Cyber Liability Insurance in Holton, KS
Cyber Criminals May Be Targeting Your Small Business
Cybercrimes are undoubtedly becoming the norm in recent years for large & small businesses globally. According to the FBI, $2.3 billion was lost from wire fraud between October 2013 and February 2016. This number is projected to grow to the trillions by the year 2019, leaving many businesses and employees vulnerable to hackers. In 2016, 74% of small business organizations reported security breaches.
Stay Informed and Up to Date on the Subject
Business Email Compromise (BEC) fraud or commonly known as “CEO fraud” is just one type of cyber-attack that can haunt your business. CEO fraud is when an attacker mimics a company email from a manager or executive and demands a financial transfer. This technique works because pay requests authorized by high-ranking individuals in management are less likely to be questioned by junior employees. Attackers will go phishing or try to get a feel for which employees would be able to carry out their robbery. They will study a company and their employees by learning what the company does, sells or trades to have more knowledge when committing the crime. Some thieves will even create a fake company website and phone number to make their emails seem more credible.
Cybercrimes can also come in the form of ransomware. Ransomware is a type of malware that infects, or locks digital files and demands a ransom to release them. Government agencies, hospitals, school districts, small and large business are all being affected by this technique. Getting ahold of a business’ financials, client information or sensitive business operations can be detrimental, costly and harmful to a company’s reputation.
Be PROACTIVE and Protect Your Business
Taking initiative into preventing cybercrime in your business should be on your radar as an owner or partner in a company. “Hackers prey on the knowledge that small businesses tend to have lower defenses than larger organizations, usually due to the lack of financial and human resources”, says Sarah Green, business manager for Cyber Security.
How can business owners defend against cyber hacking? Make all employees aware of cyber security, continually educate employees who may be considered “weak” in the eyes of a hacker, create multiple levels of authorizations for financial transactions, keep software up to date on all computer & mobile devices that hold valuable information, and invest in cyber liability insurance. As Richard Wickliffe, an insurance professional puts it, “prevention is far less expensive than losing money to cyber thieves.”
Let KELLERMAN INSURANCE Help You and Your Business
Our office has the capability of providing cyber liability insurance to shield you from possible exposures that could later harm your business. Call Kellerman Insurance at 785-364-2921 for more information.