Between 2020 and 2022, there was a great migration to remote working. Many businesses, both large and small, are embracing this trend. As a result, a large percentage of the office workforce is working remotely. It appears this will continue in 2022 and well beyond. The change in work location has created a number of challenges for employers, including new cyber risks.
Because of the COVID-19 pandemic’s new remote-working environment, cybersecurity has become a major concern for businesses all around the world. Given the need for more rigorous and robust cybersecurity to safeguard individuals working remotely, organizations should start looking into more advanced solutions, such as investing in a zero-trust architecture and identity-centric services, that provide a better approach to these frequent attacks.
Remote employees’ devices are vulnerable to penetration by malware, ransomware, or a trojan virus, which then attempts to propagate over any network the user connects to due to a lack of effective cyber protection and user constraints.
According to a survey conducted by a leading cyber firm Tenable, cloud services and apps, personal devices, and remote access capabilities have effectively erased enterprises’ security perimeters, resulting in increased cyberattacks and compromise as IT administrators struggle to manage the new technology.
Some interesting Facts Regarding Cyber Threats
80% of business leaders say their organizations are more exposed to risk as a result of remote work.
71% of businesses leaders and employees used personal devices for business purposes.
65% of recent cyber-attacks were from compromised third-party software providers.
43% of cyber-attacks target small businesses.
Since 2020/COVID-19, the FBI reported a 350% increase in reported cybercrimes.
What Can Your Business Do to Reduce Cyber Threats?
Here’s what leading cyber risk prevention firms recommend to reduce the likelihood of a successful cyber-attack:
Require all remote workers to utilize only secure and protected corporate devices.
Require passwords to be updated regularly.
Investing in a thorough antivirus package for you and your staff is one of the most effective security tips for working from home.
Do not allow family members to use company devices.
Invest in a webcam cover that slides. Unfortunately, unscrupulous hackers can gain access to your webcam without your permission, putting your businesses privacy at risk. If you have sensitive documents in your real workstation, hackers may be able to see them through your webcam.
Use a VPN; Remote working often means connecting your computer to the company’s Virtual Private Network (VPN connection)
Protect your home’s Wi-Fi network. Strengthening the security of your home Wi-Fi network is one of the simplest ways to assure cybersecurity safety for remote workers.
Closeout of all Zoom calls. Ensure all calls are private, Update software when asked.
Encrypt any critical information. Using a secure file-sharing site like Dropbox or OneDrive can also encrypt data. These solutions ensure that data is encrypted from start to finish.
Confirm antivirus and software solutions are up-to-date.
Run vulnerability scans update/patch systems as needed.
Purchase cyber liability insurance.
Provide security awareness training, including phishing simulation.
Advantages of Cyber Liability Insurance
A good cyber liability insurance policy is essential for every company. Businesses must contend with business interruptions, income loss, and litigation. It’s crucial to keep in mind that no company is immune to the effects of cybercrime. As a result, cyber liability insurance has become a must-have for any risk management strategy.
Cyber Liability Can Include:
Cyber extortion defense coverage
Data Brach Coverage
Business Interruption Coverage
Coverage for client notifications
Legal and forensic support
Cyber liability goes beyond your commercial insurance coverage. General liability insurance does not cover losses resulting from cyber or data breaches. Furthermore, client data is worth significantly more than physical assets, so having the proper protection in place when you need it is critical.
Supplementing your commercial insurance with cyber liability coverage will provide you peace of mind that your company’s financial and reputational well-being will be safeguarded in the event of an attack.
Leap | Carpenter | Kemps Insurance Agency Can Help
As Merced County’s largest independent insurance agency, the professionals at Leap | Carpenter | Kemps Insurance Agency understand business risk management. We offer all types of Business Insurance including General Liability, Cyber Liability, Workers’ Compensation and Business Property. We also work with more than 200 insurance companies so we can get you what you need at the best price.
Pedro Ponce is a Commercial Insurance & Risk Advisor who has been representing his customers for over ten years. He holds a Certified Insurance Counselor designation and is currently working on becoming a Certified Risk Manager.
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Leap | Carpenter | Kemps Insurance Agency provides Commercial Business Insurance, Employee Benefits, Life and Health Insurance, and Personal Insurance to all of California, including Merced, Atwater, Los Banos, Mariposa, Madera, Fresno, Modesto, Turlock, and Stockton.
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