Taking a Shot in the Dark on Risk and Insurance: The Rising Threat of Cybersecurity
Sarah Armstrong
Strategic Business Advisor @ Gilroy Kernan & Gilroy | Insurance Expert
October is National Cybersecurity Awareness Month. During this annual event, government and cybersecurity leaders and the insurance community come together to raise awareness about the importance of cybersecurity.
Cybersecurity is a critical concern for businesses and individuals alike. With the increasing reliance on digital technologies and the ever-evolving landscape of cyber threats, it's essential to stay informed and proactive.
Join us as we explore the importance of cybersecurity, share some valuable insights, and offer tips to protect yourself and your organization. Want more information on best practices, request a copy of our 13 Cyber Tips for Business Owners.
Understanding Cybersecurity
To kick off Cyber Month, it's essential to understand what cybersecurity entails. Cybersecurity involves the practice of protecting computer systems, networks, and data from theft, damage, or unauthorized access. It is important to remember that businesses must stay cyber-secure to safeguard company data, protect customers’ personal information and ensure employee privacy.
The Rising Threat Landscape
As the world becomes increasingly digital, cybercriminals are continuously evolving their tactics to exploit vulnerabilities and target unsuspecting victims, becoming more sophisticated and harder to detect.
The first half of 2023 has been marked by significant changes in the threat landscape.
One of the most potent threats in this landscape is social engineering. Social engineering exploits the most vulnerable aspect of any security system: the human element.
Social engineering is a method of exploiting human psychology rather than technical hacking techniques to gain access to buildings, systems, financials and data. The aim is to trick people into revealing confidential information that can be used for fraudulent purposes. Often these involve time-sensitive opportunities and urgent requests to convey a sense of panic in the victim.
Attackers using social engineering manipulate their targets into performing specific actions or divulging confidential information.
The most dominant form of social engineering attacks are phishing attacks. Phishing is a form of fraud where an attacker pretends to be a person or company known to the target, and sends them a message asking for access to a secure system in the hope of exploiting that access for financial gain.
During Cyber Month, take a moment to research the latest trends in cyberattacks, such as social engineering, ransomware, phishing, and data breaches. Staying informed about these threats is the first step in defending against them.
The Cost of Cyberattacks
Cyberattacks can be financially devastating. From the cost of recovering lost data to the damage to a company's reputation, the consequences of a breach can be severe. Cyber insurance can help mitigate these costs and provide peace of mind.
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According to the IBM Cost of a Data Breach Report 2023, the global average cost of a data breach in 2023 was $4.45 million
Cyber Insurance Explained
Cyber insurance is a valuable tool in the fight against cyber threats. It provides coverage for various aspects of a cyberattack, including data recovery, legal expenses, and public relations efforts.
All businesses face cyber risks, but not all have cyber insurance. If you don't already have cyber insurance, Cyber Month is an excellent time to explore your options.
If budget is a concern, we recommend adjusting the "dials" of your current insurance program to save premium on other lines of insurance to pay for this coverage.
It's not a matter of if your business will be impacted by this threat, but when. Consult with a trusted advisor to evaluate your specific risk.
Tips for Cybersecurity Preparedness
During Cyber Month, take some proactive steps to enhance your cybersecurity:
Cybersecurity Resources
Cyber Month is a great time to explore the various cybersecurity resources available to you. Consider attending webinars, reading cybersecurity blogs, and participating in online forums to stay up-to-date on the latest threats and best practices.
Cybersecurity is not something to be taken lightly. Cyber Month serves as a reminder of the importance of protecting our digital assets and personal information. By staying informed, investing in cyber insurance, and following best practices, you can significantly reduce your risk of falling victim to cyber threats.
Don't wait until it's too late—start your cybersecurity journey today and make every month "Cyber Month."