Cyber Security Threats, a Global Epidemic

This article is written by Daniel Giampietro, an Account Executive at Mason.  Reach Dan at dgiampietro@masoninsure.com

Computer hacking is certainly not a novel term and since the onset of our obsession with streamlining information in the interest of human evolution, we have created opportunities for the more sophisticated criminal. If you are anything like me you were naive to the fact that cyber threats would ever hit close to home. I remember seeing an ad for LifeLock my freshman year of college, thinking to myself you must be paranoid to purchase a product like that. Doesn’t seem like paranoia anymore, does it?

Personal information, company data, IP, business continuity are all vulnerable the moment an internet connection is made. Do a simple google search of “cyber hack” and you will see a slew of recent news clips of cyber-attacks filling up the search page. The biggest wakeup call for many being the WannaCry ransomware attack which hit across the globe infecting over 300,000 computers. Unlike your typical villain who uses face to face intimidation or a burglar that leaves signs of forced entry, cyber-attacks are far more subtle and much harder to trace. Often times very difficult to pin down to specific person. To complicate the issue further, cybercriminals are international and very good at masking the origin of their location using multiple connection points. The fact that catching the bad guy or the group involved is near impossible makes it all the more enticing for this appalling behavior to continue.

The simple fact boils down to, cyber threats are real and can be catastrophic to any person or company affected by such an attack. It is vital to the health of a company to keep cyber securities topical at all levels of the organization.

Companies pioneering the new age of On-demand, gig economy space are unfortunately positioned to be at high risk in comparison to other business sectors. With the creation of Uber so began the development of countless business ventures eager to take advantage of the near limitless opportunities to reshape the internet marketplace and how the future of society will conduct business.

An On-demand business has tremendous opportunities for growth and profitability. With these opportunities and so much hype around the development you can bet that companies in this space are being targeted by cyber groups looking for their piece of the action.

The vulnerability of online companies should not be a deterrent to venture into the space, however they should do so cautiously and with the right protection measures in place. There are numberless companies that offer cyber security measures. Countless webinars, events, and conferences dedicated to the ongoing discussion of the cyber related risks. It is prudent for everyone operating in this space to remain well informed and work with strategic partners to minimize their exposure.

Unfortunately, due to how rapidly technology is advancing, sometimes taking even all the right measures can still render ineffective. A company should strongly consider purchasing a cyber insurance policy as part of their risk management solution. Many insurance companies are evolving their cyber programs to keep up with the epidemic and provide affordable protection against such devastating attacks. Working with a broker like Mason Insurance will help you navigate through the complexities of cyber related risks and work with you to ensure your business continues to thrive even through the hardships of a breach.