Remote working has given cybercriminals more opportunity to get through the back door of your network and wreak havoc. While you’re trying to avoid contracting the coronavirus, bad actors are working to infect your network with malicious software, such as malware. Malware is used to steal banking credentials or logins for work-related accounts. Bad actors are also using encryption for malware, which can hide their presence and escape detection while invading your business.
While millions of employees have shifted from the office to home, the lines between home and work activities have become blurred. Blurred lines open the doors to hackers. Using your work computer to buy something online or using your personal tablet to respond to work e-mails at night on the couch are common cyber activities that need to change.
Global losses from cybercrime are projected to hit $945 billion in 2020, according to McAfee’s most recently published ‘The Hidden Cost of Cybercrime’ report. Working from home is likely to remain a feature in a post-COVID world, so closing the door to vulnerabilities will be a long-term issue.
While 2020 will be known as the year of social distancing, 2021 should be the year of “cyber distancing” – maintaining a separation between work and home to reduce the risk of a data breach. Implementing standard security protocols for a remote workforce will reinforce the door to your sensitive company data and network. Since we know what cybercriminals are doing now, with malware remaining a tried-and-true weapon of choice, businesses know what types of protection to implement, and what practices need to be revisited.
Knowing that cybercrime was not hindered by the pandemic and that the trends in malware have become more sophisticated and malicious, it is hard to believe less than 20% of small businesses in the US had bought cyber insurance. Without cyber insurance, organizations may not be able to protect themselves against cyber attack-related losses. Aside from protection from dire financial consequences, cyber insurance can lead to a stronger cybersecurity infrastructure.
To learn more about cyber liability insurance, contact the professionals at Charles Leach Agency to customize your protection and further distance yourself from financial despair. Call 1-888-275-3224.