For most companies, cyber exposures are common. Phishing schemes, hackers, and other cyber risks target a business’s vulnerabilities and take advantage of them. Fortunately, cyber liability insurance can cover the costs of claims. Here is what you should know about cybercrime.
Examples of Cybercrime
The most common cybercrimes are phishing attacks. Phishing attacks occur when employees, staff, or even officers of the company receive a targeted email. The email may appear to be from a trusted source, but the attachment or link in the email downloads malware to the computer. Sometimes phishing schemes are used to gain log-in information. Other times, cybercriminals can trick employees or managers to transfer money.
Cybercriminals may also gain sensitive information about the company and the company’s clients. This could include medical information, payment information or other types of personal information.
The Effects of Cybercrime
Cybercrime can cost a company money and its reputation. When cybercriminals access personal client information, the clients may lose trust in the business. If potential customers believe that a company has very little cybersecurity, they may take their business elsewhere. Companies can also face lawsuits from those who had their information accessed.
Unfortunately, most businesses have to prepare for the actions of cybercriminals. Cybercrime is not only common but it can have devastating effects.