Cyber Security – Are You Protected From Hackers?
Your business can minimize risk with cyber security liability insurance coverage, safeguards and best practices in place.
If there’s one lesson to be learned from the Houston Astros’ data breach, it’s that cyber criminals have many avenues of attack at their disposal. Initial reports indicated that the hackers obtained access to sensitive data due to poor password management. Subsequent reports have contested that theory, but regardless of hackers’ actual point of access.
The story highlights two important points:
- It is imperative that businesses don’t neglect the basic cyber security safeguards and best practices that can help minimize risk.
- Sometimes a determined hacker can bypass even the best cyber security plan.
Although it’s unclear if Astros’ general manager Jeff Luhnow actually followed password best practices in this case, plenty of people don’t. According to a recent report from TeleSign, an account security company, more than 20 percent of consumers use passwords that are more than 10 years old, while more than 47 percent of consumers use passwords more than 5 years old.
When someone uses a password across multiple accounts—as 73 percent of respondents said they did—the risk of a breach increases. Cracking one password could give a hacker access to multiple accounts, and if the password has been in use for several years, a hacker with access to a former employer’s database could use that information to breach a new employer’s system.
So, what can you do?
On a basic level, avoid common passwords like “123456” or “password,” and remember to change passwords regularly. Security experts urge both users and system designers to consider two-factor authentication (2FA) as a means of boosting security. Companies worry that rolling out extra security features like 2FA would frustrate or discourage users, but the biggest current barrier to adoption seems to be lack of information, with 61 percent stating that they don’t know what 2FA is. With cyber attacks on the rise, experts suggest that now might be the best time to educate employees and implement new security measures.
Still, no cyber security system is perfect, and as long as companies have data, hackers will be looking for ways to exploit security systems. The best way to protect yourself is to contact your broker at Southwest Risk Management, who can tailor an insurance solution to your cyber security and risk management needs.
For more information, visit Cyber Security Liability or contact a SW Risk Insurance Specialist at 1-866-924-7976 (SWRM).
SW Risk Management