How Being Proactive Can Save Your Transportation Company from Cyber-Attacks
Imagine one day you get a call from your head dispatcher saying your computer system is locked and unless you send $25,000 in Bitcoin to the address listed on their screen, your computers will be wiped. You will not have the ability to dispatch loads, communicate with drivers, send or receive emails, etc.
From computers and ELD’s to cell phones and GPS - technology has become a critical part of our supply chain. This technology is integrated into almost every aspect of the transportation business and that integration will only continue to grow. However, with a higher level of connectivity, comes increased cybersecurity risk.
Transportation is now one of the most cyber-attacked industries in the United States according to the American Trucking Association. In less than a year, Transportation went from #10 most attacked business to #2.
Exposure to cyber-attacks can come in several different forms:
1. Malware – Malware is a term used to describe software-related attacks like spyware, ransomware (Breaking into your network and holding your computer systems for ransom), viruses, etc.
2. Phishing – Sending fraudulent communications that appear to come from a reliable source, usually through email. The goal is to steal sensitive data like login and credit card information.
3. Man-in-the-middle – This type of attack is commonly done through unsecured Wi-Fi connections. The attackers can insert themselves into your devices and network to steal anything from banking information to your list of customers.
Some of the largest companies in transportation with complex security protection have been targeted throughout the past few years. However, according to IBM, small businesses are targeted far more often because they typically lack complex security measures. Also, these small businesses can be crippled by a disruption in their business which makes them more likely to pay a ransomware attack for example.
So, what can be done?
It all starts with being proactive. It is important for companies to work reputable security firms to ensure their systems are protected on the front end. But in the event of an attack, it is more important than ever to make sure you are purchasing a well-rounded insurance product to protect your business. The cost of this insurance is fractional compared to the risk associated with it.
Assurance has specific expertise in cyber and a unique understanding of the cyber insurance market. Our coverage expertise allows us to build the most comprehensive cyber program to fit a client’s exposure. We provide a variety of preventive resources to assist clients in identifying cybersecurity gaps and recommendations on corrective steps.
For more information about cyber liability insurance, please contact Chris Reardon.
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