-based. It should not be overlooked – you should pay close attention to what it is asking you.
Cybersecurity Risks Businesses Are Taking Right Now
Edward Keck, Market Leader of the Cyber and Information Security Services Team at Withum, identifies three top security risks affecting businesses.
3. You Do Not Have or Are Not Properly Using Cyber Insurance
Cyber insurance rates have increased, skyrocketing from 40% to 100% in annual premiums. When filling out the application for either new cyber insurance or renewal, you will be asked, “Do you have backups?” “Do you have a firewall?” “Do you have antivirus in place?” If you answered yes to those questions, the insurer is scanning the outside perimeter of your network. They are doing some ENT searches on you and your business to see if they can infiltrate your system.
It is important to understand that you must make sure you do not say something that is untrue when filling out your application or renewal form. The insurer will get you and ask for proof of the policies you have in place. This process is increasingly becoming competitive, and many carriers are leaving the cyber business world. Therefore, the market is tightening up and premiums will continue to increase. Learn more about cyber insurance and the requirements by carriers today.
Do not wait until something happens to evaluate your security protocols. Our Cyber and Information Security Services Team can work with your organization to increase your cybersecurity posture.