Cyber Security Threats Skyrocket as the Workforce Transitions into Remote Work
As the world attempts to prevent the spread of COVID-19, many companies are allowing their employees to work from home. While this option presents a wonderful opportunity, remote work is faced with many cyber-security threats and challenges. Companies that allow employees to work from home during the coronavirus pandemic, face a host of cybersecurity issues, including concerns over the security of workers’ personal computers and vulnerability to phishing attacks.
While cyber-criminals attempt to use this challenging time to their advantage, businesses rely on their employees to protect themselves and the company and its’ data. The threat of a cyber-attack is dramatically increased due to the common lack of protections set on personal devices and networks. As employees transition onto their personal computers, it is essential to ensure that any device that is used to access company files, is updated regularly and has high-quality security systems in place.
Additionally, companies are counting on their employees to practice good cyber hygiene, such as logging out of their computer systems, using strong passwords, two-party authentication, connecting to only secure networks, and backing up their data in a secure location. Employees should also be warned about the proliferation of phishing scams. Many cyber-criminals are now capitalizing on vulnerabilities with increased phishing campaigns, (sending out emails inviting employees to click on links to malicious software).
Cyber-criminals realize that things that would normally be handled in person, like fund transfers and IT work, will now potentially be initiated via email, and they are taking advantage of that. Employees are likely going to receive emails that look like they are from company officials but actually from cyber-criminals requesting fund transfers, remote access or other confidential information.
If a cyber-criminal gains access to your valuable information, they can steal and distribute sensitive information, as well as distort or delete your records, redirect financial transfers, hold your data for ransom and more. Additionally, the income loss and extra expenses incurred from a cyber-attack can be financially devastating for any business. According to Security Intelligence, the average cost of a Cyber/ Data breach in 2019 was $3.92 million. Most Cyber/ Data Breach policies only cost about $1000-$2500.
If you’ve been contemplating acquiring Cyber/ Data Breach Insurance coverage for your firm, with the risk higher than ever before, now is the time to protect your firm. To receive quotes, please click the link below:
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