The pandemic hasn’t just impacted how businesses operate, but how businesses use technology (Santam Insurance barometer 2020/2021). To adapt to the new normal, many companies had to digitise faster than they had planned - exposing them to new and unfamiliar risks.
With cybercrime on the rise, businesses need to be extra vigilant in avoiding disastrous data breaches and other cyber security incidents.
Not just a big business problem
Cyber risk must be confronted – and not only by larger companies. While bigger businesses may seem like a more attractive target, smaller ones are easier to attack as they often lack advanced security measures.
It’s crucial that both recognise just how big of a threat cybercrime is and ensure that they are adequately protected against its potentially crippling effects.
New security measures for a new normal
With many employees still working remotely, it's more important than ever to maintain information security and privacy on all sides. This means that companies need to meet with their IT departments to adjust their cyber security strategies.
These security measures could include:
- Providing work-issued devices to all employees working from home.
- Installing comprehensive anti-malware protection to detect malicious threats.
- Regular updates to address previously recognised vulnerabilities.
In addition, devices should only be used for work-related tasks to control the nature of online interactions, while business insurance policies should be broadened to include working from multiple locations.
The importance of secure internet access
An unsecure home network can give hackers access to view important information stored on computers and other devices that are connected to the same network.
Some preventative measures include:
- Changing default WiFi names to make it harder for specific home connections and router manufacturers to be recognised.
- Changing default passwords often - ensuring that they contain at least 20 characters with a mix of numbers, letters and symbols.
- Turning off wireless networks when leaving the house.
- Upgrading to a router that has a built-in firewall.
Keeping virtual meetings safe
Virtual meetings are another way in which hackers may be able to access important information.
Here are a few quick steps to keep your calls safe:
- Choosing a platform that offers advanced security features.
- Adding passwords to meetings.
- Creating a waiting room to control attendance.
- Locking meetings to prevent anyone with a meeting link from joining a meeting randomly.
How intermediaries can help businesses adapt
Intermediaries add the most value where knowledge and expertise is required to identify risks and find solutions that match client needs, especially when it comes to cyber security. They play a vital role in driving broader awareness around cybercrime by educating clients about the benefits of cyber-related business insurance and explaining how the cover works.
To request a quote for cyber insurance, speak to your intermediary.