It’s not an exaggeration to say that any business can fall victim to cyber crime. Over the past 12 months, the average cost of cyber security breaches was £2670 across all businesses, with this figure rising as the size of the business increases. Reports of cyber attacks come from areas as varied as governmental organisations, educational and healthcare institutions, as well as banks, law firms, non-profits, and many others. Hackers, insider threats, ransomware and malware are out there, which is why smart companies are increasingly investing in cybersecurity to reduce risks and keep their sensitive data safe. This includes antivirus software, firewalls and third party access control, which we’ll now delve into within this blog, to showcase the various ways in which you may want to protect your business, along with cyber insurance, which we here at The Insurance Octopus can readily provide.
Cyber Security Measures – Protection Against Ransomware Attacks, Malicious Software & Unauthorised Access
Antivirus software – This works by detecting and targeting viruses, malware, adware and spyware, while also scanning and filtering out harmful downloads and email communications. Malware relates to any software created with malicious intent, while viruses are a type of malware that replicates itself within computers until it has spread through the whole system, with a view to corrupting it. Spyware collects data from your applications and systems, but remains hidden from sight. Installing antivirus software can help keep key business equipment secure, acting as a final frontier for protection against unwanted attacks, should they manage to get through your security network. According to Business Tech Weekly, some great antivirus software for businesses include Avast Antivirus Pro, AVG Antivirus Business Edition and McAfee Endpoint Security.
Using complex passwords – Every computer, laptop, system and application requires a login or key for access. Regardless of whether these are answers to security questions or passwords, ensure you create complex ones that cyber attackers would find tough to crack. Best business practices include translating answers into another language using free online translations tools – making them far less predictable to guess and difficult to decipher, and also, less susceptible to social engineering tactics. What’s more, using spaces within and after your passwords can really throw network attackers off, as even if you keep your passwords in a safe place, only you would know where the spaces go. Additionally, using a mixture of upper and lower cases helps, as can using alphanumeric characters and symbols. According to Tech Radar, the best password generators include Dashlane and LastPass.
Manage IoT Security – When it comes to devices related to the internet of things, the most challenging aspect is how you control access to both personal and sensitive information. From security cameras and smart locks through to heating systems and key office equipment – all of this business technology provides possible entry points for network attacks and hacks. For example – a compromised printer could allow all documents that have been printed or scanned to be accessed by malicious actors. Best practices for data security for IoT devices include:
- Carrying out penetration testing to identify the current company risks and plan an appropriate security strategy to combat this.
- Set up encryption for both data held in your business premises and while in transit (end-to-end encryption).
- Ensure authentication to allow only trusted connections to endpoints – i.e. only key members of staff.
- Don’t use obvious passwords and default hard-coded credentials – commonly used passwords are easier to find on the internet than you may think.
- Invest in a secure and up-to-date router and enable the firewall for better protection.
- Develop a scalable security framework to support all IoT devices, both current and future.
- Take out a cyber insurance policy that protects your business should devices ever be compromised from malware, phishing and other such cyber security threats – providing both financial and technical support.
Control third-party data access – Monitoring third-party access to business data is an instrumental part of your security strategy. Remote employees, subcontractors, business partners, suppliers, and vendors are just a small list of the individuals and businesses that may access your data, resulting in higher risks of insider attacks but also paving the way for malware and hackers to enter your system. By monitoring third-party actions, you can limit the scope of access that third-party users have and know who exactly connects to your network and why. Combining this with separate passwords or one-time passwords in order to log all user actions, will allow detection of malicious activity so you can conduct investigations when required too. A useful tool such as SQL Monitor can help to provide the protection you need.
How Cyber Insurance From The Insurance Octopus Can Help
Cyber insurance help your business get back on track following a data breach or network attack, covering costs that can include business interruption and disruption, revenue loss, equipment damage and legal fees, as well as public relations expenses, hacker damage and any crisis containment. Adding another layer of protection to your cyber security measures, cyber insurance can provide the peace of mind you need knowing that if somehow a cyberhacker managed to cause an online security incident, you’d be covered from both a financial and reputational point of view. At the Insurance Octopus, we can tailor insurance policies to meet your clients’ needs, while ensuring that should the worst happen, you have a supportive team you can rely on to make things right, and reduce any associated hassle or stress. Here at The Insurance Octopus, our cyber insurance policies can cover data breaches, cyber extortion and hacker damage, as well as malware, phishing attacks and Man-in-the-Middle (MitM) attacks. Providing up to £2 million of cover available on demand, we make the insurance claims process simple, so that you can liaise with your insurer in a quick and efficient manner. What’s more, we never charge any mid-term fees during your policy, and make any updates a breeze, only charging additional premiums for any increases in cover – so don’t worry if you need to add further process, systems or technology to your policy. We’ve got your back here at The Insurance Octopus, and we’ve always got you covered.
For your bespoke cyber insurance policy from The Insurance Octopus, please get in touch with us today on 0161 968 2030 to speak to a trusted professional who can take you through our range of suitable options and find the right policy for you. Alternatively, click here, and answer some helpful questions to determine your needs and we’ll set up a call at a time that suits you.