Businesses rely on technology now more than ever, but with dramatic changes in the online landscape come new risks. Cybersecurity has become hugely important in recent years, and while it's easy to think that hacking and data theft only happen to big businesses, you might be surprised.
- Approximately 43 per cent of cyberattacks target small businesses, according to Symantec.
- 60 per cent of small and medium sized business that are hack go out of business within six months, according to the United States' National Cyber Security Alliance.
- Cyber attacks cost small and medium sized businesses an average of US$1,027,023, according to the Ponemon Institute.
But it's not all doom and gloom. With the right IT security in place and comprehensive business insurance, your PNG business can survive a cyber attack. With that in mind, let's look at the three most common cyber threats businesses are facing today.
Malware is created to either disrupt or gain access to a computer system, it can introduce viruses, install spyware or even a rootkit, which takes over administrative rights to your computer. The majority of Malware infections come from opening attachments in dodgy emails, but can also come from free software, file sharing, or even just browsing the web without a security program.
A phishing scam is one where a hacker pretends to be a trusted business associate or organisation. They will often request a transfer of money from the business account, and the hacker will provide you with their own account details. This works surprisingly often. Another phishing scam is to build a website that looks very much like a trusted webstore, and encourage you to "buy" something with your credit card. Your card is then drained of funds by the hackers responsible.
If sensitive data leaks you can get into serious trouble.
3. Data breaches
As a business, you have a responsibility to keep all sensitive information you hold on third parties private. If that data leaks you can get into serious trouble. A data breach can occur due to malware, but hackers have numerous ways to access data, and to keep yours safe, you need to ensure you have good cyber security. The issue with data loss is that your reputation takes a hit, and this often affects the bottom line.
In order to keep your business secure in the modern age, IT security is paramount, but for true peace of mind, you should invest in business insurance, which can protect you from the biggest risks in 2018. To find out more about insuring your business in Papua New Guinea, get in contact with an expert at Trans Pacific Assurance Ltd. today.