The Best Way to Reduce Cyber Risk

A Growing Risk

Did you know October is National Cyber Risk Awareness Month? In today’s digital age, cyberattacks are a growing threat to households and businesses of any size, with potentially devastating consequences. Cybercriminals are more sophisticated than ever before and the need for people and organizations to proactively protect themselves has never been more critical. Implementing strategies to mitigate these risks not only safeguards sensitive information but also ensures business or normal life continuity. This post explores practical ways to strengthen your defenses, whether you own a business or not, and reduce your vulnerability to cyber crime.

Update Your Software

Updating software as soon as they’re available is not only a way to avoid a slowed computer but also fights back against cyber risk. Implementing an automation system for such updates is the best way to stay ahead of this. For businesses, the IT department handles these tasks or could hire an outside vendor that offers update services. Just be sure to test the updates prior to production release!

Use Unique Passwords

Use strong passwords and store confidential information securely i.e. in a locked excel doc. Be sure to update passwords every few weeks as well. For businesses, staying on top of employees about your password policy is essential.

Strong Security Systems

Establish network perimeter defenses that include content checking and firewall policies to detect and block malicious domains or downloads.

User Access Control

Limit number of users and their permissions. Less exposure= less risk.

Training & Education

Educate children and employees on their vital role in keeping your organization or family safe. Understanding the signs to look out for could be life changing.

Recovery Plan

An effective response plan could significantly reduce the damage done to your business or family’s financials.

What To Look Out For

Cyber attacks typically follow a common cycle and understanding the stages will help you defend yourself. The four main stages of a cyber attack usually go as followed:

Survey–delivery–breach–affect

First, the attacker investigates or “stalks” their target online in order to retrieve as much information as possible to determine targeted vulnerabilities. Next, the attacker delivers a message which is the opportunity to attack. The outcome depends on the receivers ability to detect suspicious messages. For example, a business emailing with another familiar business who sends a “secure link” to make a payment but there is one subtle single letter off in the email (i.e. a period “.” at the end of the requester’s email). If the delivered message is opened, the next phase is the Breach. This is when attackers exploit the receivers vulnerabilities to gain unauthorized and illegal access. Affect is the final stage where attackers ultimate goal is reached. Each attackers’ goal is different, some examples include: exploring your systems, expanding access and establish presence to install automated scanning tools to retrieve confidential information.

Break The Pattern

Reducing exposure to cyberthreats requires a combination of best practices, training, strong data security measures and comprehensive insurance coverage. This is the only way to break the cyber attackers pattern. Doing nothing is no longer an option, not only for businesses but also for households. By taking these proactive steps, businesses cam significantly lower the chances of a cyber incident and minimize potential damage.

Here at McShea Insurance we prioritize each and every prospects or clients sensitive information. We have extensive employee training protocols in place and every staff members knows what to look out for. In addition, we have top notch security measures in place and an effective response plan. How do we know? Because we too have fallen victim to a cyberattack in the past! Due to our strong recovery plan, the damage was very minimal but this lesson prompted McShea Insurance to tighten the reigns on cyber awareness and education moving forward.

If you are interested in cyber insurance coverage for personal use or for your business, please contact us: insure@mcsheainsurance.com, we are here to help.