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Think back to 20 years ago. What would cause a business interruption in the year 2000? Back then, it was likely a thunderstorm, fire, hurricane, or flood. While those natural disasters still cause business interruptions, cyberattacks are rising to the top of the list.
Businesses prepare for downtime from natural disasters with network devices like a UPS (uninterruptible power supply) for unexpected power outages, cloud backups for recovering on-premises data lost in a fire, etc. Which then raises the question: how are businesses preparing for a malicious disaster?
Let’s back up and see just how cyberattacks are intruding on your productivity and bottom-line. Cybercriminals and other unauthorized individuals are becoming more skilled than ever at exploiting vulnerabilities in a business’ network, be it through traditional methods like phishing and spoofing emails, or through social engineering.
Social engineering it’s a more sophisticated and targeted attack, made possible by the amount of personal identifiable information (PII) made public across the internet. Our technicians advise our customers to refrain from listing email address, first and last names, and other PII on their website to avoid being targeted by a social engineering con artist. Once this information is made available to strangers, it is at risk for being manipulated by someone who makes a career out of finding a way to use it for personal gain at your expense.
Social engineering is so dangerous because it preys on human error through manipulation instead of a flow in software or the operating system. The end user won’t always see it coming because it is masked to appear as their everyday communication. It can be difficult catch the red flags, especially if there aren’t many.
There are several types of attacks that could completely cripple your ability to perform normal business activities, including:
It’s no secret that the pandemic has hosted a surge of attacks on businesses of all sizes and industries. Unfortunately, a large amount of businesses don’t have the budget or expertise available in-house to not only detect the problem, but quickly resolve it and prevent it from happening again. Without the staff to address an attack, it only exacerbates the interruption, causing a loss in both productivity and revenue.
I’m sure most of us have experienced a vendor site that was offline for one reason or another. Depending on your line of business, a vendor website can be crucial to your daily operations. If a vendor were to be a target of a cyberattack, your company would be affected even though it wasn’t a direct target. Imagine what would happen if one of your vendors fell prey to an attack, and it resulted in a complete shutdown of its warehouse or website. An event of this caliber could impact your productivity, which would then trickle down to your customers and create pain points with your service offerings.
You might have heard the saying, “it’s not if you’ll be a victim of a data breach, but when”. Much like a natural disaster, a malicious disaster, or cyber attack, is impossible to prevent completely. However, you certainly can, and should, put up a strong defense.
Being proactive and vigilant with implementing standards and processes to increase your security can help lower your chance of business interruption due to a cyberattack.
More and more commercial insurance underwriters are offering policies that will not only cover business interruption losses due to cybercrime like data breaches, but also offer cyber liability coverage.
Geared toward smaller businesses, data breach insurance helps respond to a data breach if Personally Identifiable Information (PII) or Protected Health Information (PHI) gets lost or stolen, whether it’s from an exploited network vulnerability, or employee error.
This coverage is recommended for larger businesses and “helps cover financial losses due to cyberattacks or other tech-related risks, as well as privacy investigations or lawsuits following an attack” according to The Hartford.
To know more about if your business could benefit from one or more cybersecurity policies, ask yourself if your company meets any of the following criteria:
Too many businesses of all sizes aren’t prepared for the intrusion of a crippling cyberattack on their businesses. Contact a member of our team today to find out how we can help you prepare your company's policies and procedures to minimize your exposure to a business interruption from a cyberattack.
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Minneapolis, MN 55112
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From assessment, design, migration and deployment to ongoing management and security. We serve small to midsize businesses across the Twin Cities as their trusted business technology partner.
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