Top 3 Cyber Security Threats Your Company Faces

cyber security risk for contractors

For a contractor, the physical risks that your company faces might seem more pressing than cyber security threats. Unfortunately, in the modern era, no industry is safe from the damage of a major cyber attack. This is why contractors need to be vigilant and take steps to protect their company’s sensitive information. For instance, having the right business insurance to protect against cyber liability risks is a great place to start. But what risks are contractors most vulnerable to?

Here are the top three cyber security threats contractors need to watch out for.

  • Phishing Schemes

Phishing scams use seemingly legitimate email messages to trap unsuspecting victims. A cyber criminal might send you a message that appears to come from a legitimate source, such as your bank. The email might include a link that redirects you to a fake site that prompts you to input login information. Hackers can use this info to infiltrate your sensitive online information. Information that can be compromised includes personal financial information, customer payment information, and other private company data.

Read over emails carefully before clicking on any links. Oftentimes, phishing emails will contain small typos or wording that seems a little off.

Verify the legitimacy of an email by checking up with the person or institution the email says it is from.

  • Malware

“Malicious software” includes things like spyware, viruses, and ransomware. Malware can install itself onto your computer. This happens after you click on a fake link, open an email attachment, or download something from a compromised website. Once this software is installed on your computer, it can extract sensitive company and customer information. To prevent this risk, have anti-virus software installed on all company devices and be sure no one is clicking on suspicious websites, emails, or links.

  • POS and Mobile Payment Attacks

If you use POS (point-of-sale) terminals to accept payments, your company faces the risk of attack. Should a hacker gain access to your payment terminal or mobile card reader, they have easy access to all customer payment information that goes through it. The best way to prevent such an attack is by using a strong password on your POS system and updating it frequently. Your business should also be using the chip-reader system rather than traditional magnetic strip card readers.

These are three of the most common cyber risks that contractors face. Remember, you can protect your business against these threats by having the right business insurance in place. For assistance with all your commercial coverage needs, contact the experts at Contractors Insurance Agency today.

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