Companies of all sizes must continually preserve and monitor all types of technology, such as PCs, laptops, mobile phones, and tablets, in order to ensure that company information is secure at work, at home, and on the go in today’s business world. Protecting your cyber space is no longer a choice, but a necessity in today’s climate of constant threats. Canada was the world’s sixth most common target for cybercrime and cyber security concerns in 2010. In the last year alone, Canada has seen a 53 percent spike in hacking-related offences. A recent survey of nearly 600 businesses by the Canadian Association of Police Boards yielded some startling results. Have a look at Houston Cybersecurity Services.
Cybercrime has been a victim for 49% of those polled (cyber crimes include computer viruses, banking and personal information being lost or stolen through the Internet, businesses being hacked and held for ransom, identity theft and interference with critical infrastructure such as power grids, water systems or telephone services). 70 percent of cyber crime victims have not reported the incident because they are unsure who to complain to or do not believe justice will be served.
Cyber crime has become a concern for 86 percent of respondents. 95% of those polled believe they are being targeted by cyber criminals (most respondents believe the greatest threats are identity theft, financial fraud and computer viruses). The following is a definition of cyber security:
Defending essential and secret information including financial information, customer data, and passwords against internet threats like hacking, virus, and malware. The larger the company, the more complicated cyber security can become, especially for companies that accept credit card payments online. Because millions of dollars’ worth of transactions are made on the Internet every day, there is an increasing need to enact adequate protection and measures to combat and repel cyber-crime. Because new dangers emerge on a daily basis, businesses must keep their software and internal procedures up to date. According to a news report published in a local Vancouver newspaper, police were looking for information on people who were embedding technology into Point of Sale Terminals that records credit card information and then transmits the data to buy products and services online. When the credit card holder received their bill, they discovered that the retailer where they bought their product had spent thousands of dollars. When the business owner is alerted about these purchases, he or she has no idea what has happened and must spend time investigating the situation, which can take days, while also risking losing clients and having credit card services cancelled. Ultimately, the business owners lose thousands of dollars in missed time and potential future profits as a result of this.
Having a solid insurance policy in place is one approach to potentially recover these expenditures. There are currently a plethora of commercial insurance products that cover cyber security-related claims. However, this coverage must be sought for with caution. What is NOT covered in a standard Commercial General Liability coverage, as shown in this example.