11 Useful Tips on How to Secure Your Business from Cyber Extortion

Mar 08, 2023

Commercial Insurance

11 Useful Tips on How to Secure Your Business from Cyber Extortion

With cyber crimes on the rise, you must ensure that your business has the most effective security protocol and software in place against all types of cyber crimes, including cyber extortion. Cyber-extortion involves the usage of malware called ransomware that encrypts your data and makes it inaccessible to you. The hacker may also threaten to destroy the data, introduce viruses into your system, and upload confidential data online.

To help you secure your company against such hacking incidents, we have listed eleven important steps. They will help you in your efforts to ensure that you are adequately protected against cyber-extortion.

Protect Your Business from Cyber Extortion with 11 Effective Steps

To protect important data and other files from being hacked, here are 11 steps that will help you to build an effective and secure system

  1. Create a data inventory

    You must first know how much and what type of data your business has and their storage types. This helps you to know the extent of the risk you may face if hacked.

  2. Prepare data backups

    Maintain regular backups of all your files and data and backup bandwidth capabilities in the cloud or secondary storage that is not vulnerable to hacking. It can help to minimize the impact of cyber extortion threats on your business.

  3. Familiarize employees with phishing scams

    Train your employees to learn to identify unsafe websites to help them prevent downloading harmful material or falling prey to various online scams.

  4. Perform background checks of your employees

    Background checks on potential employees allow you to screen individuals with criminal records who may want access to your data for the purpose of hacking.

  5. Equip your systems with firewall and anti-virus technologies

    Install the latest and most effective software technologies and assess the security settings on all the software that you use, including browsers, email, or any other inflow or outflow data sources.

  6. Strengthen your system with software security patches

    Constantly update your software security settings with the corrective software patches to prevent the hacker from identifying any loopholes in your cyber-security system.

  7. Buy intrusion detection and data breach prevention tools

    Advanced security tools not only offer greater protection but also alert you against security breach attempts in your system. This helps you to take prompt remedial measures.

  8. Check your security preparedness

    You can check the efficiency of your security software by conducting a mock cyber-breach operation to identify the lapses in your system.

  9. Stay protected against DDoS attacks

    Equip yourself against DDoS attacks, as they can overwhelm or cause irreparable damage to the system.

  10.  Create a data security contingency plan

    Form a specialized response team with allotted specific roles and responsibilities to best handle data breaches.

  11.  Buy sufficient insurance coverage

    Purchase adequate cyber insurance coverage to keep yourself financially secure in the event of cyber extortion.

Protect Your Business from Cyber Crimes with Riverbend Insurance

For more information on the type and extent of cyber insurance coverage your business needs to stay protected from the hacking menace, contact our team today. At Riverbend Insurance, we help you get the right insurance based on your specific business requirements.