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  • Amanda Bird

Cyber-Risks You Should Know and Protect Your Business From

Cyber risks arise when sensitive business information is compromised through sophisticated cyber methods. In today’s digital world, cyber-risks can come from many different places and different entities, so it is vital to adopt a cyber resilience strategy that considers both physical and digital threats.


Cyber-attacks are often defined as ‘criminal attacks on a person, business or government agency using computers and networks to steal or destroy valuable information.’ You can best protect your business by ensuring you have properly implemented IT systems, security features and a staff who can monitor for malicious activity and respond quickly.


But if you're still in the early stages of your business and cannot begin investing in software and IT, you can still protect your business by being informed. If you are aware of the various cyber-risks you might face, you will be better equipped to deal with them.


Here's what you need to know:


Ransomware


As the name implies, Ransomware is a form of malicious software that can lock a computer or system until a ransom is paid. The hackers can often shut down your system and alter or delete data. The ransom is usually a sum of money that the data owner will have to pay to regain access.


Like most cyber-attacks, ransomware is usually carried out using a Trojan. Another good reason is to ensure that a suitable antivirus program and firewall protect your IT systems.


Phishing


Phishing schemes are usually carried out by emails that appear to be from a trusted party, such as financial institutions. The emails will direct the recipient to a bogus website, which is meant to give up sensitive account information, such as financial information and passwords.


One of the most popular phishing emails happens to be emailed from internet providers or internet service providers. Consumer Reports recently ran an article warning users of these emails. The emails tell people that their internet ‘service’ will be disconnected if they don’t perform an action, such as confirming their account information. Users are often directed to a bogus website, where they are asked to enter account information.


Malware


Malware is a more general class of malicious software that cyber-criminals can use to get access to a network. In many ways, it is analogous to ransomware in that the software prevents access to a system until a ransom is paid.


There are plenty of other malware out there, with email spam, spyware and adware being the most common. Malware can be used to monitor a computer or even shut it down. You should ensure that a relevant antivirus program protects your systems if you're a business owner.


How to Protect Your Business


Protecting your business against cyber-risks is, in many ways, identical to safeguarding your business against physical threats. You should ensure that you have a good firewall and antivirus program installed. Be sure to implement a proper IT system, which will protect your business against cyber-risks and physical threats.


You should also ensure that all your staff are aware of the various cyber-risks that your business might face and train them on how to respond should they ever encounter a cyber-attack.


The Bottom Line


Cyber risks are on the rise due to better IT technology and greater connectivity through the internet. Therefore, businesses need to have adequate IT systems and staff trained in dealing with cyber-risks.


Take your business to the next level by contacting our team today. Budgeting and forecasting can require a lot of work and effort. If you need some assistance and guidance, let us help you. New Wave Insurance offers reliable cyber protection insurance on the Gold Coast. Contact us today to see how we can help!


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