Cyber threats were at an all-time high during 2020. As a large portion of the population transitioned to a work-from-home environment, cyber attackers viewed this new reality as a wonderful opportunity to prey on cyber vulnerabilities. 

According to SonicWall, in 2020, 304.6 million ransomware attacks occurred. As well as 81.9 million crypto hacking attacks, 4.8 trillion intrusion attempts, and 5.6 billion malware attacks. With these statistics in mind, it’s important to start working toward mitigating your cyber risk today. 

Let’s start by understanding what a cybersecurity threat is. 

Cybercriminals target individuals and businesses alike. Cyber hacking ranges in damages– it can be as small as a pesky popup, or as large as malware that destroys your entire organization’s system. Understanding where your business may be at risk is just the beginning. 

As you likely know, data is one of your greatest assets as a business and is becoming increasingly important. Protect your digital assets, and ensure you have the protection needed to ensure the safety of your business and your client’s information. 

Preparing for a cyber attack.

Before an attack

First and foremost, you should put the proper controls in place. These controls may include:

• Using secure Password-protected networks
• Avoiding suspicious links
• Ignoring online requests for private information
• Password-protecting all devices that connect to the internet
• Adding variation to your passwords
• Reporting suspicious activity right when you see it.

You should also ensure your train and inform your employees of the proper protocol to begin mitigating your cyber risk. Employees need to be trained on how to avoid:

• Email threats: Email is one of the most common ways for hackers to get sensitive information from your employees. Your employees should always verify the sender, never open suspicious attachments, and never click on links if you don’t trust the source. 
• Spam threats: Ensure your employees know to use their spam filter, flag spam when it appears in your inbox, and know to only give their email to trusted sources.
• Phishing threats: Employees should know to never offer sensitive information, be aware of potential suspicious links, double-check website addresses, verify who they’re communicating with, and trust their suspicions. 
• Social Media threats: Employees should be sure to manage their privacy settings on social media, never click on suspicious links that have been shared with them, and think twice before posting and ensure they aren’t sharing information that may be harmful. 

During a cyberattack

In the case that a cyberattack occurs, you need to understand the steps you should take. First and foremost, you must take immediate action. If a problem is found, disconnect your device from the internet and restore your system fully. Lastly, report the incident to your IT Department as soon as possible! 

After a cyberattack occurs

Once you’ve taken the steps listed above, three are a few follow-up steps you should take. 

• File a report with the local police: Ensure there is a record of the incident.
• Report to the internet crime-compliant center: Report any identity theft to the Federal Trade Commission.
• Consider other information: If your personal information was compromised, what else could be at risk? 

Cyber Insurance for Cybersecurity Threats

As you start to consider the potential cyber risks associated with your business, consider investing in Cyber Insurance. It’s important to understand what would be covered under your cyber insurance policy. 

• Data Breaches
• Intellectual Property Rights
• System Failure
• Damages to a Third-Party System
• Cyber Extortion
• Business Interruption

Traditional business liability insurance likely won’t cover the cybersecurity risks associated with your business. 

As cyber threats continue to proliferate, ensure your business remains protected.