Cyber liability insurance keeps any company safe from more than a few things, including blackmail and extortion. In 2019, the measures used in order to maintain such a high level of crime should be far more sophisticated; however, what exists still assists in detecting crime before it gets worse.
But without vigilance, any business is a victim to this massive problem. A 2017 Internet Crime Report found that the IC3 received 14,938 extortion-related complaints with adjusted losses of over $15 million. That’s just extortion alone from two years ago. And it’s been on the rise sine. With so much to worry about online, how can we stay safe while running our livelihoods?
When you think about total loss over all the types of cyber crimes that can happen, the amount of money that the United States is losing happens to be in the billions. However, every problem has a solution.
But what can we, as business owners, do to combat it besides staying safe?
When every business stays on top of issues such as extortion, especially in the digital age, everyone benefits Unfortunately, extortion can happen to anyone. With over 800 complaints a day, the problem that business owners face with cyber crime can only be adjusted with common sense and tips, courtesy of Venture Beat.
1. Educate Those Who Are Easily Targeted Online
There are at least 284,000 complaints a year on various cyber crimes that can be protected by forms of cyber liability insurance. Those losses in 2017 amounted to $1.42 billion. Considering how much money has truly been lost over the years of digitalism (600 billion worldwide), it’s clear that any money we can get back is beneficial to the entire economy.
But all of that starts with awareness and training, as boring and repetitive as it is.
Think about where else that money could’ve been allocated in the sector of cyber defense. It’s clear that we are going to continue to make moves towards being completely digital. That means safety measures have to adapt in order to keep people safe.
And if a worker can’t tell between a spam email and a real one, they could cause the company a big headache. Not only should all staff know exactly what they’re looking for, senior-level executives also need the same training. No one is perfect. We’ve all clicked on a bad email. It’s just whether we believed it or ended up deleting it.
2. Keep in Touch With Your Internet Service Provider
Since DDoS attacks can happen at any time, it’s your best bet to know everything about it, as well as how to weather such an attack. With preventative measures, you can put some ease on your servers. Working with your hosting provider to find out how exactly an attack would happen on your serve will help prepare you for if it occurs. But the fact that your hosting provider is in the loop about your fear of a DDoS attack means that they’ll probably be quicker to respond if something does happen.
Most host providers will work fast to get any problems down from their server. The thing is though if all else fails, you can make sure your hosting provider implements mitigation service. Sure it’s expensive, but it’s the best way to save your data before it’s too late.
3. Find a Pattern, Have a Plan in Place and Filter Web Traffic Before it Reaches You
When your actual server is being attacked, that means you have to get preventative measures for your actual site name. Geofilters are especially helpful because they reroute certain IP addresses that your computer as recognized as not a good match for your website. In a sense, it’s keeping the extortion from happening period.
Think of it like a giant fire-wall in place that bounces off weird web-traffic that isn’t affiliated with your line of business. On top of that, it’s important to see the patterns of attacks who continue to try to infiltrate the same system. It happens because they think no one's paying attention. But with the right eyes, this can be caught fast.
The most optimum thing you can do in order to keep your cyber liability insurance as a safety net is by having a plan in place if cyber crime happens to you. For example, if there’s an abusive IP that’s been detected, it’s possible to slow it down and detect it, then deal with it later.
Always be prepared, even if it means constantly changing passwords, talking to your host providers and routine training so everyone is on always board.
About Axis Insurance
At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (201) 847-9175 to speak with one of our professionals.
