Cybercrime has risen by 13% since 2019 and shows no sign of slowing down, so it’s time to get in the know about protecting your brokerage from cyber attacks.
Did you know that cyber attacks can cost your brokerage more than just money? They also threaten your intellectual property and put your clients’ data at risk, shattering client trust and damaging your brand’s reputation. Cyber attacks are no joke, so let’s take a look at some of the most common ones to look out for and how to safeguard yourself from them.
Phishing is the bane of the cyber world and can come in all shapes and forms, not just emails. Unfortunately, some messages are so well-written that they can be tricky to spot, but here are a few red flags to look out for:
You’ve likely heard the term ‘malware’ before, but what is it? In a nutshell, it’s malicious software used to sneak into your digital device and wreak havoc. Malware (sometimes referred to as a ‘bug’ or ‘virus’) can get into your device through dodgy email attachments, untrustworthy websites, or suspicious software downloads. The good news is that you can protect your brokerage by using anti-malware software and keeping your systems and software up to date with the latest security updates!
It’s also best to stay vigilant about the types of email attachments and websites you open from untrusted sources — you never know when a cybercriminal could be lurking.
Another typical cyber attack is ransomware, a virus that holds your files hostage by encrypting them and demanding a ransom payment in exchange for the decryption key. Unfortunately, even if a cyber attack victim pays the ransom, that doesn’t guarantee that the attackers will provide the decryption key.
It’s best not to negotiate with criminals. Instead, protect your brokerage from ransomware attacks by keeping up with security updates and avoiding dodgy software, websites, and email attachments.
The bottom line is that no business is immune to cyber attacks, and chances are that your brokerage will encounter one at some stage — so it’s best to be prepared! Cyber protection insurance is designed to help protect you from the financial impact of computer hacking or a data breach (one less thing you need to worry about).
Think about the impact a cyber attack would have on your brokerage; you might need to close your business for a period of time while IT consultants recover and back up your data and upgrade your antivirus software — this would cause you to lose revenue. Or maybe a client is so upset they threaten to sue; you want to be covered. Cyber protection insurance helps you recover some of the costs and even claim damages to help get your brokerage through this difficult time.
Cyber attacks are inevitable in our digital world, so it’s best to be prepared. Take the time to get your team cyber attack savvy and make sure you have a solid plan in place to keep your brokerage safe. Remember to keep on top of security software updates (we know they take forever to install, but they’re worth it!), use antivirus software, and back up your files.
Be proactive with a cyber protection insurance plan by chatting with our friends at Matos Insurance Services — they’ll help you find a policy that suits your brokerage’s needs should you come under attack.
