Data breach! Identity theft! Cyber fraud! Every day, there is another headline.
The thieves are working overtime to steal your hard-earned money and reputation, so always be on guard.
HOW THEY CAN STEAL FROM YOU
Phishing:
An emailed message is sent appearing to be legitimate, but it tricks you into providing personal information to an evildoer.
Ransomware:
Criminals lock access to your files and demand payment to unlock them.
Breach:
Hackers break into a company’s computer files and steal sensitive information.
Credit card fraud:
Attackers steal your credit card number with a skimming device or through a data breach.
Identity theft:
Thieves impersonate you and open credit accounts to make fraudulent purchases.
Malware:
Crooks gain access when you click an email link to install damaging software on your computer
WiFi eavesdropping:
Lawbreakers monitor your unprotected WIFI or public networks to intercept data and monitor activities.
HOW TO AVOID BEING DUPED (AND STEPS TO TAKE IF YOU ARE)
Use complex passwords:
Longer and more complex password that you change regularly need to include upper- and lower-case letters, symbols and numbers.
Implement two-factor authentication wherever possible:
This requires two or more checkpoints for accessing the system, typically using your smart phone in addition to the password.
Consider locking your credit card:
It’s also a good idea to sign up for notifications on all charges placed using your card.
Put a credit freeze in place:
Contact the credit bureaus and sign up for alerts on all activity under your methods of identification.
Closely monitor financial accounts:
Check bank balances, credit reports and investments regularly, and watch for suspicious transactions.
Be skeptical:
Question every email and/or link you receive.
Backup important computer files:
If your files become encrypted or are destroyed, this step will be a lifesaver.
Finally, and perhaps most importantly, keep learning about cyber security and make changes to stay ahead of the bad guys. The cost associated with data breach, notification and credit monitoring can be immense. Disruption to your operations and reputation can be overwhelming, and preventive measures will help you avoid business and personal interruptions.
WHAT IS CYBER LIABILITY INSURANCE?
Cyber liability insurance is a specialized form of protection that provides an additional safety net for legal and technical support in the event of a cyber incident. Be sure you understand your exposures and the coverages included because coverage can vary significantly between policies. Areas of available coverage may assist with expenses related to data-breach notifications, legal fees, interruption compensation for lost income due to business disruption, fines and penalties, ransom payments, third-party liability, data restoration, investigation and recovery. Having insurance can help you keep your business alive during recovery.
