CYBER PROTECTION AND YOU!

Cybersecurity is a complex and vast topic.  It affects all of us on a daily basis, especially at work.  Our job as mutual managers is to protect the information we obtain and access regularly in an effort to do our jobs effectively.  We have a moral obligation to our policyholders to protect their information.  As overwhelming as this is, we cannot ignore it.

Let's start at the beginning with "What is Cybersecurity?"  According to Techopedia, Cybersecurity refers to preventative methods used to protect information from being stolen, compromised, or attacked.  Digital (cyber) attacks will access, change or destroy sensitive information; such as extorting money from users or interrupting your business process.

The experts say that implementing effective measures to fight cyber attacks is extremely challenging because the devices outnumber the people using them.  They also say that attackers are becoming very innovative in their effort to attack us.

TYPES OF THREATS AND DEFINITIONS 

RANSOMWARE -- The definition of ransomware is a type of malicious software designed to block access to a computer system until a sum (ransom) of money is paid.  Unfortunately, paying the ransom does not ensure the files will be recovered or that the system will be restored.

MALWARE --  This is a type of software that is designed to damage, disrupt, or gain unauthorized access to a computer system.  The majority of online threats are a form of malware.

SOCIAL ENGINEERING -- Using DECEPTION to manipulate individuals into divulging confidential or personal information that may be used for fraudulent purposes.  Online account users need to be particularly watchful for forms of social engineering; an attacker can obtain all types of information by building a relationship on common ground or interests.  

PHISHING -- The fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.

Now, what do we do to protect our company by preventing cyber attacks? According to ITProPortal, there are 10 essential steps for preventing cyber attacks.

  • IDENTIFY THREATS
  •  BEWARE OF CYBER CRIMES
  •  KEEP AN EYE ON  EMPLOYEES
  • USE TWO-FACTOR AUTHENTICATION
  • CONDUCT AUDITS ON A REGULAR BASIS
  • ENSURE A STRONG SIGN-OFF POLICY
  •  PROTECT THE IMPORTANT DATA
  • CARRY OUT RISK ASSESSMENTS
  •  INSURE YOUR COMPANY AGAINST CYBERCRIME
  •  HAVE IN-DEPTH KNOWLEDGE ABOUT RISK FACTORS

 

 Click here to access the article by ITProPortal.

If your company does not have cybersecurity insurance coverage in place, begin researching policies today.  Even though coverage options are difficult to understand, FINTECH TODAY advises us that we need protection against data compromise, recovery protection, and cybersecurity damage by a virus or computer attack -- including restoring damaged or lost data.  Coverage options are FIRST PARTY COVERAGE and THIRD PARTY COVERAGE.  First party coverage insures anything done to your network and data.  Third party coverage is for attacks that do damage to others.  Insurers will work with their clients to ensure they are protecting their data.  Click here to access FINTECH article.

Companies still fall victim to cyber attacks.  It is our responsibility to protect our mutual companies and our policyholders as best we can.  Staff awareness and following a protocol in the office for preventing a cyber attack is essential.  Managers should research and invest in an insurance policy that best protects your company against a cyber attack.

With so much being written about cybersecurity, sharing reliable information with other managers will be a tremendous benefit to our members.  If your company has fallen victim to a cyber attack, share your story.  Let us know what you did right.  Let us know what you did wrong and the steps you are taking to prevent a cyber attack in the future.