As an insurance broker, your clients rely on you for more than just good advice on an insurance policy. Agents are considered experts in risk and liability detection, and your clients will be looking to you for help with lowering their premiums through better risk management strategies. While you counsel with your various accounts, you must also realize that you may share the same exposures and require similar protection. One growing area of concern for both you and your clients is cybersecurity threats.
The Growing Threats
There was a significant uptick in cyberattacks in 2021, particularly because many businesses were left vulnerable during their shifts to remote or virtual employment. In addition to these concerns, tech developments and personal devices are increasing the options for connectivity and efficiency. Yet, without the right cybersecurity strategies in place, the advancements are only creating more weaknesses and loopholes for an attack. There are many new threats facing your clients, as well as your own operations. Here are some of the more troubling devices.
Phishing or SMS Phishing
The bulk of communication and interaction humans have today is through electronic devices, and this has caused phishing attacks to become one of the most common threats. In a phishing attack, a hacker uses emails or web browsing to trick an individual into divulging important information that could allow the hacker to gain access to a company network or system. In SMS phishing, the attack occurs through text messaging on a phone. Clicking on the link in the text message, as clicking on links in an email or browser, starts the attack.
In this threat, the hacker wants a user to open a PDF that will expose the user’s computer to ransomware or malware. Often these PDF messages seem to benefit the computer user, such as an email stating a new policy needs to be reviewed, or an account statement is waiting to be open. Fewer people are on guard against PDF files, as these are some of the most common documents shared between colleagues.
Ransomware and Malware
The recent cyberattacks during 2021 showed that ransomware and malware are still highly favored by cyberattacks. These are programs that infect a computer system to hijack data, freeze operations, and destroy information. Any business that uses servers connected to the cloud or internet to store data is vulnerable to these attacks.
The Liability Protection
Educating your clients about their IT exposures enables a strong risk management strategy to be developed. At the same time, recognizing your own liabilities in areas of cybersecurity is important. Carrying cyber insurance is just one part of the solution. Business owners need to develop a proactive and rock-solid approach to cybersecurity defenses. This means relying on IT experts to craft strong firewalls and identify the weaknesses in current operations.
About Connected Risk Solutions
At Connected Risk Solutions, we use our expertise and experience to provide insurance information and programs to those who serve long-term care and senior living facilities. Since 2007, we’ve been offering insurance and risk management plans designed to help our agents give their clients the ability to achieve continued growth while simultaneously protecting against loss, containing costs and increasing profitability. With three offices to serve you in Chicago, Illinois; Phoenix, Arizona; and Burlington, Connecticut, we do everything we can to make your experience with us as professional and transparent as possible. To learn more, contact us at (877) 890-9301.