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Liabilities Stemming from Hackers and Infiltrators

Last year companies were overrun with over 90 million cyber attacks. In 2017, we’re currently on a pace that could double that figure. Small businesses are perhaps the most vulnerable, given that they have fewer resources, to begin with when it comes to having good security measures in place. Without cybersecurity innovation, we’re likely to continue to experience increased vulnerabilities.

The incentive for thieves, of course, is to hack into these networks for financial gain. Once they’ve gotten access the cybercriminals are able to sell the stolen data on the black market. Social Security numbers, bank account info, credit card data, personal identity information, and personal health information are easily sold on the Dark Web.

With the increase of internet-enabled devices into the market for consumers hungry for the latest devices, the security threats associated with these devices will continue to be on the rise. Because you value the privacy of your customers and clients, the real trick is to make it as difficult as possible for thieves to gain access.

Make complex passwords and constantly change them

Don’t use obvious personal references for your workspace machines that a hacker could discover through social networks, avoiding such obvious choices as birth dates, anniversaries, pet names, or other basic familiar names and numbers. Also, opt to use completely different passwords on your systems (laptops, home computers, smartphones), and change them regularly, thereby greatly reducing your exposures.

A lot of smartphones and personal electronic devices don’t have anti-virus programs so it’s best to ensure that when using these systems for work purposes, as well as any applications being loaded, that actions taken are done selectively. Evaluating the need for cyber coverage is a must since the potential to be hacked increases yearly.

Companies should discuss their data breach risks and risk management options cross-functionally, involving leaders from IT, risk management, privacy, compliance and legal departments. Working together, executives can more accurately quantify risks, evaluate options and develop a cost-benefit analysis to determine if cyber risk insurance in Indiana is the right investment for their needs.