Chubb Limited offers a wide range of insurance products, but it also has a reputation within the industry as a thought leader. So many took notice when the company issued its Third Annual Cyber Report, which pointed out many areas in cybersecurity that are cause for concern here in the United States.
The report states that hackers or cyber breaches concern eight out of 10 Americans, but only 41% of Americans utilize cybersecurity measures. Moreover, only 31% of Americans take even the simplest precaution of changing their passwords. This lax approach to personal cybersecurity should be cause for concern with employers because it often carries over to similar complacency in the workplace.
Now is the time for businesses to act
The report also includes some other troubling findings:
- About 70% of companies surveyed claimed to have good to excellent cybersecurity practices in place, but only 33% have annual security training, 40% utilize online filters, and 33% have social media blocks.
- About 19% of employees claim to learn about cybersecurity from their employer, while 35% learn about it from mainstream media, and 34% learn about it from friends.
- Despite the likelihood of security breaches, only 10% of businesses have a cybersecurity insurance policy.
- Older respondents were consistently more cautious about employing good cybersecurity practices: 77% of those over age 55, 55% of those age 34 to 54, and just 36% of those age 18 to 33. Practices included such simple precautions as deleting suspicious emails.
Businesses can stress the importance of cybersecurity threats by:
- Utilize annual training that involves the latest info on cybersecurity threats.
- Work with IT to determine areas within the organization that would be potential targets.
- Take out an insurance policy that safeguards clients against cyber threats.
- Enforce simple precautions like requiring employees to change passwords regularly, turning off unused computers, removing and destroying storage drives on old computers before disposing of them.
Companies need to protect themselves
These security gaps leave businesses open to attacks by ransomware and hackers. Attorneys can work with clients on updating employee manuals regarding cybersecurity protocols. These legal professionals can also provide legal counsel, whether security breaches are due to lapses in judgment or malicious criminal behavior by employees or outside hackers.