Most Americans were happy to see 2020 go due to the COVID-19 pandemic and all the disruption it caused. However, cyber criminals actually benefited from the pandemic because it gave them greater opportunities to carry out attacks. Hauser Insurance Group points to issues such as more people working from home networks and contactless delivery as some reasons businesses faced greater online threats last year. Evolving and sophisticated technology has also contributed to the huge uptick in ransomware attacks since the start of the pandemic.

This is No Time for Businesses to be Lax About Data Security

Even as more employees return to the office or have hybrid work arrangements, businesses cannot afford to become complacent about protecting their digital assets. Remote work and the increasing digitalization of society are here to stay, both of which increase rather than decrease the vulnerability of business data.

Although people and businesses may welcome advancements such as 5G, they also need to understand that all technology acceleration comes with risk. For example, 5G makes it easier for people to use features on their electronic devices but also increases pathways for cyber criminals to access unauthorized information.

Hauser Insurance Group Advises Companies to Practice Cyber Hygiene

The liability and threat experts at Hauser Insurance Group compare the current cyber security problem to the coronavirus by stating that most threats are known and preventable with appropriate interventions. This is good news for business owners who fear having to spend hundreds of thousands of dollars on new online security systems. Instituting the following preventive actions can help businesses stay ahead of determined criminals:

• Frequent password updates
• Regular patching
• Educating employees about fraud tactics and phishing scams, especially those working from home
• Investing in a robust data analytics program developed specifically for the industry

Hauser Insurance Group practices all the tips provided to clients. This includes purchasing and installing a program called CyberCube. The program provides detailed analytics for the insurance industry and sends proactive alerts regarding any suspicious behavior across the company’s networks.

Ransomware is a Growing Threat

The pandemic brought a 40 percent increase in ransomware attacks against mostly small and mid-sized businesses. Extracting company data and holding it hostage until receiving payment of a ransom is lucrative for cyber criminals and they do not plan to stop anytime soon. Most business leaders opt to pay the ransom to the cyber thieves rather than to risk the potential damage to the company’s reputation and potential customer lawsuits.

Hauser Insurance Group sees the ransomware problem as something that requires government intervention. The governments of the United Kingdom and the United States have proposed laws to make ransomware a national issue and prevent the paying of ransom to the criminals who demand it. The challenge that remains is watching what cyber criminals will do once government’s crackdown on their ransomware activities. Businesses need to remain diligent because most cyber criminals will simply switch tactics.