Cybersecurity: A Personal Plan

Online, hooked up, plugged in and "on the cloud. Whether it is your own personal information such as saved passwords or credit card information or if it is your client's’ personal information, so much of our personal lives can now be easily accessed just with a little Wi-Fi. 

With our new found accessibility, everything at the click of a button, our lives have become all that much more convenient, and our businesses and assets have become all that much more vulnerable. Cybercrime has boomed over the last decade and has become a real problem for businesses, large and small alike.

In the US alone, more than 35,000 computer security incidents happen each day, and that is only the reported attacks. Many more attacks happen but go unreported as businesses aren’t legally required to report some types of attacks. According to PwC’s 2015 US State of Cybercrime Survey, a total of 79 percent of respondents detected a security incident in the past year. The security firm Gemalto estimated that in 2015 alone, more than 700 million data records were compromised, but unfortunately only 37 percent of organizations have implemented a dedicated cyber incident response plan.

All too often, companies consider themselves too small to be targeted by hackers or blame insufficient funds to invest in cybersecurity. But recent studies have shown that because of these reasons alone, small- and medium-sized companies are the first to be picked on. 

As intelligent individuals, hackers know that smaller companies can’t afford to invest in heavy data security, which makes them an easy target. But it is important to note that very often it doesn’t matter what size your company is, it’s more about who you do business with, client and partnership alike and what kind of data you store. 

Businesses that carry a lot of customer contact information like credit cards, health data, or valuable intellectual property are at a high risk of a cyber-attack.

Moreover, if you have any online contact with larger companies that carry and store this kind of information, you can become an easy target. Especially if your non-secure systems can unlock access to your partner’s data.

For many who are still on the fence about whether or not to invest in a protection plan, previous hacks on well-known companies should be enough to sway anyone. Think of Target’s big hit in 2013. 

Most cyber insurance premiums range anywhere between a few hundred to several hundred thousand. Compare that to the $291 million that Target had incurred as of January 2016 in breach-related costs (this includes crisis communications, forensics costs and legal fees). The average costs of legal fees alone after a data breach is nearly $700,000. For larger companies it can reach up and beyond $3,000,000. 

The necessity of strong cybersecurity measures is self-evident. Governments, individuals and companies are caught in the cross hairs. Yahoo itself has also disclosed a massive breach that, along with Target’s hack, is still making headlines.

Unfortunately, companies aren’t spending enough time on training their employees and investing in a security plan. According to a survey, the most common passwords on computers were "password", "123456", and "12345678". In fact, the report revealed a high volume of low levels of security awareness among users and that eight in 10 attacks could be prevented just with basic computer security and better passwords alone. 

This includes better passwords on social media sites and even physical security measures like video object tracking to detect potential physical attacks on your company. The most common form of cyberattacks involve the hacking of social networking sites, along with malicious software targeting computers and credit card fraud.

Whether big or small, your company should be investing in a well-defined security policy. Whether you invest in a hefty insurance policy and implement as many preventative measures possible or even if you train your employees in better computer security, the effort and investment can save you millions down the road. 

Invest in securing your data; it may be the best investment you make ever.

BetaNews:           Cyber Insurance Report 2016 (£):
 

 

« Cuban Telecom Etecsa Starts Home Internet Trial
Malicious Ads Expose Millions To Hacking »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

ON-DEMAND WEBINAR: Learn how SOAR helps you streamline security

ON-DEMAND WEBINAR: Learn how SOAR helps you streamline security

Watch this webinar to explore the Security orchestration, automation, and response (SOAR) paradigm, its relationship with organization IT practices, and its role in your security strategy.

Clayden Law

Clayden Law

Clayden Law are experts in information technology, data privacy and cybersecurity law.

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

Rackspace Technology

Rackspace Technology

Rackspace Technology is a leading provider of managed services across all major public and private cloud technologies. Secure your IT environments with powerful cloud security solutions and support.

TÜV SÜD

TÜV SÜD

TÜV SÜD is one of the world's leading technical service organisations. Services offered include industrial cyber security.

Cienaga Systems

Cienaga Systems

Cienaga Systems is a leader in autonomous cyber threat hunting technology.

Dispersive Networks

Dispersive Networks

Dispersive Virtual Network is a carrier-grade software-defined programmable network that is inspired by battlefield-proven wireless radio techniques.

Security University

Security University

Security University is a leading provider of Qualified Hands-On Cybersecurity Education, Information Assurance Training and Certifications for IT and Security Professionals.

Seqrite

Seqrite

Seqrite offers a highly advanced range of enterprise and IT security solutions to protect your organization's most critical data.

Tricerion

Tricerion

SafeLogin from Tricerion is an entirely software based identity access management solution that uses picture based passwords rather than alphanumeric text.

ISMS.online

ISMS.online

ISMS.online is a cloud software solution for fast & cost-effective implementation of an information security management system and achieve compliance with ISO 27001 and other standards.

InFyra

InFyra

InFyra is an IoT & Telecoms specialist consultancy, with extensive global and local experience in business and technology strategy, networks and solutions development.

Group Salus

Group Salus

Salus provides SMBs with cyber security-related communications consulting, crisis management, and brand reputation services.

Vigilant Technology Solutions

Vigilant Technology Solutions

Vigilant is a global cyber security technology company offering solutions to manage entire IT & cyber security lifecycles.

DeNexus

DeNexus

DeNexus is the leading provider of cyber risk modeling for industrial networks. Our Mission is to build the Global Standard for Industrial Cyber Risk Quantification.

Tutanota

Tutanota

Tutanota is the world’s first end-to-end encrypted mail service that encrypts the entire mailbox.

Intel 471

Intel 471

Intel 471 provides adversary and malware intelligence for leading intelligence, security and fraud teams.

Kirk ISS

Kirk ISS

Kirk ISS are the leading provider of IT services in the Cayman Islands. We offer best-in class hardware, software, communications and cloud computing, all backed by professional services support.

AirDroid Business

AirDroid Business

AirDroid Business is an efficient mobile device management solution for Android devices, helping businesses to remotely control and access devices in large quantities using a centralized approach.