The 3 Most Threatening Cyber Crimes Against Technology Firms

There are a number of crimes that technology firms have to worry about, with cyber crime topping that list. Cyber crime is on many Americans’ minds, with 67 percent of individuals worried about hackers stealing their personal information, according to a 2017 Gallup poll. That same poll found that 66 percent of individuals worry about identity theft.

Due to the nature of their work, technology firms often have to deal with the brunt of the battle. Information technology liability insurance will help to cover a cyber attack, but knowing about the most common cyber crimes and their effects will further assist in protecting firms from their devastating impacts. Cyber crime breaks down into different criminal factors, each impacting a business differently. When dealing with hackers, there’s that constant struggle of making sure your security is more up-to-date than ever. Here’s the most threatening crimes against technology firms in 2018, courtesy of Technology Review.

1. More Massive Data Breaches

With the Equifax breach of 2017, many other companies in 2018 will become target to a huge data breach. It’s all a stark reminder that big companies are particularly vulnerable to attacks. As a tech company, it’s particularly important to keep an eye on your data. All information needs to be kept safe.

When working with sophisticated software, it’s only natural that a business owner would want their work protected.  But whether your firm is small or large, it’s important to keep personal information protected. Information technology liability insurance and cyber liability insurance will keep your business protected when needed, as well as up-to-date cyber security measures.

2. Ransomware Attacks

There’s been a plague of ransomware attacks the past 12 months, as seen by Britain’s National Health Service, San Francisco’s light-rail network, and companies such as FedEx. It’s imperative to keep your IT firm in the clear. Ransomware attacks your company through computer files, making it a simple but powerful way to steal information. One big target in 2018 will be cloud-computing businesses, because they are the ones saving personal files. While bigger companies might not be as susceptible to a breach, smaller firms can be left vulnerable. Educate all of your staff members about the dangers of files from the internet, and incorporate this topic into your employee training.

3. Cyber-physical Attacks

Technology firms are often working with big technology: namely computers and software ran on electricity. Hackers can target electrical grids, transportation systems and other critical infrastructure, causing an immediate disruption. Technology firms are especially susceptible to being disrupted, whether it’s through their data or something else entirely. Hacking vital systems and holding them hostage until someone pays is a big issue to look out for in 2018.

 

About Domenick & Associates

At Domenick & Associates, we specialize in protecting small to mid-sized IT firms. Our coverage is custom tailored with your clients in mind to guarantee them the best protection. For more information about our products, contact us today at (215) 629-5701.

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