Business Cyber Risks That Your Organization Should Prepare For in 2020

Warren Buffet claims that cyber threats are the biggest threat to mankind. According to a recent study, 7 out of 10 businesses are not prepared to respond to a cyber-attack. It is time to review your organizations’ cyber security system. The following are a few quick items to consider:

Email Phishing.

Email phishing (or business email compromises “BEC”) is the number one cyber security threat. Phishing scams are designed to provide cyber criminals access to the organization’s data. Phishing schemes are expected to continue to evolve in 2020 and beyond, PhishMe found that 91% of cyber-attacks start with a phishing email.

Ransomware Attacks.

Ransomware attacks have been on the rise as it is an easy way for an attacker who has compromised an organization’s computer system to extort payments by encrypting the organization’s files and requesting a “ransom” payment to recover the information. Ransomware attacks is often linked with email phishing and organizations need to ensure all personnel are trained in cyber security awareness.

It is imperative that organizations of all sizes to educate their employees and volunteers about cyber risks, what they are, and how incidents occur. Many nonprofits make the mistake of assuming they will not be targeted by criminals because they are small. Most cyber criminals attack small and medium sized organizations because they lack the necessary safeguards. Implementing the proper safeguards can help prevent an attack from happening.

Additionally, organizations should be prepared if a cyber crime does happen. Obtaining a cyber insurance policy should be part of your organizations risk management plan. It is important to read through the policies terms and conditions as not all policies are created equal. Cyber polices can offer many areas of coverage as well as risk management resources. Your employment attorney should review the policy to ensure your organization is adequately covered. 

Be prepared in 2020. Protect your organization from cyber crimes by implementing proper training and security as well as a comprehensive cyber risk insurance policy.

Let us know if you have any questions or concerns regarding cyber insurance or if you would like us to provide you with a cyber quote. We are here to help!