Cyber Security and Privacy Concerns for Businesses During COVID-19

Dec 11, 2020

Cyber Insurance

Cyber Security and Privacy Concerns for Businesses During COVID-19

According to the U.S. Federal Bureau of Investigation (FBI), cybercrime incidents in the U.S. have quadrupled during the COVID-19 pandemic, thanks to the increased rate of internet usage that has rendered digital devices vulnerable. As businesses expand their remote networks to enable their employees to work from home during the pandemic, cybercriminals are also identifying loopholes and utilizing them to breach data and cause disruption, as reported by Interpol. This means you need to enhance your cybersecurity capabilities in your business to protect your business from cybercriminals. Here are five ways to enhance cyber security in your business amidst COVID-19.

Train Your Employees Regarding Privacy Concerns in COVID-19

Though about 29% of employees receive job training on cyber security at least once per year, nearly 20% of data breaches result from employee negligence, as reported by Statista. Employees typically hold significant responsibility in ensuring data security, and so, you should train them concerning the important cyber security measures in the business. Some of the best cyber security practices include, among others:

' Using strong passwords

' Not opening malicious emails

' Using double authentication logins

Place Restrictions on Business ComputersAccording to the National Telecommunications and Information Administration (NTIA), virtually 25 million American employees who use computers at the workplace also use one at home. With more than 40% of Americans currently working from home, chances are that most of them are using company computers. This increases the vulnerability of the business cyber security system, and hence, putting restrictions on the computers can help a great deal in preventing data breaches. For instance, you can restrict access to certain sites and prevent access of confidential data for unauthorized employees.

Secure Your Networks

With cyberattacks happening every 39 seconds and even more frequently during the covid-19 pandemic, your business networks are in jeopardy, according to a recent study from the University of Maryland. In particular, connecting to an unsecured network such as the free public Wi-Fi at the subway station can put your system at risk of cyberattacks. For this reason, you need to up your security measures by browsing on secure networks, using longer passwords, encrypting confidential data, installing a strong firewall, and backing up sensitive data.

Stay Vigilant

Cybercriminals are always on the lookout for new tricks to hack into systems and steal users' information and money. For example, in this covid-19 pandemic, they created fake websites purporting to be the WHO, charitable organizations, or media houses, and spread malicious links and attachments, which would in turn ease their criminal activities, as per the World Health Organization (WHO). Over time, new tricks will likely emerge, and so you need to stay vigilant and be aware of the scams that may jeopardize the cyber security of your business.

Update Your Software

This is probably the easiest way to improve your cybersecurity capabilities because it allows you to eliminate software-related vulnerabilities in your computer network, ensuring your IT infrastructure is secure. For example, you should update your operating system at least once per week, and keep checking for new features from software manufacturers' sites. This will help keep your security system up to date and lower the risk of data loss.

Use these tips to deal with cyber security and privacy concerns your business might have during COVID-19. For extra peace of mind, purchase the right cyber insurance policy and contact the experts at Knight Insurance Services for all your cyber insurance liability coverage needs. We understand the devastating impact that cyber risks can have on your business and will help you get the right coverage.