Corporate Cyber Attacks Are More Common Than You Think– 9 Tips for Businesses

The most important step an organization can take to protect themselves from a cyber attack is to have a solid response plan in place. Your incident-response plan needs to cover all the necessary steps a security team would take when an attack occurs. Planning helps you to make smart decisions during a stressful event such as a corporate cyber-attack.

Consider Hiring an IT Firm 

All businesses need to protect themselves against the very real threat of a cyber-attack. Data breaches are time-consuming and expensive, so it makes sense to invest in protection against these types of security threats by hiring a reputable IT firm.

Have a Conversation with Your Insurance Broker 

Don’t make the mistake of thinking a cybercrime won’t affect your business. Having a conversation with your Insurance Broker about the types of cybercrimes your business may be at risk for is important. Talking to an insurance professional like those at Cross Insurance can help you take steps now that will protect the future of your business. Additionally, in the event of an attack, we are here for you. We can help to connect you with the resources that are available through your insurance provider to oversee the handling of the attack.

Make Backups a High Priority 

Cyber criminals are working harder to ensure that the companies they attack pay the ransom they demand. A new tactic is to scan networks, find backups and destroy them before deploying malware. Make sure backups are a high priority in your company. Store them properly so you won’t have to pay the ransom and potentially have no backup at all.

In the Event of a Cyber Attack, Don’t Panic 

Do your best to remain calm and remember that you have planned for this! Follow your incident response plan. Ransomware attacks are scary but there is nothing to gain when you panic so follow your plan your organization will return to normal business operations.

Enlist Help for a Cyber Attack as Soon as Possible 

As soon as you suspect a cyber-attack, reach out for help. If you are dealing with a ransomware-attack, then a third-party incident response provider is the best choice for handling the situation. Let their expertise work for you so you can avoid the attacker returning with different ransomware and requiring a higher ransom price. They can also help with the remediation of your system and increase your defenses to avoid any future potential attacks.

If You Experience a Cyber Attack, Notify Law Enforcement 

It is a good idea to get law enforcement and the local FBI involved when your company is experiencing a cyber breach. Not only will they help to find the ransomware gang responsible, but they may also be helpful by providing tools and resources to help recover encrypted information. While it may be tempting to try to handle the situation on your own and negotiate the ransom price on behalf of your organization, it may not be in your best interest. Negotiation often leads to the ransomware gangs increasing the ransom price. If you feel negotiation is the best strategy, it’s best to hire an outside firm that specializes in these scenarios. It is also important to note that if you have Cyber Insurance, the carrier will most likely require you to involve them in any negotiations.

Contain the Malware 

A loss of data will certainly be a high priority but also take steps to make sure the malware hasn’t spread. It is important to eliminate the original attack vector, find out what caused the breach, and then ensure that the threat is no longer spreading.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.