How Even Smaller Breaches Can Cost Tens of Thousands
In the last two posts, I discussed cybersecurity insurance, a growing market and what might be regular practice for many businesses soon. After examining the need to protect yourself financially, I began to wonder what caused data breaches to come with such a hefty price tag? Now you may be thinking, “Heck, I’m a small business. This is only for the large companies out there. I wouldn’t get hit with anything that serious from a security breach.” But it may come as a surprise that data breaches cost big bucks, and it's all relative.
How to keep your insurance costs to a minimum
In the last post, we discussed the rise of cybersecurity insurance and the growth the industry has projected for the coming years, as well as its importance in today’s business world. You might already have cyber insurance, or are now perhaps thinking about it more seriously. You may already be asking what you need to do before implementing a policy, or what you can do to lower your premiums.
cost of cyberattacks is on the rise
One thing is for sure—cyberattacks are happening more and more. In the past year, we've seen some high profile attacks which have already cost companies hundreds of millions, and potentially billions, of dollars. Cybersecurity solutions have spiked, as well, to an estimated $77 billion market in 2015 and are predicted to hit an astronomical $170 billion by 2020. Yet hackers still try to stay ahead by planning the next large-scale breach despite the increase in security. I guess it’s expected: it’s how they put grub on the table, and they work hard for that big score. Cyber breaches are estimated to cost companies $400 to $500 billion per year or more. It's about time we start thinking about cybersecurity insurance.
Be Part of the Next Security Generation
Internet security is becoming a real issue, as evidenced by the increasing number of cyberattacks over the past few years. The lack of convenience and ease-of-use when it comes to traditional security devices still keep many people from taking the necessary precautions. But there’s hope: the introduction of FIDO U2F protocols means a convenient and easy solution for all. FIDO U2F provides a simple solution for the masses and the Judge Our HyperFIDO campaign is here to help spread the word.
With HyperFIDO U2F Security Keys
Phishing scams have become increasingly elaborate and sophisticated. While there's still the odd old-school phishing email showing up that asks for your credit card information, the majority now are trying to convince you they're from a company you trust, like your bank or even the company you work for. Hackers can access everything they need to create a phishing email that looks identical to the real thing. Is it possible to know the real thing from a fake anymore?
Hackers Strike Again with Dangerous Invasive Malware
We've just had another example of how mobile apps can be hacked: the XcodeGhost malware was downloaded accidentally by many developers, which in turn left the apps created with the ghost version of the software wide open to hackers. When a major hack like this happens, it's hard to see just how far the damage can really reach.
FIDO U2F Support is Growing
Google, WordPress, and Windows 10 are just a few of the big names added to the expanding group of FIDO U2F supporters. Dropbox has recently added its name to the list, too, and with it comes a perfect way to secure your Dropbox account. FIDO U2F offers a new level of security and convenience that has not been seen in the past. Now the same key you use to protect your online world can protect your files uploaded on Dropbox. Why is this so important?
How to Handle Malicious Insider Threats
It’s well documented that many attacks on corporations happen from the inside. Employees, for various reasons, are the vulnerable point, leaking documents, corporate information, and data that puts the company at risk. Since malicious insiders are unknown, measures need to be put in place to prevent an attack from the inside. Yet employees aren't always being deliberately malicious: 58% of large companies suffered staff-related security breaches due to undertraining, carelessness, forgetfulness, laziness, and human error in addition to malicious intent, according to the Department for Business Innovation and Skills. Anyone with access to critical data can potentially share it, whether they intend to or not. So just how strong is your weakest link?
Part 2: How to Stay Safe
As I mentioned in Part 1, there are increased risks when storing your data in the cloud making security the biggest challenge for cloud users. Account hijacking, data breaches and malicious insiders pose the greatest threat to most companies, but there are also denial-of-service (DoS) attacks and other threats that can do just as much damage. Staying up to date on current attacks is a must for keeping your business secure, but it's also important to know what the potential damages would be to your company. If your business could suffer more from account hijacking than from a DoS attack, then you know where to focus your resources.
Part 1: What to Watch Out For
Cloud services can increase efficiency by letting us access files on the go. They let us to see our stored information on many different devices, connecting our phones, tablets, laptops, and wearables to all types of data. For businesses this means the traditional local server setup is no longer a necessity. They can now store their data on a cloud server, which is often less expensive and much more flexible.