In North America, many individuals will still be completing their first month working from home due to COVID-19. While most organizations were quick to support this transition, an at-home workforce presents a new kind of risk for businesses. As cybercriminals are consistently looking for ways to exploit vulnerabilities in network security, remote operations need to be particularly critical of what security measures are in place to mitigate this risk.
Protecting your business from cyber risks can be an overwhelming venture. With each passing month, new and more sophisticated viruses are being discovered, more spam is reaching your inbox and yet another well-known company becomes the victim of a data breach.
Because of their convenience, smartphones and tablet devices have become a universal presence in the modern business world. As usage soars, it becomes increasingly important to take steps to protect your company from mobile threats, both new and old.
If your company uses mobile devices to conduct company business, such as accessing company email or sensitive data, pay close attention to mobile security and the potential threats that can expose and compromise your business networks. This section describes the mobile threat environment and the practices that businesses can use to help secure devices such as smartphones, tablets and Wi-Fi enabled laptops.
A vast amount of information is now stored on computer servers and databases, and it’s growing every day. Because that information has great value, hackers are constantly looking for ways to steal or destroy it.
Unlike physical threats that prompt immediate action—like stopping, dropping and rolling if you catch on fire—cyber threats are often difficult to identify and understand. Cyber threats include dangers such as viruses erasing entire systems, intruders breaking into systems and altering files, intruders using your computer or device to attack others and intruders stealing confidential information.
When cyber attacks like data breaches and hacks occur, they can result in devastating damage. Businesses have to deal with business disruptions, lost revenue and litigation. It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program.
As the amount of sensitive information on your computer network grows, so too does the need for appropriate measures to ensure this data is not compromised.
Financial institutions are top targets for security breaches. Though the media often reminds us of high-profile network leaks, financial institutions of all sizes are at risk. Because the unintentional release of sensitive customer information may not be a matter of if, but when, it is essential that you are prepared to react efficiently and effectively in the event of a breach.
A data breach can be a devastating event, affecting a company financially and damaging its reputation with customers. But as a director or officer at your company, you face litigation risks based on the decisions you make following a breach and on how you influence cyber security policies, as these are often considered board-level issues.