As of October 2023, there are 5.3 billion people using the internet. These users are on social media, banking platforms, e-commerce sites, or managing their businesses online, and a lot more. There is a parallel universe out there and all of this doesn’t operate in a vacuum. Welcome to the world of World Wide Web (WWW).
However, with the convenience and perks of the online world, comes a bunch of risks. Cyberattacks, hacking, ransomware, phishing, trojan horse – the list is endless. The severity can be as low as your cat’s picture leaked online to as big as damaging a company’s reputation, not to mention the high cost to repair data breach.
Some food for thought. The average cost of a data breach globally is 4.3 million USD and 46% of companies pay the ransom after a cyberattack. Ensuring a culture of cybersecurity and investing in cyber insurance can help minimise digital attacks.
International Computer Security Day: Empowering Businesses Towards Cybersecurity
30th November is observed as the International Computer Security Day, which started in 1988 with an objective to raise awareness about online data safety and cybersecurity issues. And rightly so, with 71% of businesses having websites for online presence, safeguarding oneself from cyber crimes is imperative. Add to this the rise in hybrid work culture and information on the cloud. All of this makes for the perfect opportunity for a cyber attack.
Price Businesses Pay for a Cyberattack
India made it to the top five in the number of cybersecurity incidents with 1.3 million cyberattacks reported in 2022. Organisations are becoming more vulnerable to cyberattacks as risks associated with doing business online have increased. This can be attributed to interconnectivity through smartphones, IoT (Internet of Things), and cloud services. Plus, there are evolving cyber risks and cybersecurity policies to combat them. SMEs are more prone to such risks and always at the receiving end.
The cost they pay is not just regulatory fines, reputational damage, public relations costs, and large-scale data breaches. The impact is long-term, resulting in a wide array of “hidden costs”. This includes increased costs to raise debt, operational disruption, lost value of customer relationships, devaluation of brand names such as numbers, names, or symbols used to represent the product or service, and loss of Intellectual Property (IP) such as copyrights, investment plans, and trade secrets. The average time to identify a data breach is 204 days and to contain it, 73 days. That’s almost half a year for an organisation to contain cyber threats!
Third-party enterprises can’t protect companies as well as they can protect themselves from cyber attacks. And that’s what Computer Security Day commemorates. Although the day was first observed almost 30 years ago, its significance has increased now more than ever. Let’s rewind back to a short and interesting history lesson!
Before the Internet, there was ARPANET (Advanced Research Projects Agency Network), the first computer network to implement the Internet protocol suite. It was used for academic and research purposes by universities. In 1988, researchers discovered a virus in their computer systems. The United States government created a lesser-known superhero team, “National Computer Infection Action Team” to combat this threat and spread awareness against computer viruses. This is how Computer Security Day was created.
Cybersecurity Vs Computer Security: Understanding the Difference
Cybersecurity and computer security were different in the early days. But with the explosion of the Internet, WiFi, and cloud-based technologies, these terms almost merged with a very thin line in between, in the modern world.
Cybersecurity refers to online protection of your company’s data and IT systems from unauthorised access, in common IT lingo, a hacker. Computer security refers to the protection of your employee’s personal devices. One defends against hackers in hoodies; the other, against your computer’s secret plan to crash when you’re on a tight deadline!
Checklist for Corporates to Celebrate Computer Security Day
Just like any festival, Computer Security Day also has a ritual for celebration. But unlike wearing your best clothes, meeting family and friends, and indulging in tasty treats, Computer Security Day has something else (and just as important) planned for you.
1. Strong passwords
Let’s be honest, some of us are not good at coming up with strong passwords let alone remembering them. But today’s not the day. Embrace a culture of creating strong passwords in your company and updating them regularly so that the personal data of your employees doesn’t fall into the wrong hands.
2. Updating your malware protection software
Out of the 5.5 billion malware attacks worldwide in 2022, most have occurred in Asia-Pacific Regions. So, don’t get annoyed if an anti-malware update flashes on your screen. Every day, cybercriminals are getting more advanced in creating sophisticated malware. If it gets into one system, it can spread to the rest of the organisation in no time. Get a good malware protection software and create a culture to update it regularly.
3. Updating the OS of your systems
Do not ignore the update notifications on your computer, tablet, or smartphone. All it takes is a few minutes to update your system/device and safeguard them from becoming infected with malware.
4. Encrypting files and creating backup
The importance of reliable backups cannot be overstated, as they enable companies to retain irreplaceable data and minimise downtime resulting from cyberattacks. Moreover, as data breaches continue to make the headlines, more businesses are looking towards encryption technologies to help them secure their critical assets. Every operating system we use today has encryption technology.
For example, Microsoft Windows provides a program called BitLocker to encrypt entire volumes of your hard disk. Encrypting files and creating backups of your assets can make every cybercrook scratch their head.
5. Get cyber insurance
You have your home and health insured, so why not your organisation’s cyberspace? The average cost of data breaches in India is ₹18 crore. Insuring your cyberspace covers the financial losses occurring from data breaches. It also covers any costs related to paying for the investigation, crisis communication, legal services, and refunds to customers. But how will you choose the cyber insurance that’s right for your SME?
Onsurity’s Cyber Insurance: Safeguard your IP, Assets, and Revenue
Cybercrooks have no days off. A cyberattack happens every 39 seconds! That is more than the time required to properly update your system and shut it down. As we continue to see the cybersecurity threat rise, more SMEs than ever are prioritising cybersecurity and cyber insurance to mitigate risks that cyber incidents pose. The challenge for many organisations is understanding what cyber insurance offers, what it covers, and how it can be secured.
Onsurity’s cyber insurance policy covers financial losses due to cyberattacks and pays for legal proceedings, investigators, and crisis response teams, ensuring that you are covered end-to-end. The policy covers your entire organisation with noteworthy coverage for upper management such as directors, CTOs, CFOs, and CISOs.
Does your Organisation Need Cyber Insurance?
Let’s see how much of your organisation’s personal and financial information floats online regularly. Credit card information, invoices, financial statements, bank details, names, addresses, personal numbers, identification cards, medical records, and tax forms. This is just the tip of what cybercriminals can get their hands on. Having cybersecurity experts backed by insurance covering every aspect of a data breach, can help you weather the storm and emerge unscathed on the other side.
With customised plans that fit your needs, a combination of digital ease and personal touch, and industry experts in cybersecurity, give your brand the policy it needs today. Click here to speak with us.