Cyber crimes are a growing problem in our country and across the globe as companies struggle to protect themselves, their data, and their clients from hackers and other cyber criminals eager to steal valuable data. It is estimated that by the year 2024, cyber crimes could cost American businesses over $5 trillion dollars from liability claims, damaged reputations, and the loss of customers. In today's Aegis blog post, we look at several ways companies can better protect themselves and their client data from cyber criminals.
Create Secure Logins and Passwords
One of the most common ways cyber criminals access sensitive data is through hacking email accounts or website logins that have simple logins or easy to guess passwords. Too often, companies create and use the same login/password combinations for years, or they will pick a simple password that can easily be guessed. Instead, companies should utilize software that securely stores user logins and creates secure passwords that are difficult to guess.
Utilize Cyber Security Software and Firewalls
Next, businesses that have customer financial data or sensitive information, such as retailers, restaurants, financial institutions, or medical providers, should also have cyber security software with firewalls to prevent hackers from infiltrating vulnerable networks or email accounts. Cyber security software can help identify potential hacker activity or attempts to upload malware or spyware onto company networks. Taking this proactive step can help reduce possible liability risks and data breaches.
Thorough Screening and Training of Vendors, Contractors, and Employees
Cyber security can also be increased for companies simply through regular and thorough training of employees who have access to company networks or data. Employees should be trained how to identify email phishing scams, and to never open or install software or programs from unknown or suspicious individuals. In addition, companies should make sure their screening process for vendors and contractors is thorough, and to also regularly monitor their activity to prevent unauthorized access or suspicious activity.
Get Cyber Insurance Coverage
Finally, companies can have an added layer of cyber protection through acquiring Cyber Insurance coverage. Cyber Insurance works by providing companies with the financial assistance to cover legal fees and expenses that stem from a breach of customer data, as well as recovering compromised data, restoring damaged computer systems, credit monitoring services, and notifying affected clients.
Aegis Insurance & Financial Services is committed to helping commercial clients have the best possible protection from all kinds of threats, whether physical or cyber threats. Our team of Commercial Insurance agents can help develop a business insurance portfolio that is tailored to your specific industry and meets your unique company needs. Contact our Aegis team today at 713-850-7622 to learn more about Cyber Insurance coverage, or fill out our online form to request a free quote!