Any business that utilizes information technology tools to capture and store data is prone to a data breach. Unfortunately, losing sensitive business data, including customer data, to the wrong people puts a business at risk of substantial financial losses and reputational damage. On average, American businesses lose about $200,000 to cyberattacks every year, as reported by CNBC. Therefore, businesses should take the necessary measures to protect themselves against cyberattacks. Here’s a look at common cyber threats and how to combat them.
Some of the common cyber security threats include:
Ransomware involves a cybercriminal holding your system hostage and demanding a ransom to restore it. Due to its lucrativeness, ransomware is among the most common forms of cyber-attacks in the U.S. In fact, the Federal Bureau of Investigations (FBI) received over 3700 ransomware attack reports in 2021 alone. These attacks resulted in a staggering $50 million loss.
These are cyber-threats fueled by the actions of employees, former employees, or business associates, either maliciously or ignorantly. Insider threats are real, and they cause upwards of 40 percent of all data breaches.
These attacks involve cybercriminals extracting sensitive information from your employees through email tricks and scams. For instance, they can send malicious emails or links that look authentic to trick your employees into giving out information about themselves or the business.
It is evident that cyber threats are real and that they can quickly put you out of business. Therefore, protect your business by doing the following:
Cybersecurity threats go up by the day. Hence, use these tips to prepare your business for any eventuality. Another good way to prepare your business is by purchasing the right cyber insurance coverage. To get the right cyber-liability insurance for your business, contact us today. Our team at Riverbend Insurance can help you find the right cybersecurity insurance for your business’s specific needs.