The global economy has been revolutionized by the influence of technology. With these advancements have come new threats related to cybersecurity and data breaches. For those who use cloud-based servers or conduct online financial transactions, Caitlin Morgan strongly recommends adding cyber insurance to your liability protection plan. Hackers, extortioners, and thieves are waiting to take advantage of your company.
Most Common Cyber Threats
There are three general categories of cybercrime or threats, and from there they can be broken down into more specific categories.
1. Confidentiality. The theft of personal identification information is a huge market on the dark web. Hackers sell bank account and credit card information to others who use the information as to their own.
2. Integrity. This area of exposure is considered a leak to sabotage a company’s integrity. This cybercrime involves accessing and releasing sensitive information on a company in order to weaken public opinion.
3. Accessibility. The goal of this threat is to hijack a user’s access to their server or data until a ransom fee is paid. Because of the costly interruption of business services, companies sometimes concede to the hackers and pay the ransom.
The extent of the exposure has much to do with the type of business you operate, but you should be aware of these three primary areas of exposure. A strong cybersecurity policy is one area of financial defense against an attack.