Let's face it - long gone are the days when the Internet was safe for all of us. In a fast-paced digital world in which thousands of transactions, information streams and other data are sent as we speak, it is evident that safety is a concern.
Many companies and individuals are losing large amounts of revenue due to breaches of information and hacks. With the 'digital crime' on the rise, everyone online should consider an effective cyber strategy to prevent big losses of data or failures from happening.
Cyber Crime - "The RCMP interprets cybercrime to be any crime where cyber - the Internet and information technologies, such as computers, tablets, personal digital assistants or mobile devices - has a substantial role in the commission of a criminal offence. Under this broad lens, the RCMP breaks cybercrime into two categories:
1. Technology-as-target - criminal offences targeting computers and other information technologies, such as those involving the unauthorized use of computers or mischief in relation to data, and
2. Technology-as-instrument - criminal offences where the Internet and information technologies are instrumental in the commission of a crime, such as those involving fraud, identity theft, intellectual property infringements, money laundering, drug trafficking, human trafficking, organized crime or terrorist activities, child sexual exploitation or cyber bullying" - RCMP
So, What Is Cyber Strategy?
In a nutshell, a great cyber strategy should not just help a business recover from financial losses (Insurance), it should help a business assess their risks to take a proactive stance on cyber crime.
It is a strategy that helps companies and individuals avoid financial losses from cyber events and more importantly, allows a good risk manager to assess in-house cyber practices. In other words, cyber strategy is a good way to ensure a business is protecting against internet crime.
Your online presence may be a bridge to others in your network. Without a proper cyber strategy, you become the main target for hackers which may result in a loss.
A Solution In The Cyber World
Cyber insurance on the other hand helps individuals and businesses recover from Internet based risks and crime. Whether they involve hacking attacks and threats or risks to the information technology infrastructure, cyber insurance can cover the losses relating to the damage or loss of information.
There are many different cyber insurance policies, generally each of them should include assistance and management of the cyber infrastructure, which is critical, especially when it comes to damage of reputation or regulatory enforcement. Therefore, cyber insurance is a vital aspect for any business. This is why many ordinary insurance companies have been offering cyber insurance along with other packages.
We can all agree that online business is very popular nowadays - one that works 24 hours a day, 7 days per week and one that lets your brand connect with the world. As much as it is popular, the digital world is also fragile. All in all, cyber insurance is important and advisable to every business. In a digital world full of viruses, attacks and hacks, every business owner needs to reinforce the safest strategy and prevent any of those threats from happening.
What do you think?
The Base Team
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