Understanding the rise of cyber attacks to protect your business.
Cybersecurity is an ever-growing concern in today’s society. As the internet continues to grow at an incredible rate year after year, businesses need to pay closer attention to cyber attacks. It’s estimated that cybercrime will account for more than $6 trillion in annual damages worldwide by 2021. These damages include everything from identity theft to reducing productivity through destroying data. As a business owner, ensure you stay up to date with the latest developments in cyber attacks.
Cyber attacks can happen to any business.
Never assume your business is too small or unimportant to be a target of the digital criminal element. In fact, many hackers target small- to mid-sized businesses because of their vulnerabilities and large storage of personal data. What’s more, these smaller businesses are often hit harder by cyber attacks because they don’t have the resources to recover quickly or the funds to get back on track. Don’t let a cyber attack shut your business’s doors.
Basic security is still a concern.
While many will scramble to seal up any holes in their security, a lot of businesses still practice poor security basics. Things like easy passwords, unencrypted communication, and human error often leads to the most damage. Many businesses will readily share passwords, using the same one time and time again. This puts data and identity at great risk. If a hacker knows one password and gains access to your business, everything can be stolen.
Ransomware is on the rise.
Ransomware is when cyber criminals gain access to something like a database and demand payment to release the information. In addition to the payout to the hackers, ransomware can cost businesses huge amounts of money because of loss of productivity and cancelled contracts once the word gets out that the data was compromised.
Believe it or not, but most cyber attacks can be prevented. Reducing your cyber liability risks and taking out insurance can help to protect your business. To find the right cyber liability insurance for your business, contact the professionals at Kurt Rolf Insurance Agency. Our dedicated team is ready to assist with all your insurance needs in Minnesota, Wisconsin, Florida, South Dakota, and Arizona.