Data collection is an integral part of modern B2B and B2C technology, with customers expecting features such as chat apps and GPS. However, if developers are not careful, this data can easily be accessed by malicious actors. In Singapore, for example, hackers were able to copy the personal and health data of 1.5 million SingHealth patients. Phishing attacks are the most widespread and harmful threat faced by small businesses.
To protect against this, companies should educate their staff on how to spot phishing attempts and monitor for signs that their company may be at risk. Additionally, Travelers CyberRisk Tech coverage offers optional first-party insurance that may cover direct losses caused by social engineering fraud. Business owners also cite rising costs as a major threat to their companies. To combat this, many plan to raise prices in the next three months.
Other risks that technology companies should consider include data breaches, cyber attacks, and a skills gap in IT professionals. Travelers CyberRisk Tech insurance can help protect against these risks by providing reimbursement coverage for ransom paid at the order of a malicious actor. It is also important for companies to have an updated crisis management plan in place in case any of these risks become a reality.
