Although no one expected to experience a global pandemic in their lifetime, medical and scientific experts have been warning that it could happen for many years. Now that it has, many businesses have discovered just how unprepared they were and how vulnerable their data was to cyber attacks. Criminals are opportunistic, and those seeking to steal online data saw new chances to do so at a time when companies were already struggling. Hauser Insurance Group works with clients to help them maximize profit and minimize risk. Over the course of the past 18 months, the company has seen clients fall victim to cyber attacks due to changes beyond their control.
For example, business owners had no choice but to have staff work from home when it was possible for them to do so. While this mitigated some of the risk of COVID-19, it also exposed new avenues for cyber criminals to attack due to millions of people working on less secure home networks. Other factors contributing to easier access for cyber criminals include:
- Digitization of business functions
- The rise in contactless business experiences
- Increased number of people on the Internet during the pandemic, most of whom logged on from a home network
The lesson Hauser Insurance Group hopes that all businesses learn from the pandemic is that they need to prioritize data security. teleconsultation app philippines
Smaller Companies Need to Be Especially Vigilant
According to Hauser Insurance Group, cyber criminals targeted 60 percent of ransomware attacks in 2020 towards businesses with fewer employees. Small and mid-sized businesses have historically been easier to attack because many have less effective computer security due to budget concerns.
However, this trend is changing quickly. As artificial intelligence and deep learning algorithms become more advanced, criminals benefit from the technology just as much as people making an honest living do. Regardless of size, all businesses need to invest resources in thwarting a cyber attack before it happens.
Some Pandemic Trends Are Here to Stay
Working from home was already a growing trend before the 2020 global pandemic. Some businesses previously resistant to the idea have discovered that it benefits them and plan to continue the arrangement. Others are allowing people to continue to work part-time at home and report to the office part-time. The digitalization necessary to accommodate this trend is also advancing at a rapid rate, creating more opportunities for cyber criminals.
The liability and cyber threat experts at Hauser Insurance Group recently released a report that cyber crime has cost the world a collective $445 billion dollars. Businesses must recognize data breaches as one of their biggest threats and act accordingly. As a business that provides risk management services, Hauser recommends that all companies arrange for a post-pandemic cyber risk assessment and implement the recommendations. Whether businesses work with Hauser or not, its leadership does not want to see anyone in the position of having their company’s private data held for ransom.