Do small to medium sized businesses really have to be concerned about cybercrime?

The belief that something doesn’t pose a threat to you does not eradicate the threat; in fact, it could potentially increase the risk of that threat becoming your reality. Cybercrime occurs on a day-to-day basis. This can be in the form of identity theft, transaction fraud, piracy or hacking.

To answer the question of whether we need to be concerned about cybercrime, we need to look at some of the statistics surrounding the topic. It is estimated that there is a hacker attack every 39 seconds. This affects 1 in 3 Americans every year, not to mention the rest of the world.  On average 43% of cyber-attacks are against small businesses. The most common forms of attack are phishing (the attempt to obtain personal information), malicious code, botnets and denial of service attacks.

What do these criminals do with this information? What often happens is that they hold the information they obtained as ransom. They demand that money be paid over to them in trade for the information being returned. This information could be of such a nature that the consequences of it being leaked, is much greater than the price being demanded. Juniper research data suggests that cybercrime will cost businesses over $2 trillion in total in 2020. Another interesting statistic is that 95% of cyber-attacks are due to personal error, meaning that the hackers gain access to your business through your weakest link.

The total cost for cyber-crime committed in 2018 alone adds up to more than $1 trillion (14 366 600 000 000,00 ZAR). The answer to whether we need to be concerned about cybercrime is obvious. In fact, it is not only organizations, corporations and businesses (big or small) that need to be concerned about cyber security. If you have a device connected to the internet, you could be targeted. It is a reality that we live in and what makes it more dangerous is the fact that we know so little about it. We could be under attack and we wouldn’t even know it. What we can do is to follow simple steps to protect yourself. Steps such as not sharing passwords, ensuring passwords are secure and ensuring your anti-virus software is up to date and in working order.

 

APBCO Brokers has gone to great lengths to secure our policy holders’ personal information from cyber criminals and stringent security measures have been implemented to keep hackers at bay.  Speak to your APBCO Broker for more information on cyber security insurance cover.

 

APBCO Greetings

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