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Why Every Business Needs To Take Cybercrime Seriously And How To Prevent It

The monsters aren't under your bed, they're in your computer.

18Apr

In today’s world, everything is hooked up, plugged in, online and in 'the cloud.' Because of this, cybercrime has become a fast-growing problem for businesses. In part, this is because of the ease of use and anonymity that the internet offers. Unlike breaking into a house or building, hacking into a website or server can leave little evidence or traces and can possibly be even less risky.

According to law enforcement, cybercrime is lumped into two different types of internet-related crime: cyber-enabled crime and advanced cybercrime. Cyber-enabled crimes are 'traditional' crimes that have taken new turns with the creation of the internet. These 'traditional' crimes include financial crimes, terrorism and crimes against children. Advanced cybercrimes (or high-tech crime) are highly sophisticated attacks against computer software and hardware.

Unfortunately, with the influx of these crimes also comes a new criminal network. At the start, cybercrime was often committed by small groups or individuals. Today, however, we are beginning to see complex cybercriminal networks that have the potential to bring people all across the globe to commit crimes on an unparalleled scale. These networks are costing billions of dollars to the global economy, which is why it is no longer a matter of if you should protect your business against cybercrime, but how. Here are four ways you can prevent cybercrime in your business.

Prevention

Just as you install a security system in your home or building, you should also install a 'security system' on your servers and websites. One of the first steps to prevention is to educate and train employees on what they should keep an eye on such as phishing, packet sniffing, or social engineering. From here, prevention comes in the form of securing your network, computers, and any other digital assets.

Software

Stay up to date with your software. In a recent presentation, malware expert David Perry, of Comodo, said there are between 200,000 and 300,000 new viruses discovered every day. So don’t get annoyed every time you receive a notification to update and restart your computer, it’s helping to keep you and your data safe. Along with this, invest in antivirus software on all office computers and servers. 

Along with this, you should also regularly scan your web applications or website for malware. It isn’t just your computers and servers that can potentially be attacked by malware. Websites and any web applications are also susceptible.

Backup, backup, backup

It isn’t just an old-fashioned technique anymore. Backing up your files and data (sensitive or not) is key in helping your business not just legally or financially, but in the event of a cybercrime sometimes the best way to recover from many common cybercrimes is to restore your data from before the attack.

Cybercrime Insurance

If you own a business where payments or sensitive data is highly susceptible to cyber attacks, antivirus software and firewalls alone won’t protect you. Along with this, if you are attacked, a backup won’t be the only thing you need to recover. Cybercrime insurance covers losses in relation to damage or loss of information from IT systems and networks. Cyber insurance will often include assistance with and management of the attack, which, if a business’ reputation is on the line can be quite essential.

If you have first party insurance, it covers your businesses’ own assets where third-party business insurance covers the assets of your customers typically. This kind of insurance can cover exhortation if attackers threaten to release data for ransom, protects theft of money or digital assets if equipment is stolen or electronically stolen. It can also cover security and privacy breaches, multi-media liability, costs of investigation, and even reputational damage.

It is important to note that the best scenario for protecting your assets and business from cyber attacks is to do all that you can to prevent and protect. Backing up alone isn’t enough, and cybercrime insurance alone isn’t enough. In fact, many companies won’t offer insurance to a company that doesn’t first have preventive measures in place. So be sure to know your risks and start taking cybercrime seriously.

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