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Cyber Security

March 14, 2017
Business

Did you try to file your taxes online this past weekend?  You may have been out of luck.  Canadian Revenue Agency’s website was down due to a cyber security threat.  The agency said it had detected a “internet vulnerability” and took some services down as a precaution.  The services that were affected were Netfile, Efile, and the MyBenefits mobile application; the My Account, My Business Account sections, and the MyCRA app, were also offline.  The website was restored late Sunday after the threat had been mitigated.

This caused a major problem for the CRA and could have been much worse had an actual hack occurred.  How secure is your website?  Would you be covered for business interruption in the event of a cyber attack?  Do you know the ways a cyber attack can affect your business?  Do you know how to mitigate the risk of a cyber attack?  Read on to find out what cyber attacks are and how to stop them before they happen.

How can a cyber attack cause a business interruption?

Along with the internet of things comes the risks associated with our ever changing technology and the unknowns that come with.  Hackers, thieves and other unauthorized individuals have become very good at exploiting weaknesses in businesses computer systems.  There are several types of hacks you need to be aware of, including:

• Malicious code that renders your website unusable

• Distributed Denial of Service (DDoS) attack, which will make your website inaccessible

• Viruses, worms, or other code that deletes critical information on the website

Third party interruptions can have a major effect on your business.

Attacks on other businesses can also be detrimental for your business.  Imagine if a major supplier of yours was hacked and their website was down for an extended amount of time, this could have a major effect on your business.

Preventing cyber attacks.

It’s not a matter of if you will be a victim of a cyber attack it is a matter of when.  While it is virtually impossible to completely mitigate risks, these tips will help you to avoid a business interruption due to a cyber attack.

• Create a risk management plan that addresses the scope, roles, responsibilities, compliance criteria and methodology for performing cyber risk assessments

• Confirm that all firewalls and routers are secure and kept up to date

• Implement a cyber security policy for staff that educates employees about the danger cyber threats and how to prevent them

• Implement a strict password policy within your organization

• Limit employee access to company data and information, and limit who has the capability of installing new software

• Make sure you are covered by a cyber liability policy

How can cyber liability coverage help?

Most commercial general liability policies will not cover a loss from business interruption due to a cyber attack, that’s where cyber liability will step in.  Should you experience a business interruption from a cyber attack, the policy will step in to cover expenses such as:

• Lost income due to the cyber event

• All profits that would have been earned during the period of interruption

• Operating expenses

• Rented or leased equipment

Cyber liability also helps to protect your business from:

• Data breaches

• Damages to third-party system

• Data or code loss due to a natural disaster or malicious activity

• Cyber extortion

It’s true that business interruptions from cyber are uncommon; but having a business interruption due to one is tough for a business to come back from. Ensure you are covered and talk to a broker today.

Or hit us up on LiveChat.

Read more on cyber - Yahoo Breach: Is Your Information Safe?

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MIG Insurance