Just like in other areas, businesses with IT systems in Seattle face a number of cybersecurity risks from time to time. One of the most devastating cyber threats is ransomware that has forced many companies to rethink their risk mitigation strategies, including having cyber liability insurance and adding cloud or onsite security reinforcements. Read on to learn more about building strong defenses against cyberattacks.
If you handle any personal data of your customers, you need to protect it from a broad range of cyber threats. Cyber extortion incidents have been on the rise in the recent past, with criminals taking over IT networks belonging to corporations and demanding a ransom payment to stop their invasion. In many such cases, hackers plant ransomware that gives them access to corporate software or databases. This breach enables them to access sensitive data, which they threaten to sell or delete unless their ransom demands are met.
Cybersecurity comprises the measures you implement to defend your entire digital assets against ransomware attacks and other forms of data breaches. It means protecting your computers, servers, cloud and on-premises-based applications, and data against hacking threats. Here are some strategies you should adopt to thwart cyberattacks.
Track your data - If necessary, conduct thorough data discovery across your entire digital footprint to identify and know where your data is. This is the first step toward protecting your data and minimizing the risk of a cyber incident.
Back up your data - When you're a cyber extortion victim, system backup gives you better leverage against your attackers. By having duplicate data and software on separate, redundant servers, you may be able to minimize downtime by quickly switching to your backup as you work toward regaining control of your seized IT resources.
Train employees on phishing -Train your staff to recognize phishing and password theft attempts via spoofed emails.
Deal with internal threats - Screen all employees before hiring them to avoid bringing potential criminals on board.
Adopt multi-factor authentication - Set up system authentication so that all users will require a personal device and security credentials to access their official portals or accounts.
Restrict access - Assign admin privileges for sensitive data to only a few trusted employees.
Use up-to-date firewalls, and antivirus software - These tools can help sniff out danger. Ensure employees are constantly monitoring threat detection tools.
Install new security patch - Software and operating system makers regularly release these updates to fix identified vulnerabilities. Be sure to patch your software and OS as needed to avoid cyberattacks.
Build DDoS Security - Use techniques such as strong passwords and AES 256-bit encryption to block brute force attacks and distributed denial of service breaches.
Manage cyber incidents - Create protocols that provide guidance on the necessary steps to take after a data breach, for example, to prevent further intrusion. You should have an incident response unit in place with specific roles for each member.
Get cyber liability insurance - Despite your best effort, data breaches can still occur, although not as often as they would if you didn't have any cybersecurity measures in place. Cyber liability insurance can pay for the ensuing liability claims against your company, such as identity theft. It can also cover the cost of forensics and notifying data breach victims.
By incorporating these safeguards into your IT security plan, you can minimize the possibility of cyberattacks and related financial loss. Contact our experts at Humble & Davenport Insurance Brokers, Inc. to explore practical options for cyber liability insurance in Seattle, WA. We can help you find the most suitable coverage to meet your needs.
