Cyber hacking and other technological related crimes are on the rise in Hong Kong. The government and the business sectors…
Computer viruses are just the beginning in the long line of possible cyber threats. The spectrum extends to limits still unexplored, and are still expanding to very this day.
Cyber attacks are very real and aren’t limited to the four walls of fiction. At the top of your head, the closest examples of cyber attacks when it comes to business involve phishing and credit card scams.
Phishing is defined by what it sounds like. It happens when notorious online parties put an effort to steal sensitive information such as passwords and personal details to either gain leverage or to put to fraudulent use.
Credit card scams lure you into any way possible to provide key information so hackers can simply pluck away from your bank account.
Various media such as films and books may give us the false idea that these threats only cover high-profile targets, but anyone with as much as a mobile phone is easily vulnerable these days. Even their respective fields have been no stranger to these incidents: from early leaks to unprecedented releases.
In the tough world of business, data still tops the pyramid as the most valuable resource, not contingent to other factors such as potential clients and revenues.
In this case, it’s conclusive to say that a breach of data is just as much as a loss such as losing potential clients.
As responsible business owners, people have to know better than merely investing in physical security. A business dictates its own network, and having many devices on that very line increases the risk of having your data stolen.
2018 marked a sudden spike in cyber attacks from across the world. Juniper Research predicts that the United States for example, will account for half of all total data breaches by the year 2023.
According to a survey ran by The Harris Poll in 2018, nearly 60 million Americans have been victims of identity theft. Attacks have been slowly rising by the moment, and it’s always good to have security in the case of an incident.
Just recently, International company Beazley has reported on alarming numbers of “sextortion” cases. This is a cyber scam that attempts to extort money from people by claiming they were filmed through their device’s built-in camera. These photos are threatened to be leaked into circulation unless payment will be made, usually in the form of cryptocurrency.
Insurance has taken its steps even in the digital world. Cyber insurance exists for a reason, and a sensible one. It is an actual product that aims to help businesses put a fence on the growing dangers caused by the various strings of cyber crimes.
Be it a multi-layered company or small business, cyber insurance works for good aid that may attenuate issues.
It doesn’t matter if you’re just starting out or already an established name. The number of applications tangled with work increases the risk of a possible attack. Prevention is always better than cure, and the repercussions of having your employees’ payroll details may leave cuts that may never be healed.
There was a time when usual online errors could be pinned on the lack of discipline of internet users. Technology and technique have both evolved since then, and safety isn’t really a question on everyone’s minds these days unless you take it up a notch.
The threat of data breaches from cyber scams originates from discrediting that cyber insurance will do you any good at all. If business moves on as usual, it will be easy to overlook an extra pinch of security. By the time the damage has been done however, things will have been too late.