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Cyber Criminals Take an Easy Path — Small Business

Posted By Kim Legato, Tuesday, March 26, 2019

Chubb just released a study that is setting off alarms in the small business community. Cyber criminals are increasingly switching targets. Where they used to focus on large corporations and government, they are now finding small business to be much more fertile territory.

Spokesman Patrick Thielen — the senior president of Chubb’s financial lines — said the report looks at the new types of ransomware that blocks businesses from accessing their own networks until a ransom is paid.

“Cyber criminals typically don’t target specific small businesses, but they increasingly use tools that target their vulnerabilities. Those vulnerabilities are at times technical, like unpatched software or poorly configured hardware,” he said. “But even more common are those vulnerabilities involving employees who may use weak or compromised passwords, or may inadvertently click something they shouldn’t have.”

These are the cyber claims reported to Chubb last year:

  21% of cyber incidents are phishing

  20% due to errors

  14% came from hacking

Chubb’s head of North American claims is Anthony Dolce. He agrees with Thielen and says businesses need to be aware. And more importantly — small business needs to take preventative steps.

“Cyber criminals know that SME leaders may mistakenly think that cybersecurity services are beyond their means, which makes SMEs more vulnerable to an attack,” he said. “However, we are living in an age where cyberattacks are constantly evolving and threatening businesses of all sizes, but especially small to mid-size businesses. Therefore, it remains critical for companies to understand this present age and develop strong risk-mitigation strategies to lessen the impact of cyber threats.”

Source link: Insurance Business America

Tags:  Cyber Security  Insurance Content  Insurance News  Weekly Industry News 

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