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Businesses deal with risk every day; it comes with the territory. Not all forms of risk are created equally, however. Some are a minor annoyance and are easily dealt with, while some can bring even large corporations to their knees. The risks associated with information technology and cybercrime often fall into the latter camp.
As a business, you have to deal with risk every day. Nowhere is that risk more pressing than in your information technology systems. Risks associated with information technology are known as cyber risk, and phishing is one of these risks. It's one that can be particularly hard to deal with, so here's an in-depth explanation of phishing and a few tips on how you can prevent it.
Cyber risk is a growing concern. In 2017, the average cost of a cyber attack was $1.3 million for large businesses and there is no reason to think that these types of attacks will go away. If anything, they're going to get worse. You don't have to be a sitting duck, however. There are many things you can do to beef up your security and minimize your cyber risk.
The greatest threat to a business often comes from its information technology systems. Stolen or lost data leads to lawsuits and business interruptions that cost companies around the globe billions every year. We call the risks associated with these IT systems "cyber risk".
Cyber risk is the risk of financial loss, damage to assets or disruption in business operations due to a failure of its information technology systems. It's a risk that's been developing since the dawn of information technology and by all accounts things are only getting riskier.
Incidents of cybercrime are on the rise and it seems like every other day you hear about a new exploit or a major data breach. You need look no further than the recent data breach incident with Equifax to see the wide-ranging consequences of not securing your business against cybercrime.
In an increasingly connected world, the need for a strong cyber security plan has never been more pressing. Nearly every aspect of your business, from the computers you use at work to the phones your employees carry home with them, is vulnerable to malicious attacks from hackers. In fact, cyber risk may be the number one area of concern for businesses today and cyber attacks on small businesses are on the rise. You may already have some kind of cyber security plan in place for your business, but how do you know if you're doing enough?
Despite the fact that we live in a digital world where technology and the internet are cornerstones of the workplace, most small businesses are unprepared to handle 21st Century threats.
According to a recent report, approximately 75 percent of small businesses don't have a cyber risk insurance policy in place. Sure, today's business owners are seeking insurance policies to protect themselves from floods, fires, or natural disasters. However, when it comes to a viable threat such as a hacker gaining access to company's network, three-quarters of small businesses are not prepared.
An alarming reality that today's businesses need to face is that cyber attacks are on the rise. According to a 2015 Symantec Internet Security report, the number of data breaches increased by 23 percent over the prior year. With continued reliance on technology, companies must get serious about cyber risk.
Your website can be a big source of cyber liability, which can affect many different aspects of your business. As part of your plan to protect your business, you should take precautions to make your website as secure as possible.
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