As companies continue to deal with the ongoing COVID-19 pandemic, they must prepare to deal with a new threat. Advanced terrorist groups and cybercriminals are using the pandemic to their advantage to cause trouble. Business in COVID-19 times has been impacted by hackers compromising passwords, damaging applications, and inserting malware. Businesses are struggling to adapt to these data breaches. It’s more important than ever before to have a cyber-resilient business.
- Potential Threats and Opportunities
Business in COVID-19 times has changed. A large majority of the workforce is now remote. Many organizations believe that working from home is an unsecured environment. Many workers are using open networks or downloading less than fully secure tools. There are real questions about whether companies have stable virtual private networks that can be relied on. During the current pandemic, organizations across multiple industries are looking at their cyber insurance policies to see where they can improve.
Over the last few years, the amount of security breaches has drastically increased. However, some organizations are still lagging with regards to dealing with these threats. Small businesses are especially being attacked because they have information that is attractive to cybercriminals while also lacking the resources to stop the fraudulent activity.
The US Department of Homeland Security and the UK’s National Cyber Security Center have identified a few ways hackers will attempt to attack businesses in the COVID-19 era. Hackers are creating domain names using wording similar to COVID-19 and using them to infiltrate teleworking networks. CISA has noticed an increase in malware distribution, phishing, and ransomware attacks. Many of these attacks occur using basic techniques such as tricking employees into clicking on fraudulent links and attachments. Vishing and smishing attacks have also increased due to employees using mobile phones to complete tasks.
- Having A Cyber Resilient Business
Small businesses are aware that cyber-attacks are a major issue. However, they feel powerless. Many of these businesses recognize that they don’t have the finances or time to create a real plan to stop cyber-attacks. Hundreds of employees logging into the same remote network makes things easier for cybercriminals. Every employee should make sure that the laptops and other devices they use to conduct business in private places should have the most up to date software and operating systems. The screen should be locked when not in use, and the hard drive should be encrypted. Employees should also use multi-factor authentication.
- What Can Organizations do to Run a Cyber Resilient Business
Cyber resilience is only possible when everyone is on the same page. Every member of the leadership team should be involved in creating a strategy that covers every gap. Write down every possible cyber risk. Train your staff about the possible points of entry that hackers use to attack. Make sure that all of your employees have a password to access the system. Make sure that the passwords are complex. Encourage user segmentation and the use of company endorsed communication services. If necessary, consider developing an IT disaster recovery plan to address an emergency. Also, create some backup files and place them in a separate cloud account. Storing the files off-site should prevent a potential ransomware situation.
- Inquire About Cyber Risk Insurance Coverage
Cyber risk insurance coverage can help prevent disasters from occurring. The policy will benefit your business by covering you if you suffer a security breach due to the ongoing coronavirus pandemic. The policy includes business interruption protection in the event of a cyber-attack.
These are some of the reasons why being cyber resilient is important, especially in a COVID-19 world. For additional peace of mind, make sure to get your business covered with the right cyber insurance coverage. Contact the experts at The Reardon Agency today to find out what policies will work best for your particular situation. We are ready to assist you with all your coverage needs today.
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