This post is part of a series sponsored by PCF Insurance Services.
The frequency and impact of cyber attacks are increasing at an alarming rate in today’s modern society. According to Cyber Security Ventures: Every 11 seconds a business falls victim to a ransomware attackNot only are the number of attacks on the rise, but the financial impact to compromised companies is also skyrocketing. Average cost of a data breach in 2023 will be $4.45 million.
As the cyber environment evolves, businesses face new risks that traditional insurance cannot cover. Traditional insurance covers tangible assets such as real estate, inventory, hardware and equipment, but the most valuable asset to cybercriminals is information. Cyber insurance provides comprehensive coverage for a wide range of costs, including litigation costs, regulatory fines, data recovery costs, lost revenue due to business interruption and damage to reputation.
As trusted risk advisors, it is our responsibility to not only protect our clients from the financial consequences of cybercrime, but also to help them be the first line of defense against cyber threats. In addition to ensuring that your cyber policy is in place for each of your clients, here are seven tips you can share with them to help keep their information safe:
1. Avoid clicking on ads
Consider using an ad blocker to reduce the temptation to click on ads that may lead to fake or malicious websites.
2. Be careful with emails
Email is one of the most common methods scammers use to trick people into giving up personal information. Be wary of emails asking you to verify your account, and don’t click on links or open attachments from senders you don’t know. Be especially careful, as scammers often impersonate well-known brands like Walmart, Amazon, Microsoft, UPS, FedEx, or email services like Outlook or Gmail.
3. Use trusted sites and apps
When shopping or transacting online, use authenticated sites and apps or contact the vendor directly – never use links sent via email or other channels.
4. Change your passwords regularly
Protect your accounts by using a unique password for each account and updating it regularly, and consider making your passwords stronger by using a combination of upper and lower case letters, numbers, and special characters that are meaningful to you.
5. Be careful with your phone
Spam callers can be convincing, especially if they claim to represent a reputable company. Never talk to an incoming caller. Instead, find the company’s contact information and call them directly. Also, beware of social engineering tactics where hackers pretend to be company employees to get you to share confidential information.
6. Update your device
Hackers often exploit vulnerabilities in outdated software to gain unauthorized access to your systems and data. Stay protected by regularly checking for available updates and security patches and considering enabling automatic updates. Additionally, ensure your data is safe by regularly backing it up to an external drive or secure cloud storage.
7. Consider endpoint protection and encryption beyond just antivirus software
Keeping your antivirus software up to date is essential to detect and remove potential device threats, adding endpoint protection ensures comprehensive network security, and encryption protects your information even in the event of a breach.
With Cybersecurity Awareness Month drawing to a close, this is the perfect time to engage with your customers and educate them about cyber risks and the coverage options available to them. Broadfield Insurance, a PCF insurance services company, is making it easier than ever to get cyber insurance quotes. With access to a wide network of cyber insurance providers, we can offer multiple insurers and limits based on the type of customer we are, providing peace of mind and protection against the evolving cyber threat landscape.
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