Cybercrime: The crime with no consequences 

Cybercrime

Which is why a small business’s best defense is Cyber Insurance

Cybercrime is widely becoming known as the crime criminals get away with. This is especially true of the cybercriminals located within countries that do not have extradition treaties with the U.S.  Rogue countries, like North Korea and Russia, that do not have extradition treaties with the U.S. and U.S. allies have stepped up their cyber-attacks on Western countries as a way to punish them for sanctions and fund their own illicit activities.

For example, the U.S. Justice Department indicted three North Korean intelligence officers for attempting to steal more than $1.3 billion in digital currency and actual monies from financial institutions and businesses. By creating malware that targets cryptocurrency apps and takes control of computers, the cyber thieves lured investors into fake digital coin investment programs. They then extorted the funds with ransomware. Their victims included Sony, the British health care system. They attempted theft against unnamed aerospace, energy and technology companies, and the State and Defense Departments. The thieves stole $6.1 million from BankIslami Pakistan, $11.8 million from an unspecified New York institution and more than $111 million from companies in Slovenia, Indonesia and New York. Because the attacks appear to be sanctioned by the North Korean government, nobody expects any real consequences for the suspects following the indictment.

What can you do to protect your business against cybercrime?

Be on the lookout for cybercrime. It is important to pay attention to questionable activities such as the following:

  • Abnormal database activities: Look for things like changes in users, permissions and unusual data growth content.
  • Changes in user access: Are users accessing accounts at unusual hours, connecting remotely, failing multiple times to log in or showing deviations between a user and a particular device?
  • Account misuse: A common sign of insider assault is misuse of specialized accounts. Look for access to sensitive information without permission or need, sharing of account access and modified audit trails.
  • Changes to files: A common sign of a data breach are file replacements, changes, additions and deletions. These can indicate unauthorized access to your network and attempts to hide activities.
  • Unusual network behavior: Look for traffic with odd origins or targets, violations of protocols, unexplained changes in network performance and unapproved scans.
  • Unsanctioned port access: This can indicate theft of files or a malware attack.
  • Complaints by employees/end users: Employees complaining or commenting on unique anti-virus notifications, computers or networks working slowly or unauthorized tool bars or excessive pop-ups can signal that a breach occurred.

Common strategies to improve data security and prevent cybercrime

  • Installing firewalls
  • Backing up data systems at least once a week
  • Introducing strong password policies
  • Incorporating malware protection
  • Encouraging employees or network users to report suspicious activity
  • Consistently reviewing network alerts, error reports, performance and traffic
  • Creating a file integrity monitoring strategy
  • Conducting regular risk assessments
  • Developing employee incident and failure response strategies

Why Cyber Insurance is important

Simply put, 60% of small businesses go out of business within six months after being hacked. With information technology doubling every four months and software and protections becoming obsolete so quickly, it’s next to impossible to keep up with the changes. Purchasing the right Cyber Insurance will help protect the assets of the business and protect against catastrophic loss.

At Sadler Insurance, we know the importance of Cyber Insurance for business. If you would like a quote, simply contact Paul Owens at 800-622-7370 for assistance.

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