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How you can help keep your data safe
August 26, 2021

Technology has progressed to a point where we can do almost anything with the click of a mouse or the tap of a screen. While this brings in heaps of convenience and efficiency for everyone, it has also given rise to a new breed of criminals. 


Cybercrimes have been one of the most complicated drawbacks to technological progress in recent years. Robberies can now be made remotely, with near-total anonymity, and with more absurd amounts of money. Local examples include the Bangladesh Bank robbery of 2016 that involved RCBC and the 2021 ransomware cyberattack that hit Accenture. The robbers were able to hack into the Bangladesh Bank’s account in the Federal Reserve Bank of New York and transfer a total of almost $101 million to Sri Lanka ($20 million) and the Philippines ($81 million). 


For the Accenture attack, a gang of hackers managed to get important information and threatened to sell it off to interested parties if ransom was not paid. 

With cyberecurity issues leading to huge problems for businesses, data security is of utmost importance. Here are some simple tips on how you can help with keeping your company’s data, especially your clients’ informationsecure: 


  1. Passwords and Access 

  2. Try to diversify your passwords, not just in terms of the characters you use, but having different passwords for every account and changing them regularly. Enabling Two-Factor Authentication can also beef up your account security since it adds another layer of security to protect your data should your password be compromised. Finally, if you’re notorious for always forgetting your password, consider getting a password manager that stores all passwords for you in one neat application. 

 

  1. External Communications 

  2. Be wary of the emails and text messages that you open. With phishing scams becoming a norm nowadays, it is in your best interest to check whether the sender of the email or text is legitimate before you engage. Scrutinize the email address and links attached to the email, and take note of any grammatical errors or typos. Do not entertain cold emails that request sensitive data such as your username and password, bank details, or other personal information.  

 

  1. Cybersecurity Measures 

  2. Consult with cybersecurity experts and have them check your systems for any vulnerabilities. While it’s already a given that anti-viruses and firewalls are important, due diligence is also needed to run regular tests on them and keep them updated. Its sort of like vaccinating your own systems with regular booster shots for maximum protection 

 

  1. Education 

  2. Keep yourselves and your co-workers educated when it comes to cybersecurity. Teach them to not go to suspicious websites, only use storage devices that have been cleaned and approved by the office, never open suspicious emails like the ones in item 2 to keep your data and your customers’ data safe. 

 

In addition to the abovethe best non-tech way to help protect your company is to get data liability insurance. Think of it as the main layer of protection that will keep your company from experiencing the full force of a cybercrime-related legal battle. The above tips keep your data safe while getting insurance keeps your company and its resources secured. Nobody wants data security problems but if you get hit with legal troubles because of them, who better to have your back than Cocogen Insurance? Get Cocogen Data Liability insurance to help protect you when things go south and you get sued for cybersecurity issues. 

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The views expressed are the author’s own and do not necessarily reflect the views of Cocogen Insurance.