Things Business Need to Know About Cyber Attacks in 2018

19 Jul Things Business Need to Know About Cyber Attacks in 2018

Keep in the know to prevent your business from experiencing cybercrime.  

Cybercrime costs the nation billions of dollars every year, and it’s not just the large companies that are at risk. Small businesses and start-ups are now firmly in the firing line as they’re often woefully unprepared. In 2018, every business is using technology in some way, whether it’s running their entire business online, selling goods online, storing data digitally, or otherwise. With the rise of technology in the workplace, there has been a rise in cyber-attacks. So that your business stays in the know, here are the latest concerns to be aware of.

Ransomware can occur in the cloud

Ransomware is a relatively simple form of malware that breaches defenses and locks down computer files using strong encryption. Hackers then demand money in exchange for digital keys to unlock the data, costing the business time, money, and their reputation. Victims will often pay, especially if the material encrypted has not been backed up. Smaller companies are likely to be more vulnerable, and even a modest breach could lead to a big payday for the hackers involved.

The financial impact can be severe

Small businesses can suffer huge financial losses from the theft of data and financial information, especially if they are reliant on online trade. The worst breaches can put a business out of action for ten days or more. Estimated global annual losses from cybercrime now top $400 billion. Restoration and repair costs can cost a small business thousands, if not hundreds of thousands, of dollars. This includes cleaning up affected systems and fines for personal data being compromised.

Loss of reputation can hit hard

It’s not just the financial impacts that businesses need to worry about. Even just one security breach can cause that business’s customers and vendors to seek a different, more secure company. Ultimately, the affected business may become unsustainable and may have to make staff redundant.

Cyber liability insurance can help businesses should they face a cyber-attack. At Dougherty Insurance, we represent multiple carriers and are able to explore all of the best options to suit your needs. We want to make sure that you have the coverage you need – it’s our job to help you! Contact us today for unparalleled insurance in Illinois, Wisconsin, and Indiana.