In the not so distant past, business owners kept paper files and the only way a criminal could gain access to them was to break into the building and steal them. That changed with the convenience of doing business online. Cybersecurity is a critical element for any business in 2020.
In the digital age, a large portion of commerce is conducted online and cybercriminals don’t even have to be that skilled. All they need is the money to buy sufficiently sophisticated equipment to gain access to the server where the business’s information is stored. They can take data or hold a business hostage with ransomware.
There’s a wealth of data that’s protected by law and business owners that fail to take appropriate steps to secure that information is liable for hefty financial penalties and lawsuits. Sensitive data encompasses any health-related information, personally identifiable information, and intellectual property. It includes Social Security numbers; credit, debit and financial information; education records; and driver license, state IDs, and passports.
Most business owners aren’t even aware of the many ways that their data can be at risk. Antivirus programs and firewalls are no longer enough to block criminals that are intent on damaging a business or committing mischief simply because they can. It’s not just global companies and governments being invaded.
A data breach doesn’t have to include the theft of information to be serious. Viruses, worms, spyware, adware, and malware can be inserted within a system or on a business website. They can send customers to spoofed websites designed to appear like that of the legitimate company or lock a business out of its system and hold it for ransom. The techniques can be low profile, but no less insidious.
Cybersecurity is more critical than ever in 2020. The loss of revenues and damage to business reputations amounts to billions each year. Every business owner should invest in a cybersecurity insurance policy that will cover their liability and any legal claims by impacted customers.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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