Make no mistake, cybercrime is on the rise. In fact, email phishing schemes—the most popular type of cyberattack—more than doubled last year, from 114,000 attacks reported in 2019 to 241,000 in 2020, according to the FBI’s 2020 Internet Crime Report.
If you haven’t given much thought to having a cybersecurity strategy, now is the time. Below are the three of the biggest reasons why.
1. You May Already Be a Target
If you manage large amounts of personally identifiable information (PII), cybercriminals may already be trying to gain access to it. Mortgage lenders are big targets among hackers for this very reason.
Recently, hackers gained access to the personal information of customers and employees of Flagstar Bancorp, one of the nation’s largest banks and mortgage servicers—a company with more than $30 billion in assets—and they used that data in an attempt to extort the company’s employees. But that’s not all. Small- and medium-sized companies have been targets, too.
With a sound cybersecurity plan in place, companies of all sizes can help protect their customer’s data as well as guard their company from financial losses involving internal and external attacks, including email phishing schemes, fake fund transfers, employee theft and more.
2. The Risks are Huge
Consumer data breaches are not only costly and damaging to a company’s reputation. They can lead to heavy fines, too.
For example, regulators in New York recently announced a $1.5 million settlement with a mortgage lender that failed to report a data breach as required by state law. The breach came from an email phishing attack against an employee that left personal data of mortgage loan applicants exposed.
With a strong cybersecurity strategy, companies are able to identify vulnerable aspects of their business and protect against losses. Such a strategy often includes cyber liability insurance that covers direct and indirect losses associated with data breaches, regulatory investigations and network interruptions.
3. The Threats Are Growing
Hackers are relentless. Between website spoofing, ransomware and social engineering tactics, they are constantly finding new weaknesses to exploit.
For this reason, it’s a good idea to enroll your staff in virtual awareness training, so they stay on top of the latest cybersecurity risks and mitigation strategies. This type of training takes little time, and it can include proficiency tests and additional training sessions, so the material stays fresh.
Where to Begin
A cybersecurity strategy doesn’t have to be expensive. Companies can get exactly the protection they need at a cost they can afford by building an a-la-carte program. The key is to look for providers that have credentialed and experienced cybersecurity professionals on staff with a track record of dealing with cybercrimes.
At IL Group, our cybersecurity services are led by retired FBI special agent Ketrick Kelley, CISM and Tobi Libbra, a certified Cyber Risk Manager (cyRM). Combined, Ketrick and Tobi have over 3 decades of experience helping companies create customized cybersecurity policies and procedures that reduce the risks associated with cyberattacks and other system vulnerabilities.
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