Businesses would rather build up security around their physical properties rather than their online ones
When you look around your home, do you spot locked doors and windows? Alarms to go off if intruders enter? What about your electronics — can you safely say no one is breaking into your computer or internet because it’s safely secure?
Businesses are treating their companies a lot like we treat our homes — the physical property is protected, but the online property isn’t, according to new data from risk management company Aon.
More companies are facing cyber attacks and online security breaches than ever before but don’t have the ability to fend off those attacks, Aon says. Larry Ponemon, whose company cosponsored the report with Aon, says the study found a lot of flaws in risk management.
“What’s interesting is that the majority of companies cover plant, property and equipment losses, insuring an average of 59 percent and self-insuring 28 percent,” he says. “Cyber is almost the opposite, as companies are insuring an average of 15 percent and self-insuring 59 percent.”
Most survey respondents admitted that their cyber insurance isn’t up to par, and the impact of inadequate insurance is costing an average of $3.6 billion. Companies know that number is high and hurtful, as 65 percent of respondents say they are planning to reduce their cyber risk exposure within the next two years.
What we don’t know won’t hurt us — until it does
As more companies are looking to up their online security detail, there’s still more than one-third of companies that admit they don’t need to “disclose a material loss that is not covered by insurance in their financial statements.” This means that even if a breach did happen, some wouldn’t even publicly tell others it happened.
If we are bound to get hit by identity theft, are we able to prevent it from hurting us?
For most Americans, we’re concerned about our privacy. But many admit that if we were hacked, we wouldn’t know what to do about it. It looks like individuals and companies alike are scared of cyber attacks but aren’t doing anything to prepare themselves in the event one should happen. Here’s to hoping you don’t plan all your emergencies the same way.
If you’re sitting there asking yourself where to start, make it here.
For starters, don’t keep extremely personal data in your wallet, like your Social Security card or original Medicare card (make a copy). Don’t hand over personal information just because someone asks, regardless of where you are — even the doctor’s office! Find out first what they need that information for and what happens if you don’t hand it over. Remember: Hospitals see medical records stolen every day!
Avoid giving out personal information over the phone or online through anyone that reached out to you. If you made the contact, it’s OK. Speaking of online communication: make sure you’ve definitely deleted all of your personal and private information from your electronics before getting rid of them. While you’re online, don’t click links from email addresses you don’t recognize and don’t join public Wi-Fi networks (looking at you, coffee shop data savers).
Be sure to change your passwords often — try using a password manager to keep everything organized. While you’re at it, don’t use the same passwords for multiple sites. If you have a password manager, like 1Password or LastPass, use the password generator. Here are a few password managers you may want to consider buying.
Learn more about how to protect yourself from identity theft before it happens.
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Article last modified on May 15, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Cyber Attacks are Growing, Protection Isn’t - AMP.