Cyber Attacks / Prevention Tactics

Cyber Attacks and Prevention Tactics:

Worldwide cyber security spending will reach $133.7 billion by 2022 according to a Gartner Inc. prediction. Cyber attacks are growing increasingly sophisticated forcing organizations to invest heavily in developing strategies for preventing data breaches. 

Cyber Crime Statistics:

Spending, Costs and Causes.

Half of large enterprises (over 10,000 employees ) spend $1 MILLION or more every year on security. Though investments in cyber security are high, the costs of data breaches are even higher. 

The costs of cyber crime:

In 2019, the average cost of a data breach is $3.92 million 

The average cost of a malware attack is $2.6 million.

The health care industry lost $25 billion as a result of data breaches in 2019.

The 2017 Equifax breach cost the company $4 billion.

In 2016, hackers stole the data over 57 million UBER riders and drivers and forced the company to pay $100,000.

Information loss is the most expensive component of a cyber attack. $5.9 million.

Cyber Security Tips for Individuals:

Don’t click on suspicious links when browsing the web. Emails or ads claiming you’ve won a prize are highly likely to contain malware. 

Routinely Back Up Data. 

Because hackers often demand ransom for stolen data, establish a system that enables easy recovery of data. 

Regularly Update Devices. 

Device updates usually address security vulnerabilities, so you should install them as soon as they’re available.

Don’t Recycle Passwords. 

Create completely new passwords for each of your online accounts. Simply adding to one of your current passwords or changing one or two characters makes it easy for hackers to guess correctly. 

Use Two-Factor Authentication (2FA). 

A common 2FA method involves sending a text message with an authentication code to a user’s  smartphone, which may force hackers to look for an easier target.

Use A Virtual Private Network (VPN). 

A VPN  allows you to access your home network remotely and limits your internet service providers ability to track internet activity. 

Don’t Use Public Wi-Fi Without Protection.

Devices using public Wi-Fi are easy targets for cyber criminals.

If you do use public Wi-Fi, visit only HTTPS websites and use a VPN to protect your internet activity.

Cyber Security Tips for Organizations:

Train Employees in Basic Security Principles.

Communicate requirements for building strong passwords and establish internet use guidelines that detail penalties for violating cyber security policies.

Require Employees to Change Passwords Regularly.

Passwords should be changed at least once every three months.

Install Antivirus Software.

Make sure your antivirus software is set to scan the device after each update.

Enable or Install a Firewall.

Make sure every digital device used by employees has a firewall installed to prevent outsiders from accessing data on the company’s network.

Create Security Requirements for Mobile Devices.

Require employees to password- protect their devices, encrypt their data and install security apps. 

Control Physical Access to Digital Devices.

Laptops should be locked when not in use. Each employee should have their own user account. Only trusted IT staff and key personnel should have administrative privileges. 

Follow Best Practices for Processing Payments.

Have a computer dedicated to processing payments. 

Conclusion:

Though cyber attacks are increasingly in number, there is no shortage of cyber security solutions. Taking a few simple steps to protect digital devices and accounts will decrease the risk of sustaining a data breach and keep personal information private and secure. 

Get Cyber Insurance today. Be proactive and don’t let it happen to you. Call us today for a free quote or email us pminsurance@outlook.com

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