Data breaches have become more common in the last few years and have shown consumers, businesses, tech companies and entire governments alike how vulnerable our sensitive information is. Hackers are finding more sophisticated ways to steal data and unfortunately things don’t seem to be letting up.
However, businesses can do their part in slowing down or even preventing cyber threats and data breaches by taking a look at their daily operations. When you’re able to understand the threats your data faces every day, you can pinpoint things back to their origin. And while hackers are upgrading their skills and boosting their efforts to perform data breaches, you can take steps to understand just how these breaches occur and avoid them moving forward.
Protect Your Bottom Line
It’s always helpful to keep a Cyber Liability Insurance plan in place to protect your business’s finances and reputation. Having an effective cyber liability policy will provide peace of mind in the event that something does in fact happen to your company’s well-being.
Data breaches may be highlighted by sensitive information being pulled from a network, but the real target usually has something to do with money. Cyber losses can be costly to any company, that’s why regional insurance programs, like options for cyber risk insurance in Indiana, are needed.
Look at Human Error
Even if a business invests time and effort to educate its employees on the value of protecting their sensitive information, there’s always room for human error. Yes, mistakes do happen, but they can end up costing your business its livelihood. Human error accounts for 52% of the root causes of security breaches. From weak passwords to sharing sensitive information with others to sending this information to the wrong people, human error is something that needs to be continually worked on and diminished.
According to reports, malware makes up about 92% of all email data breaches. It’s not just a problem for personal computers or company laptops used outside of work–it’s an expanding threat that’s aiming directly at your company’s systems. While most malware attacks are small in nature, the fact that that number is growing is alarming. Hackers are making modifications to how they go about their malware attacks, making them unrecognizable to antivirus programs.
Data reaches don’t necessarily have to happen over a network. They can take place by the actual physical theft of your company’s computers, tablets, servers or phones. Most of these thefts are hard to predict as employees can be a little careless when protecting their items around their work station. There’s a level of trust employees have in their workplace, and this can be taken advantage of.
While human error can be attributed to mistakes that happen naturally, inside misuse is more insidious. This threat happens when someone intentionally plans on stealing data from the company they work at.
Your company puts trust in certain people when it comes to handling information. When this person or group of people take advantage of a company’s trust and use it for their own gain in some way, this can have drastic effects. Preventing inside misuse is nearly impossible, but it can be limited through compartmentalization of information on your network. Keeping files limited and networks at single-user access will help to limit vulnerabilities from inside.
About Walker & Associates
If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.