The RE: View is a look back at recent headlines that caught our attention and that businesses should consider when assessing and managing cyber risk.
Does Your Small Business Need Data Breach Insurance?
Small Business Trends
In an increasingly connected world in which businesses are targeted every day by cyberattacks, the market for cyber insurance is growing. But how do you know whether your organization needs data breach insurance? Gabrielle Pickard-Whitehead explains exactly what data breach insurance is and how it works, shares some reasons why organizations might want to acquire these protections and emphasizes the importance of protecting organizational data and safeguarding your business from attacks.
New Cyber Regulations Highlight Need for Virtual CISOs
The state of New York recently established a new set of rules for financial services companies regarding their cybersecurity postures. These regulations include the need for a company to have “a cybersecurity plan that includes risk assessments, penetration testing, encryption, multi-factor authentication and a host of other sensible security steps,” including appointing a chief information security officer (CISO). CSO contributor Michelle Drolet discusses the growing demand for CISOs as the cybersecurity workforce shortage grows, the option of hiring a “virtual CISO” for your organization and the New York regulations for third-party vendors doing business with financial services companies.
Crime-as-a-Service Could Be The Next Big Threat to Your Business
According to Entrepreneur guest writer Larry Johnson, there is one threat in particular that companies should not overlook when it comes to the Dark Web: crime-as-a-service (CaaS). This phenomenon involves cybercriminals developing “packaged services which are then offered up for sale or rent to other criminals who are usually less experienced”; CaaS presents heightened potential for cybercrime because criminals no longer need to have as much experience to launch sophisticated cyberattacks. Johnson discusses CaaS’ impact on who is targeted (increasingly, small businesses), explains five common CaaS offerings on the Dark Web and encourages all businesses to create “defense in depth” approaches and plan ahead to effectively mitigate cybercrime.
Hacker’s Delight? Cybersecurity Tips for Small Business
According to the Verizon Data Breach Investigations Report, 61 percent of all data breaches this year targeted businesses with fewer than 1,000 employees; the cyber threat to small and medium-sized businesses (SMBs) is growing rapidly. Reporter Sam Nixon outlines tips for SMBs wanting to protect themselves against cybercrime, including setting strong and unique passwords, being savvy about phishing emails, considering the information they’re already providing online and on social media and keeping software up to date.
Helping Small Businesses Deal With Cyber Threats
As Quentin E. Hodgson notes, “the biggest cyberattacks of the last few years are familiar to most,” including the breaches targeting Target, Anthem and HBO and the WannaCry and Petya ransomware attacks, but many do not pay as much attention to cyber threats impacting small businesses. According to Hodgson, it’s just as important to protect small businesses against cyber breaches as it is for big companies to safeguard their data, as small businesses contribute greatly to our economic growth and vitality. He outlines a few potential ways to approach the growing cyber challenges small businesses face, including developing more cybersecurity education and training programs, providing cybersecurity services to smaller companies who can’t compete for these trained workers and exploring how high school students learning about cybersecurity can contribute in their local communities.