Authored by Sara Weathers

 

With more and more companies moving to a virtual workspace these days, cyber security is more important than ever. Years ago, financial institutions, such as banks and credit unions, retail stores, and healthcare organizations, like hospitals, were the main targets for cyber-attacks. Now, any company with an online presence and a corporate network is vulnerable to hackers wanting to crash their systems and steal information.

Corporate networks are the most vulnerable because they tend to be outdated. By not having updated security protocols for their networks, companies can leave themselves and important information exposed to hackers. According to Shannan Fort, head of cyber security at McGill Partners, quoted in an article on insurancebusiness.com, hackers are now using programs like ransomware to demand multi-million-dollar ransoms in the form of cryptocurrency from organizations for them to regain access to their networks and information.

Companies should have a cyber security plan in place. It can be as simple as having backup and recovery procedures in place, along with using multi-factor authentication to ensure the protection of company information. The stronger a company’s cyber risk management plan is, the easier it will be for cyber insurers if a claim needs to be made.

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