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  • Writer's pictureBrooke Willhite

Cybersecurity Threat: 7 Reasons Every Business Should Take Action

As an Oklahoma business person, you're probably aware that you need to make cybersecurity a priority. But like everything else in life, it's easy to put this off. The reasons described in this article will show you why you should implement strong cybersecurity measures now.

Many businesses are not prepared for an attack. Technology has become ubiquitous in modern business. The same systems that help businesses work faster and more efficiently also leave them at risk of cyber-attack! Common points of entry are through Phishing emails, outdated antivirus software, and unsecured networks.

An attack on your business could cost you.. Most cyber attacks effect small businesses and the average direct cost of a security breach is $38,000, according to a study by the Kaspersky Lab. The costs of an attack can include lost business opportunities, downtime, & cost of professional services to mitigate breach.

Cybersecurity is a growing industry. Cyber attacked are only increasing! The global cost of these breaches increased by $2.1 trillion from 2015-2019. As the reliance on technology and the usage of IoT (Internet of Things) devices increases, the risk of cyber attacks also increases. 95% of these breaches are caused by human error and 88% of organizations are expected to experience a phishing attempt in 2022. With only 5% of businesses protected by Cyber Insurance that is a lot of businesses at risk1

It's all about customer satisfaction. Conversations around cyberattacks are often limited to the direct financial cost of the breach. But in a society where the customer is always right, the impact on customer satisfaction & business reputation. Often the information accessed is sensitive, critical client data leaving them at risk! Data breaches often make headline, damaging a businesses reputation. Depending on how the breach is handled, this damage could be short term or long lasting. It is important to plan ahead.

Cyber-criminals are always looking for new targets. Cybercrime is on the rise with ransomware attack frequency increasing annually. Many people only think of the massive attacks like the WannaCry Equifax breach but small and medium size businesses make a a huge chunk of the cybercrime losses each year. Unsecured devices are a prime target for cyber-criminals. Small and medium businesses often do not have the resources for an IT department to ensure the proper firewalls are in place. Without them, an employee surfing the web on a company computer is putting the entire organization at risk! These devices include Smartphones, laptops, tablets, etc. Common industries targeted include Manufacturing, Medical, Banking/Financial, Education, Energy & Business. Essentially, any where sensitive personal information may be gathered or stored, or when loss of information may cause detrimental harm ex. client data, plans, etc.

You'll be a target for future attacks if you're not proactive today. Cyber crime is a matter of numbers. Many business owners don't see a logical reason they would be attacked but that is not how the cyber criminals are functioning. Often, it is a wide net sent to thousands of businesses or people. Only a small percentage needs to bite for the damage to be done. As more businesses learn of the risk and protect themselves from these attempts, the pool or candidate for the criminals shrinks leaving those that are not taking precautions even more vulnerable.

Insurance is simple and reasonable! We hope that you are never the victim of one of these such attacks. When it has already happened will be too late to take the steps needed to ensure that one of these attacks does not mean the demise of your business. Cyber Insurance is a simple step that you can take today! The quoting process is simple and policies are inexpensive. Speak to your trusted insurance advisor about adding it to your current coverages. If you do not have someone you trust advising you, please reach out to us and we would be happy to assist!

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