Business Smart Devices and New Tech Gadgets are a Gateway to Your Secure Data

Holiday Technology Purchases Need to be Protected Against Phishing, Malware, and Ransomware

As the holiday season approaches, the online sales become plentiful for smart business devices and tech gadgets for in-office and remote working. But beware. Although these deals can be great, the increase of online shoppers can lead an increase in cyber attacks.

During this year of inflation and massive rises in energy costs, the cost of a data breach has also reached an all-time high. According to Statista, during the third quarter of 2022, internet users worldwide saw approximately 15 million data breaches, up by 167 percent compared to the previous quarter. Industry reports also reveal that businesses with less than 500 employees lose on average $2.5 million per attack.

As our world becomes more interconnected, data breaches become more pervasive. This year, we have witnessed more high-level attacks:

• In October, a pro-Russian hacker group claimed responsibility for hacking several US airport websites
• In late July, Samsung experienced a data breach which they did not discover until early August
• In September, Uber’s internal systems were compromised by a teenager
• Twitter was attacked giving access to personal information of 5.4 million accounts

Whether it’s a smart camera, smart lock, smart doorbell, or smart thermostat, keep in mind that all of these “smart” gadgets that streamline tasks and create a more efficient workplace, also makes your business more vulnerable to malicious actors. It’s ironic that as you try to make your business more secure with technology, you are making it more vulnerable to a cyber invasion. Therefore, cybersecurity and cyber insurance for your business is more critical now than ever.

Attacks usually go through a wireless connection and often go unnoticed. Cyber attackers can gain access to any connected device and exploit it in several ways. A small business cyberattack is significant in terms of cost, reputation, and business continuity. Every device connected to your network and the internet is at risk. As smart offices become more common, locks and alarms will not keep cyber criminals away – cyber liability insurance needs to be an added layer of protection. Now is the time to purchase cyber liability insurance because the prices will increase significantly starting January 1, 2023.