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Cases of cybercrime have been on the rise due to dependence on technology. Technological advancements like AI have greatly improved how companies operate and interact with their stakeholders. Hauser Insurance reports that this opens a window for access by cyber-hackers. They use these technological advancement tools available in the industry to access critical business data that they can use as leverage to ask for ransoms. Also, they can get hold of the business’ bank details and empty the cash available. Therefore, cybercrime has become one of the risks that most companies considered insuring against.

Cybercrimes have even been on the rise due to the emergence of coronavirus. The pandemic forced people to work from home, using insecure channels for communication. Hackers use these channels to access critical data that they can use to ask for ransom. The implication of leaking such information is so huge that most companies consider paying the asked ransoms. Therefore, Hauser Insurance advises companies to invest in security measures to keep them safe from hackers. The insurance company reports that big companies consider investing in security protocols. However, small and mid-size companies neglect these security measures thinking that they aren’t under threat. Coverware says that 60% of cybercrime is channeled towards small-to-mid-sized businesses. This means that no one is safe as they can lose critical business data when they don’t invest in security protocols.

Hauser Insurance suggests good cyber-hygiene as a preventive strategy to keep businesses safe from attacks. Good hygiene involves many things, right from education to employees to avoid phishing and fraud attempts. Employees become vulnerable; they receive these alerts and would render the business to attack one click away. Also, the company is supposed to update its security protocols since technology is also changing. Contacting reliable cybersecurity companies like CyberCube for security measures would reduce the chances of being vulnerable to attacks.

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Lara Andreyes