Cybercrime refers to criminal activities that involves using computers, networked devices, or networks. In recent years, businesses have become increasingly concerned about the exposure to the risk of cyber threats. The reliance on technology and interconnected systems substantially heightens the potential for cyber-attacks.
Businesses face several key areas of exposure regarding cyber risks and include financial damage, data breaches and information theft, business interruption, reputational damage, and regulatory compliance. Most common cybercrimes in business include:
- Malware (short for malicious software): A file or code that is typically delivered through a network that infects, explores, steals, or conducts virtually any action by the attacker.
- Phishing: A type of social engineering that attempts to acquire sensitive data, such as bank account numbers through a fraudulent solicitation in email or on websites where the perpetrator masquerades as a legitimate business or reputable person.
- Distributed Denial-of-Service (DDoS) attack: A targeted attack that floods a network with false requests to disrupt business operations.
- Ransomware attack: The use of malware that locks valuable information and holds it for ransom until the owner of the targeted system pays the ransom.
Ways to mitigate cybercrime:
- Complete a cyber 360 assessment
- Cyber liability insurance
- Implement robust cybersecurity measures
- Disaster recovery/incident response plan
All companies face significant financial exposure from cybercrime including data breaches, business interruptions, and fraud. However, businesses can greatly mitigate these risks by implementing robust cybersecurity measures, obtaining adequate insurance coverage, and having a well-defined incident response plan. By prioritizing cybersecurity and adopting proactive risk management strategies, companies can safeguard their financial stability and maintain the trust of their clients.
For more information on how to protect your organization from a cyber-attack, check out our Cyber Playbook or contact a member of our team.