September 24, 2020
Agency
Remote Work Trend | Companies Should Purchase Cyber Insurance
The rapid spread of COVID-19 has changed our world in many ways.One change is the large increase in employees working remotely, away from the company office and secured system access. Many employers and employees are finding advantages of this, but companies across the globe are seeing an increase in cyber criminals trying to access their databases and disrupt their business’ as reported by CNBC on July 29, 2020. Data breaches have increased 273% in the 1st quarter of 2020 from the prior year. This is a huge increase that should not be ignored by any business owner.
Company Network Security Risk – Working on ‘Employee Owned’ Electronic Devices
In many cases, workers are using their personal laptops and desktops to access company data from a remote site. Usually these devices are less secure than the systems provided in the work environment located within their office. Below are just a few of the problems identified using Employee Owned Electronic Devices
- Device is lost or stolen with company data on them
- Employee departure from company
- Unprotected browsing
- Use by multiple family members
- Lack of software security updates
- Access to unsecure Wi-Fi connections
- Poorly trained employees
Data Breach Impact on Company Profitability and Net Worth
The bottom line is company managers need to evaluate the risks and reward of allowing employees to work remotely and keep in the forefront the fact that their systems are less secure with employees working remote. The costs of a data breach are enormous and purchasing or increasing their Cyber Breach insurance coverage is very important during these trying times.
Denver West Insurance brokers has licensed agents ready to answer any additional questions or quote a Cyber insurance policy for you. Give Us a Call. We are located on the west side of Denver in Golden Colorado. We serve the mountain communities , Lakewood, Arvada, Morrison, Wheat Ridge, Littleton and Westminster.