As technology progresses, business operations become more streamlined and organized. However, while technological advancements provide even more security to your business’s sensitive information, it has also changed how cybercriminals operate, giving rise to new methods of infiltration. The losses incurred by your business due to a cyber attack can be catastrophic, especially when the personal information of clients is involved. Below are some of the common cybercrimes your business is likely to face and how to protect yourself against them.
1. Hackers Infiltrating Company Systems
The cybercrime you hear the most about is hacking. Hackers typically gain access to your company's systems by installing malware through a flaw in your system’s security. Malware, or “malicious software", captures keystrokes to decipher passwords, granting hackers access to business operations, bank accounts, and other private information. To ensure your security systems are enough to thwart a hacker, hire a security consultant to inspect your system and fill in any gaps. Also, ensure your employees are using strong passwords with multi-factor authentication.
2. Phishing Emails
Emails that appear to be authentic and ask recipients to replay or click on a link urgently are likely phishing emails. If you or an employee clicked on the link in the body of the email, it could grant cybercriminals access to your internal systems. While sometimes phishing emails can be obvious, such as containing spelling or grammatical errors, requesting personal information, or insisting on an urgent response, some may not be. Urge your employees to never click on an unrecognizable link and instead forward it to your IT department or vendor.
3. Ransomware
Ransomware is software that’s installed on a system—usually through hacking or phishing—that bars a user’s access to their computer’s data. The victim—in this case, your business or agency—is ordered to pay a ransom to regain access to your data. While some firms may have the capability to bypass ransomware, the most effective way to protect yourself is to perform a full security update on your systems and require multi-factor authentication for employee logins.
4. Digital Stalkers
Your information can be found in various places on the internet, both by legal and illegal means. Cybercriminals track your actions online and gather information from your social media in an attempt to decipher your password. To prevent one of your employees' accounts from being compromised, relay to them the importance of creating unique passwords that don’t use any personal information, such as their date of birth or a pet’s name.
5. Cybercrime from a Disgruntled Employee
An unhappy employee can potentially be the source of a data breach. To avoid extensive financial losses due to a data breach, ensure an employee’s credentials are removed immediately upon their departure from the company and update your internal tracking system to log all of your employee’s actions online while accessing company systems. Also, only grant employees access to sensitive data if it’s required to perform their job. 
Protect Your Business with Cyber Insurance
The fallout from a data breach can be enough to topple even the most successful of businesses. With cyber insurance, your company is protected from malicious cybercriminals or disgruntled employees. Besides the legal fees and expenses, this policy helps with notifying customers, recovering compromised data, restoring the personal and business identities of those affected, and even repairing damaged systems.
It takes careful attention to detail and a lot of precautions to protect your business from these common cybercrimes. However, despite the steps you take, you can still become the victim of a data breach, which is why you need cyber insurance. Whether you’re a small business or a large company, World Insurance Associates can provide you with an affordable and comprehensive cyber policy and business insurance.
This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.