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How companies can protect against cyber risks INSURANCE

The COVID-19 pandemic has disrupted our daily lives and normal business practices. With more organizations and employees working remotely than ever, the opportunities for cyber attacks and abuse are increasing. Cyber ​​risk is the second most common risk for global trade. This is not surprising when you think of the increasingly digitized world in which we live. With less than a 1% chance of catching a cybercriminal, cyber risk poses a very real threat to organizations and businesses. This Pacific Prime Singapore article explains how businesses can protect against cyber risks.

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Types of cyber risks

Many organizations are now working remotely to comply with the guidelines established during the pandemic. Not surprisingly, cyber attackers are using the corona virus to their advantage. By delivering their malware, these attackers can take advantage of the new remote workforce.

Before we look at how companies can protect against cyber risks, it is important to understand the different types of cyber risks. There are three main types of cyber risk, including data protection risk, security risk, and operational risk.

Data protection risk

The data protection risk has to do with the contractual exemptions and provisions that are part of the data protection rights of your consumer or other contractual entities. Nowadays data protection legislation describes consumer rights in relation to the collection, processing, storage and use of data by laws such as the General Data Protection Regulation (GDPR). In addition, more and more organizations are using contractual controls to protect their privacy interests.

Security risk

When people think of cyber risks, they usually think of security risks. As the name suggests, this risk is a security event that can harm an organization. Some examples of security risks include data breach, malware attack, or phishing attack. This type of incident can have both monetary and reputational consequences.

Operational risk

Operational risk arises when a company relies on technology to provide services and generate revenue and is therefore adversely affected by a disruption or hack. For example, if a particular technology is required to complete a mission, the mission is unavailable, or access is compromised, the interruption can result in financial loss.

It is worth noting that the three main types of cyber risks can overlap. Ultimately, a security incident can draw attention to security risks in a company and ultimately cause operational or data protection risks.

Increased security holes due to COVID-19

The remote and decentralized working conditions caused by COVID-19 increase the risk of various types of attacks, such as:

  • Phishing / Spear Phishing: E-mail and other forms of electronic communication with specific information about the recipient to entice them to open a link or attachment, or to take other compromising actions.
  • Business Email Compromise (BEC): Email strategy in which recipients are selected to send remittances, typically by posing as CEO, CFO or other managerial role in the company.
  • Social Development: People are psychologically manipulated to perform actions that they would not normally do.

This type of attack can increase the risk of ransomware. In addition to infecting and blocking companies ‘(and their customers’) computer networks, they can also encrypt and destroy data. Given that some types of cyber attacks can rest between days and even years, current measures can significantly affect a company’s earnings and reputation in the coming years.

Good practices to increase a company’s cyber security

Fortunately, there are some preventative measures that organizations and employees can take to avoid such activities and keep their digital environment as safe as possible.

Organizations

  • User awareness training: Employees should receive appropriate security policy and phishing campaign training before connecting remotely to the corporate network.
  • Secure connections: Only secure remote access to corporate networks should be used, with connectivity over virtual private networks (VPNs) or other encrypted connection mechanisms preferred.
  • Multi-factor authentication (MFA): Multi-factor authentication should be used to configure VPNs as an additional security layer. This ensures that only authorized people can access the company network.
  • Mobile Device Management (MDM): Employees’ electronic devices should be equipped with a business MDM solution. By enforcing appropriate security controls and creating an encrypted virtual environment, devices can securely store and process sensitive information such as email and documents.
  • Internet perimeter protection: IT departments can help ensure firewalls are properly set up and monitor firewall logging to identify connections from suspicious or unauthorized IP addresses.
  • Cloud security and compliance: Organizations using cloud services should ensure that security configurations are properly hardened and monitored for tampering or configuration mismatches.
  • Increased surveillance and attention: IT departments should exercise caution when “blacklisting” IP areas for geographic regions or countries from which employees would not be able to connect remotely.

Employees

  • Attachments / links: Do not open attachments or click links in emails from senders who are not trusted. The best way to navigate to a website is to enter the website URL directly. A secure URL starts with https. It is important to check the URL before entering it to see if it is the official website. Online URL checkers can also be used before connecting.
  • Information: Don’t offer account information and don’t even respond to unknown sources. Trusted sources such as suppliers and suppliers usually already have this type of information. Also, never email passwords or personally identifiable information to unknown people or open attachments contained in unsolicited email.
  • Report suspicious activity: Suspicious emails should be reported to the appropriate department in the organization.
  • Contact the help desk: Employees should notify their local help desk if they believe they have clicked a link or opened an attachment that has infected their device with malware.

COVID-19 continues to pose numerous challenges Companies around the world, but technological developments enable companies to remain operational and adaptable despite uncertainties. Careful monitoring of the cyber threat prevailing in this crisis is critical to continued success.

How can Pacific Prime help customers?

Since the premiums for cyber insurance are very high, you can get the right insurance coverage at the right cost by adapting the insurance coverage to your business needs. Fortunately, Pacific Prime offers tailor-made solutions, as well as risk analysis, benchmarking and competitive information. Portfolio management also enables us to keep our clients up to date on new and emerging trends. Last but not least, Pacific Prime provides political support all year round to ensure that our customers always get the help they need.

If you are Shopping for corporate insurance then look no further than Pacific Prime business insurance solutions. Pacific Prime is a company insurance and employee benefit specialist that can help you find the best group insurance and other insurance plans in Singapore that meet your needs and budget.

For more information, contact our Pacific Prime Singapore experts or visit our website for a free quote or plan comparison today.

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Jantra

Jantra

Jantra Jacobs is a content writer at Pacific Prime. On a typical work day, she writes and edits articles, guides, and everything else that has to do with words. She wants to produce content that is easy for readers to understand and entertaining at the same time.

If she doesn’t write, she’s probably looking for a new restaurant or cafe to try reading or doing yoga.

Jantra

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