Cyber Security Today
As the year folds, businesses will focus even more on issues surrounding cybersecurity awareness with renewed vigor. Many CEOs are already setting new standards for securing their networks of computers. According to Accenture, cybercrime is set to cost businesses $5.2 trillion in potential revenue opportunities worldwide in the next five years, and no business is immune to an attack. SmartFinancial's CEO has been in the insurance industry for over 18 years and has owned multiple insurance agencies over the years. As head of an insurance platform, he's seen an increasing trend in the need for cybersecurity and have spent a great deal of time seeking and partnering with insurance carriers that offer cybersecurity solutions.
So it came as no surprise when numerous data breaches were reported in the days leading up to Thanksgiving and Black Friday and again after the coronavirus lockdown. It was exactly as expected: Hackers were cocked and ready to make a grab at consumers’ personal information at the height of the shopping season and again when people were connected to their company's assets when working from home. With the Macy’s breach, a third party reportedly added unauthorized code to two pages on Macy’s website, which may have given the hackers access to sensitive consumer information during checkout. This type of cyberattack is called a skimming attack. If you're an online-retail business, you need to be aware of this type of attack.
When Newsweek asked him about the data breach, Mike Chapple -- an associate teaching professor of information technology -- said, "The responsibility for preventing these attacks really rests with retailers who must implement strong security controls on their websites and regularly test them for the presence of malicious software."
A report from Risk Based Security (via TechRepublic) found that there’s been a 50% or greater increase in data breaches in the last four years. Many companies are learning the hard way that they need to secure their organizations with a comprehensive cybersecurity strategy in order to survive. Even businesses with safeguards in place need to continuously tweak their companies’ cybersecurity posture because the threat of a cyberattack is always shifting and very real.
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Most companies cannot afford to have theft and crime-related losses affect their bottom line. An essential step that businesses should take to protect themselves is to purchase a commercial crime insurance policy.
Inland marine insurance is an add-on coverage that can benefit your company if you frequently ship products or equipment. Cover your losses.
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Often, costs take on a life of their own and begin to really eat away at profits if you don’t take care to control them. Sometimes, a business’s inner workings can become so complicated that we overlook the simple and obvious changes we can make to improve our business practices. “A penny saved is a penny earned” could not be any more true.
Most businesses have general liability insurance because accidents happen. They happen even more the bigger your company is.
If you are a business owner, you will need to make sure that you have an adequate amount of business insurance to protect both your personal and business interests.
Quick and easy tips that every business owner should be doing.