The incorporation and reliance of computers to assist us in the daily management of business operations helps make businesses more efficient and effective. The use of these computers and technology also creates a vulnerability to cyber warfare. This is true whether you store data, copywrite or licence software, maintain customer information, manage employee records, or accept credit/interact. In any of these situations, your business is at risk to a cyber attack.
A cyber attack is a digital attack launched by cybercriminals on a single computer or multiple networks.
You may think that operating a company in Atlantic Canada would mean that your company is too small or not top of mind to be targeted for a cyber-attack. Unfortunately that’s not true. Any business of any size can be targeted by cyber criminals. In Canada last year, there were over 80,000 cyber-attacks each day and 30 million every year.
We want to help you minimize the chance that a cyber attack occurs and protect you if one does. The best way to reduce the likelihood of a cyber attack is to be aware of the risks your company faces. After all, you can not be prepared for something that you can’t anticipate.
According to the government of Canada, “There are various ways to gain access to information in cyberspace. Attackers can exploit vulnerabilities in software and hardware. They can exploit security vulnerabilities by tricking people into opening infected emails or visiting corrupted websites that infect their computers with malicious software. They can take advantage of people who fail to follow basic cybersecurity practices, such as changing their passwords frequently, updating their antivirus protection regularly, and using only protected wireless networks.”
The top 9 types of cyberattacks include:
1. Phishing – A fraudulent attempt to obtain sensitive information or data, such as usernames, passwords, credit card details or other sensitive details, impersonates oneself as a trustworthy organization/person in digital communication.
2. Baiting – Involves fraudulently offering something enticing to a person in exchange for private or secure data.
3. Spam – Unsolicited and” junk” messages being sent through email, instant messaging or other digital communication tools.
4. Malware (malicious software) – A blanket term for viruses, worms, trojans and other harmful computer programs hackers use to wreak destruction and access sensitive information. Malware is often downloaded unknowingly by the target.
5. Man-in-the-middle – An attacker secretly relays and possibly alters the communications between two parties who believe that they are directly communicating with each other.
6. Denial of service attack – An attacker seeks to make a machine or network resource unavailable to its intended users by temporarily or indefinitely disrupting a host’s services connected to the Internet.
7. SQL injection – This is a code injection technique used to attack data-driven applications. Malicious SQL statements are inserted into the HTML code to steal or invade your database.
8. Zero-day exploits – When an attacker exploits a potentially serious software security weakness that the vendor or developer may be unaware of.
9. DNS tunnelling – An attacker that encodes the data of other programs or protocols in DNS queries and responses. The attacker uses this to control a remote server or application.
In this day and age, businesses need to carry cyber insurance. While it is vital to try and reduce the risk of a cyber-attack, you need to protect your business if you fall victim to an attack. Cyber attacks can result in devastating losses such as business disruption, loss of revenue, legal fees, lawsuits and reputational damage.
Cyber Insurance is an umbrella term that covers:
- First-party insurance
- Third-party insurance
- Breach assessment and repair
- Reputation management (PR services/ crisis management)
- Regulatory fines
Cyber Insurance can be complicated and difficult to understand. At MUNN Insurance, we know Cyber Insurance and we are experts in these types of policies and coverage. To make sure you have the best coverage at the best rate, we will search various insurance companies to find you the most comprehensive Cyber Insurance coverage at the most competitive premium.If you have any questions about what cyber coverage you need or how to reduce your risk of a cyberattack, please contact Mike, our business insurance expert, at 709-726-4498.