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  • Amanda Bird

5 Ways Cyber Insurance Can Help Protect Your Business

Cyber incidents can financially ruin a business, as well as threaten their intellectual property, putting customers’ confidential information at risk, and potentially causing significant damage to their brand.


Now let’s explore the common types of cyber threats and how you can protect your business from them.


1) Malware Protection


Malware originates from programs or scripts inserted into your website code that are designed to either inject code into your website or steal information from it. Your hosting provider and security provider can help you prevent malware from infecting your website.


A colossal amount of malware—ranging from viruses, worms and Trojans, to rootkits, ransomware and spyware—is unleashed every day. The effects can be devastating to your business, causing a disruption of operations, denial of access to services and network resources and business data loss.


2) Phishing Prevention


Phishing is a form of cyber attack where an organization is fooled into wiring money or personal information to a criminal in order to receive something in return. Phishing attacks can be delivered via e-mail, phone, text or instant messaging.


Cyber criminals use social engineering techniques to trick recipients into thinking they are legitimate. Typically, the email will request sensitive information like your social security number, credit card number or bank account information. You can protect your company against phishing by training your staff on what to look out for.


3) Ransomware Protection


Ransomware is a type of malware that locks your system, encrypts your files and demands money in exchange for you receiving the key to unlock your files.


Ransomware is a type of malware that locks your system, encrypts your files and demands money in exchange for you receiving the key to unlock your files. Ransomware typically targets personal computers, but as time goes by it targets mobile devices and servers, too.


Cyber extortionists simply access a computer, encrypt the data and hold it hostage until the owner pays a ransom.


4) Keeps Software Updated


Keeping software updated is one way to prevent a cyber attack on your website. Hackers often exploit outdated software or hardware to run their malware.


When you’re updating your website, make sure to update all software and programs. This will help to protect your site from malware, viruses and intrusions.


5) Encryption


Encryption is one of the best ways to protect your company from cybercrime. Encryption works by using a mathematical algorithm to scramble sensitive data for transmission and decryption to retrieve the data once it’s received. It is a powerful tool against hackers—as long as the encryption is strong enough.


If you have a website, encrypting data is crucial to protect your customers’ information and will act as a greater deterrent to hackers.


It’s important to take these steps to make sure your customers’ data is safe and secure. It also makes your website more secure, which can help prevent it from being hacked.


Conclusion


As a business owner, you want to prevent any type of business disruption. Cyber insurance is one of the most crucial elements in protecting your entire business.


If you want to protect your business assets, New Wave Insurance has you covered. We provide cyber protection insurance in the Gold Coast to help you out. Get the protection you need by contacting us today.

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